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Charter Communications Discussion
TWCToday:
Im confused. The purpose of Charter going Chapter11 was only to reduce the amount of debt they had. They werent trying sell the company or anything.
--- Quote ---St. Louis-based Charter Communications Inc. (Pink OTC: CHTRQ) filed for bankruptcy in March in an effort to cut $8 billion from its $21 billion in debt.
--- End quote ---
Apollo was talking about investing... not taking over.
http://www.bizjournals.com/stlouis/stories/2009/07/27/daily40.html
In fact Charter is already reporting better earnings.
http://www.bizjournals.com/stlouis/stories/2009/08/03/daily59.html?jst=b_ln_hl
I dont think this is the end of Charter yet
texasstooge:
I also think that their recent dispute with Belo Corp. (which is now resolved) might've been another factor.
TWCToday:
Looks like Charter is recovering nicely!
http://online.wsj.com/article/BT-CO-20100302-707005.html
wxntrafficfan:
ugh, you have to subscribe. Nonetheless, that is certainly good news! I really was scared for a bit last summer :P
TWCToday:
Odd I was able to see it earlier. Here ya go
--- Quote ---DOW JONES NEWSWIRES
Charter Communications Inc. (CCMM) posted a $12.72 billion profit in the fourth quarter on gains related to its Nov. 30 emergence from bankruptcy protection. Meanwhile, operating results were stronger amid higher revenue per subscriber at the cable-television provider.
Charter recently lost Chief Executive Neil Smit, who left the company to run the cable operations at industry leader Comcast Corp. (CMCSA). He was replaced on an interim basis by Chief Operating Officer Michael Lovett. Smit had been chief executive of the St. Louis-based cable provider since 2005.
The company filed for bankruptcy to deal with its crush debt load. Charter shed $8 billion through that process, cutting annual interest costs by more than $800 million. It still has $13.5 billion of debt.
Charter swung to a profit of $12.72 billion from a year-earlier loss of $1.5 billion a year earlier. The company said adjusted earnings before income tax, depreciation and amortization rose 2.4% to $633 million as revenue jumped 3.3% to $1.71 billion.
Video revenue, which is the company's biggest revenue line, saw revenue decline 0.2%. High-speed Internet revenue rose 8.9%, while telephone revenue jumped 18% and commercial revenue rose 13%.
Average revenue per subscriber rose 8.1% as 57% of customers subscribed to a bundled package, up from 53% a year earlier. On subscriber basis, Internet and phone customers grew while television fell.
Shares closed at $30.30 on Monday and were inactive premarket. The stock has fallen more than 15% since leaving bankruptcy.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
--- End quote ---
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