Adelphia posts $169.31 million second-quarter operating income

By Caroline Salls

Pittsburgh, Aug. 14 - Adelphia Communications Corp. reported $169.31 million in operating income for the quarter ended June 30 on $1.198 billion in revenue, according to a 10-Q filing with the Securities and Exchange Commission.

The figures compare to a $74.56 million operating income for the second quarter of 2005 on $1.103 billion in revenues.

The net loss for the 2006 quarter was $11.3 million, down from a $291.04 million net income in the same period of 2005.

Included in the second-quarter 2006 numbers was $34.44 million in "net other expenses," compared with $459.75 million in net other income the year before. The results also included $219.64 million in net interest expense, up from $185.49 million in 2005.

According to the filing, interest expense increased in 2006 primarily because of higher average monthly outstanding debt balances and higher average interest rates.

Also, Adelphia said it recorded a $30 million charge during the quarter associated with claims asserted by Verizon Media Ventures in connection with two separate asset purchase agreements, which were not consummated.

Cash and cash equivalents on June 30 were $734.45 million, compared with $389.84 million at Dec. 31, 2005.

Adelphia, a Greenwood Village, Colo.-based cable operator, filed for bankruptcy on June 25, 2002 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 02-41729.

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