Triple-Play Boosts Insight in 4Q
By Mike Farrell -- Multichannel News, 3/7/2006 1:52:00 PM
Insight Communications Co. Inc. reported strong fourth-quarter results Tuesday, fueled mainly by its triple-play package of video, voice and data.
Insight, which went private in December, said revenue in the fourth quarter rose about 11% to $290.1 million and adjusted operating income before depreciation and amortization (OIBDA, a measure of cash flow) rose about 2.5% to $122 million.
For the year, revenue was up 11.5% to $1.1 billion and adjusted OIBDA rose about 8% to $468 million.
The company still has public debt, which requires it to file its quarterly financial statements with the Securities and Exchange Commission.
Insight said it had strong basic-subscriber growth in the period -- it added 10,600 basic customers in the quarter and ended the full year with 9,100 additions -- most of which came in the second half of the year, when it introduced its $40-$30-$20 triple play video, voice and data discount package.
In a conference call with analysts to discuss fourth-quarter results, CEO Michael Willner said basic-customer growth took off in the second half of the year -- Insight added 25,000 basic customers in the last six months of the year, erasing a nearly 16,000-subscriber deficit in the first half of the year. Insight lost about 21,000 basic customers in 2004.
“[The second half] was what we believe to be an important turning point in our marketing and bundling efforts in growing the video-customer base again,” Willner said on the call.
Digital subscribers were up 28,900 in the quarter and 67,500 for the full year. High-speed-Internet subscribers rose by 31,200 in the quarter and 139,900 for the year, and telephony customers increased by 9,900 in the quarter and by 25,600 for the year.
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