The company, led by CEO Tom Rutledge, issues its second quarterly earnings report since its acquisition of Time Warner Cable, which dragged down the latest sub figures, and Bright House.
Cable operator Charter Communications, in which John Malone's Liberty Broadband owns a big stake, on Thursday reported its third-quarter financials and subscriber trends.
It was Charter's second earnings report since closing two mega-deals, namely the $55 billion acquisition of Time Warner Cable and the $10.4 billion purchase of Bright House. The deals made Charter the second-biggest U.S. cable company behind Comcast.
The company also said that "integration and key operating initiatives" are "on track."
The company, led by chairman, president and CEO Tom Rutledge, reported earnings of $189 million, compared with $2 million on a pro-forma basis in the year-ago period. The pro forma figure assumes that Bright House and Time Warner Cable had been part of Charter in the year-ago period as well. Helping earnings was "a gain on financial instruments driven by the revaluation of legacy Time Warner Cable's British pound debt and related currency swaps, partly offset by higher other operating expenses, including severance-related and transaction expenses and higher depreciation and amortization," the firm said. Revenue rose 7.4 percent to $10 billion.
The cable firm lost 47,000 residential video subscribers in the latest period, compared with a loss of 20,000 in the year-ago period on a pro forma basis, ending September with 16.94 million residential video subscribers. It added 10,000 small and medium business video subscribers, compared with 7,000 in the year-ago period.
Read full story at http://www.hollywoodreporter.com/news/charter-loses-more-tv-subs-third-quarter-earnings-rise-942896
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