×

Allen’s Charter posts modest gains

Cable system reports stable 2nd quarter

Charter Communications, the nation’s No. 4 cable systems operator, posted pro forma second-quarter financial results Wednesday showing a relatively upbeat 16% boost in operating cash flow and a 10% climb in revenue.

Charter, which is controlled by billionaire Paul Allen, went public in November 1999 and thus didn’t disclose a bottom-line figure for the 1999 second quarter. But its loss in the latest quarter totaled $196.8 million.

Cash flow rose to $373.2 million and revenue hit $794.8 million. The St. Louis-based company’s pro forma results represented year-ago comparisons for cash flow and revenue as if more recently acquired operations were in the Charter fold prior to the ’99 second quarter.

Broadband competition from telephone companies has hampered revenue growth at cable companies. The trend seems to have hit rival Cox Communications, which reported its second-quarter results earlier in the week, harder than Charter, observers said.

“Cable stocks are in a transition period, coming off a major uptick following the relaxing of regulation and the excitement over the potential penetration of new services,” analyst Fred Moran of Jefferies & Co. said in a research note posted on Bloomberg News. “It will be difficult for stocks to recapture former highs this year, simply because they got to overextended valuations last year following a major industry consolidation push that drove up transaction prices, led by AT&T and Charter.

“Probably these stocks are near or at the bottom of what is an appropriate trading range, given their outlook,” Moran said. “They may mark time at this level for a while.”

Charter reported its results after the close of market trading. Its shares closed unchanged Wednesday at $13.94.

More Biz

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

  • Jussie Smollett

    Jussie Smollett Seeks to Stop Appointment of Special Prosecutor

    Jussie Smollett’s lawyers filed a motion on Friday to overturn the appointment of a special prosecutor in his hate crime hoax case, arguing the appointment would expose the “Empire” actor to double jeopardy. Smollett is seeking to reverse an order issued last month by Judge Michael Toomin, who faulted Cook County State’s Attorney Kim Foxx [...]

  • Katy Perry American Idol judge

    Katy Perry Testifies in ‘Dark Horse’ Copyright Trial

    Katy Perry took the stand Thursday and testified that she had never heard the song “Joyful Noise” before she was accused of infringing on its copyright, according to ABC 7 in Los Angeles. Christian hip-hop artist Marcus Gray and the song’s co-writers claim that Perry’s 2013 track “Dark Horse” uses an uses an instrumental phrase [...]

  • Kannan Alagappan - Dish

    Dish Hires Ex-Telstra Exec Kannan Alagappan as CTO

    Dish Network hired Kannan Alagappan, who has held technology leadership roles with telecom and cloud services providers including Australia’s Telstra, Reliance’s Jio and Rackspace, as SVP and chief technology officer. Alagappan assumes the CTO role after the exit of former chief technology officer Vivek Khemka in August 2018 to join John Malone’s Liberty Latin America. [...]

More From Our Brands

Access exclusive content