Charter EBITDA up to $606 million in third quarter, revenues improve

By Caroline Salls

Pittsburgh, Nov. 9 - Charter Communications, Inc. reported $606 million of EBITDA for the quarter ended Sept. 30 on $1.69 billion in total revenues, according to a company news release.

The figures showed improvement over the $563 million EBITDA posted for the quarter ended Sept. 30, 2008 on $1.64 billion in total revenues.

According to the release, the increase in revenues was driven by increases in telephone, high-speed internet and commercial revenues, and the EBITDA increase stemmed from continued operational efficiencies.

The net loss for the third quarter of 2009 was $2.43 billion, widening from a $321 million net loss for the third quarter of 2008.

Meanwhile, the company recorded EBITDA of $1.86 billion for the first nine months of 2009 on $5.05 billion in total revenues, compared with $1.70 billion of EBITDA for the first nine months of 2008 on $4.82 billion in total revenues.

The year-to-date net loss for 2009 was $2.92 billion, widening from a $950 million net loss for the first three quarters of last year.

"Third-quarter and year-to-date revenue and adjusted EBITDA increases reflect continued growth of our high-speed internet and telephone businesses, both residential and commercial," president and chief executive officer Neil Smit said in the release.

"In what is proving to be a challenging environment, we continue to deliver solid results, thanks to our continued focus on enhancing the customer experience, promoting the value of the bundle and remaining disciplined in expense management."

Charter had $1.075 billion in cash and cash equivalents at Sept. 30, up from $960 million at Dec. 31, 2008.

As previously reported, the U.S. Bankruptcy Court for the Southern District of New York said on Oct. 15 that it would confirm the company's plan of reorganization within the next several weeks.

The company said it would emerge from bankruptcy shortly after the plan is confirmed.

Charter Communications is a St. Louis-based provider of video services, high-speed internet services and telephone services to residential and commercial customers on a subscription basis. The company filed for bankruptcy on March 27, 2009. Its Chapter 11 case number is 09-11435.

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