Charter Posts Strong Q3
Says Reorganization Confirmation 'Forthcoming'
Mike Farrell -- Multichannel News, 11/9/2009 10:16:48 AM
About three weeks after receiving notice that its reorganization plan has passed muster, Charter Communications reported third-quarter financial results in line with its peers.
Charter received word that U.S. Bankruptcy Court Judge Robert Peck would confirm the plan, which would swap about $8 billion of the St. Louis-based MSOs debt for equity and pump about $3 billion of new capital into a new entity, on Oct. 15.In releasing its third-quarter financial results Monday, Charter noted that the confirmation from the court is "forthcoming." Charter said it expects to emerge from bankruptcy shortly after the confirmation is received.
In the meantime, Charter said revenue grew nearly 4% to $1.7 billion in the quarter and adjusted earnings before interest, taxes, depreciation and amortization rose 7.8% to $606 million, fueled by gain in telephony, high-speed data and commercial services.
Charter lost about 46,500 basic customers in the period, but added 22,800 digital customers, 52,400 high-speed Internet customers and 55,300 telephone subscribers. Commercial revenue rose 13% in the period to $113 million.
"In what is proving to be a challenging environment, we continue to deliver solid results, thanks to our continued focus on enhancing the customer experience, promoting the value of the bundle and remaining disciplined in expense management," Charter CEO Neil Smit said in a statement.
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