Less than four months after engineering a deal that valued the St. Louis-based MSO at more than $6.6 billion, Suddenlink Communications reported a strong third quarter, with a small uptick in basic video customers and strong voice and data additions driving results.
Suddenlink added 200 basic video customers in the period – its much larger MSO peers all lost video customers – and added 17,400 high-speed data and 7,100 telephony customers. Those additions helped drive a 6.1% increase in revenue to $511.9 million and a 7.6% rise in cash flow to $191.2 million.
At the end of the quarter, Suddenlink had 1.2 million basic video customers, 996,800 residential high-speed Internet subscribers and 469,800 residential telephony customers.
"We are well positioned to build on this track record as we continue to improve customer satisfaction ratings and near completion of the company's acquisition by management and new investors," Suddenlink chairman and CEO Jerry Kent said in a statement.
Back in July, British private equity firm BC Partners and top Canadian pension fund Canada Pension Plan Investment Board – joined with Suddenlink management to pump about $2 billion in equity into the MSO. BC Partners and CPPIB also agreed to assume about $4.1 billion in debt and issue another $500 million in notes as part of the deal.