Mediacom Eyes Free Cash Flow in 2004 - Multichannel

Mediacom Eyes Free Cash Flow in 2004

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Mediacom Communications Corp. expects 2004 to be its first full fiscal year with positive free cash flow, the MSO said Monday.

"During 2004 -- which, we project, will be our first full fiscal year with positive free cash flow -- we expect to grow unlevered free cash flow by over 50% and to generate free cash flow of at least $0.42 per share," chairman and CEO Rocco B. Commisso said in a release.

"This strong free-cash-flow performance will be driven by continued growth in operating income before depreciation and amortization and, now that our cable-network upgrade program is behind us, a significant decline in capital expenditures," he added.

Among the company’s 2004 forecasts:

• Revenue of $1.075 billion-$1.085 billion;

• Operating income before depreciation and amortization of $425 million-$435 million;

• Capital expenditures of $165 million-$175 million;

• Unlevered free cash flow of at least $250 million;

• Interest expenses of $194 million-$200 million; and

• Free cash flow of at least $50 million.

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