RCN Corp. reported virtually flat results in the third quarter of 2005 compared with the previous-year period.
The MSO posted revenue of $138.8 million, down 1.4% from $140.7 million in the year-ago quarter and 1.8% from $141.4 million in the second quarter of 2005.
Average revenue per customer was $102, up from $96 in the third quarter of 2004 and even with $102 in the second quarter of 2005.
RCN ended the third quarter with 411,000 subscribers, compared with 429,000 at the end of third-quarter 2004 and 413,000 at the end of the prior quarter.
Earnings before interest, taxes, debt and amortization totaled $23.3 million versus $13.5 million in the third quarter of 2004 and $19.8 million in the second quarter of 2005. Those results included net benefits of approximately $4 million in the third quarter of 2005 and $6.6 million in the third quarter of 2004, the company said.
“During the third quarter, we continued to improve the baseline profitability of the business by lowering costs and streamlining the organization, resulting in substantial sequential and year-over-year improvements in EBITDA and EBITDA margin,” chairman James F. Mooney said in a prepared statement.
“Simultaneously, we focused more on top-line initiatives to restart RCN's growth, which paid off in higher new-customer adds and revenue-generating units,” he added.