×

TCI soars in 2nd qtr.

Tele-Communications Inc., the nation’s largest cable operator, reported net profits of $ 31 million (7 cents a share) for the second quarter, ended June 30. That compares to a $ 6 million net loss (2 cents) in the same period last year.

Revenues were up substantially, climbing 18.5% to $ 1 billion compared with the comparable quarter.

Operating earnings, before income taxes, more than doubled to $ 52 million from $ 24 million a year earlier.

The results also include a $ 5 million onetime gain from the sale of certain assets, the company said, and a $ 3 million loss from early retirement of debt.

Brendan Clouston, TCI’s chief operating officer, warned investors that sustained profitability could not be guaranteed considering new rate regulations starting in September. “A few weeks ago, we announced that revenue would decrease by $ 140 million to $ 160 million,” the exec said.

Popular on Variety

More TV

  • Viacom Channels Grab 'Seinfeld' Cable Rerun

    Viacom Channels Grab 'Seinfeld' Cable Rerun Rights

    Viacom has sealed a deal with Sony Pictures Television for the cable rights to “Seinfeld” starting in October 2021. The deal comes on the heels of a blockbuster new deal between Sony and Netflix for the streaming rights to the beloved NBC sitcom that also begins in 2021. “Seinfeld” reruns have been a staple of [...]

  • Soho House

    Soho House Lands In Downtown Los Angeles

    Warner Music, Spotify and Lyft are poised to welcome a new neighbor to downtown Los Angeles’ Arts District with Soho Warehouse, the third California outpost of the Hollywood-loved members-only club — and the largest North American opening to date. Hot on the heels of the Soho House Hong Kong debut earlier this summer, the private [...]

  • Elite Season 2

    San Sebastian: Spain’s SVOD Players Debate Competition, Brand, Talent

    SAN SEBASTIAN  — Executives from HBO, Netflix, Amazon and Movistar+ and “Elite” co-creator Darío Madrona took to the stage to field questions on the Global Impact of Spanish Series. Here, briefly, are five takeaways: 1.Spain First “La Casa de Papel” was watched by 34,355,956 Netflix accounts over its first seven days,  after a July 19 [...]

  • Samsung Makes Bid to Keep Viewers

    Samsung Makes Bid to Keep Viewers From Skipping Fox Ad Breaks

    Fox is hoping to knit together the seconds-long divide between a TV program and the commercials that support it. During ad breaks for a few football broadcasts, tomorrow’s run of the Emmys and Wednesday’s season premiere of “The Masked Singer,” the network will kick off ad sessions with special show promos that display artistic renderings [...]

  • Patria

    HBO Europe Unveils ‘Patria’ Footage to Captive San Sebastian Audience

    SAN SEBASTIAN — Amid large expectation, HBO Europe has revealed first footage giving a first sense of tone and pace of its Spanish original series “Patria.” A packed-to-overflowing press conference on Saturday morning at the San Sebastian Festival can be read as one sign of the potential popularity of the eight-part series. The panel sneak-peek [...]

  • Topic Studios

    Layoffs Hit Topic Studios as TV Division Relocates to West Coast (EXCLUSIVE)

    A small round of layoffs has hit Topic Studios this week in the television division, insiders familiar with the company told Variety. One of the insiders said three executives at the New York-based producer and distributor are out: senior vice president of scripted programming and Viacom alum Lisa Leingang, vice president of development Mona Panchal [...]

  • Peter Weber and Mike Johnson

    'The Bachelor's' Mike Johnson on Diversity and New Leading Man Peter Weber

    ABC named its newest star of “The Bachelor” this week, officially making Peter Weber the leading man for Season 24 of the long-running dating show. Social media backlash ensued following the announcement due to ABC’s selection lacking diversity, yet again. Since the dating franchise began in 2002, there has been only one “Bachelorette” of color [...]

More From Our Brands

Access exclusive content