RCN Reports Strong Q1
Cash Flow Rises 20%, Basic Subs Flat In Period
Mike Farrell -- Multichannel News, 5/6/2009 12:34:09 PM
Overbuilder RCN reported strong first-quarter results, with revenue up 5% and cash flow rising 20%, beating analysts' estimates in a rough economy.
Revenue at the Herndon, Va.-based overbuilder was $189 million, up from $180 million last year. Earnings before interest, taxes, depreciation and amortization (EBITDA, a measure of cash flow) were $52 million for the period, up 20% from the $44 million generated in the first quarter last year.
Total customers were up by about 1,000 in the period to 429,000, while video subscribers remained flat at 366,000 in the period. Data customers rose by 4,000 to 306,000 and voice customers declined slightly to 242,000 from 244,000 in the fourth quarter.
RCN also completed its all-digital initiative -- dubbed Analog Crush -- in the period, which brought capital expenditures down to $26 million from $33 million in the prior quarter and boosted free cash flow to $7.3 million, building on the $6.7 million generated in the fourth quarter last year.
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