Mediacom Communications Reports Preliminary Highlights for Fourth Quarter and Full Year 2010
25 Février 2011 - 2:30PM
Business Wire
MEDIACOM COMMUNICATIONS CORPORATION (Nasdaq: MCCC) today
reported preliminary, unaudited financial and operating highlights
for the three months and year ended December 31, 2010. The results
reported remain subject to adjustment based upon completion of the
Company's audit for the year ended December 31, 2010.
Preliminary Fourth Quarter 2010
Highlights
For the Fourth Quarter of 2010, the Company expects:
- Revenues to be $378.9 million, a 1.9%
increase from the prior year period
- Adjusted operating income before
depreciation and amortization (“Adjusted OIBDA”) *to be $138.3
million, unchanged from the prior year period
- Operating income to be $73.8 million, a
4.4% decline from the prior year period
- Revenue generating units (“RGUs”) to
grow by 23,000, comprising:
- Basic subscriber net loss of 10,000- Digital customer net gain
of 14,000- High-speed data customer net gain of 11,000- Phone
customer net gain of 8,000
Preliminary Full Year 2010
Highlights
For the full year ended December 31, 2010, the Company
expects:
- Revenues to be $1,499.0 million, a 2.6%
increase from the prior year
- Adjusted OIBDA* to be $548.4 million, a
1.2% increase from the prior year
- Operating income to be $298.4 million,
a 0.5% decline from the prior year
- Capital expenditures to be $237.4
million, compared to $236.7 million in the prior year
- RGUs to grow by 113,000, or 3.8% to
3,094,000, comprising:
- Basic subscriber net loss of 45,000, ending the year at
1,193,000- Digital customer net gain of 53,000, ending the year at
731,000- High-speed data customer net gain of 60,000, ending the
year at 838,000- Phone customer net gain of 45,000, ending the year
at 332,000
On November 15, 2010, the Company announced that it had
entered into a definitive merger agreement with Rocco B. Commisso,
Mediacom’s founder, Chairman and Chief Executive Officer, and an
entity formed by Mr. Commisso. A special meeting of
stockholders will be held on March 4, 2011 to vote on the
merger agreement, pursuant to which all outstanding shares of
Mediacom common stock that Mr. Commisso does not already own
will be converted into $8.75 per share in cash.
Mediacom is releasing these preliminary results to provide its
stockholders with additional financial information prior to the
upcoming special meeting of stockholders. The Company anticipates
that if the merger agreement is adopted by the requisite vote of
stockholders, the merger will be consummated on or about the date
of the stockholder meeting. In light of that expectation, the
Company does not plan to make a further earnings release after the
2010 audit is complete or to hold an investors’ conference
call.
Additional Information About the
Merger
Mediacom has filed a definitive proxy statement describing the
proposed transaction with the Securities and Exchange Commission
("SEC"). STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE
MERGER AND ITS PARTICIPANTS. Stockholders may obtain a free copy of
the definitive proxy statement and other documents filed by
Mediacom at the SEC's Web site (www.sec.gov) and from Mediacom.
Reconciliation of Adjusted OIBDA to
Operating Income
(in thousands)
Three Months EndedDecember
31,
Year EndedDecember 31,
2010 2009
Change 2010 2009
Change Adjusted OIBDA $
138,261
$ 138,480 (0.2 )% $ 548,394 $ 541,681 1.2 % Non-cash, share-based
compensation (2,133 ) (1,906 ) 11.9 (7,802 ) (7,290 ) 7.0
Depreciation and amortization
(62,363
) (59,394 ) 5.0 (242,233 ) (234,630 )
3.2 Operating income $ 73,765 $ 77,180 (4.4 )%
$ 298,359 $ 299,761 (0.5 )%
About Mediacom
Mediacom Communications is the nation’s eighth largest cable
television company and one of the leading cable operators focused
on serving the smaller cities in the United States, with a
significant concentration in the Midwestern and Southeastern
regions. Mediacom Communications offers a wide array of broadband
products and services, including traditional and advanced video
services such as digital television, video-on-demand, digital video
recorders, high-definition television, as well as high-speed
Internet access and phone service. For more information about
Mediacom Communications, please visit www.mediacomcc.com.
Cautionary Statement Regarding
Forward-Looking Statements
You should carefully review the information contained in this
Press Release and in other reports or documents that we file from
time to time with the SEC.
In this Press Release, we state our beliefs of future events and
of our future financial performance. In some cases, you can
identify those so-called “forward-looking statements” by words such
as “anticipates,” “believes,” “continue,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“should” or “will,” or the negative of those and other comparable
words. These forward-looking statements are not guarantees of
future performance or results, and are subject to risks and
uncertainties that could cause actual results to differ materially
from historical results or those we anticipate as a result of
various factors, many of which are beyond our control. Factors that
may cause such differences to occur include, but are not limited
to:
- increased levels of competition from
existing and new competitors;
- lower demand for our video, high-speed
data and phone services;
- our ability to successfully introduce
new products and services to meet customer demands and
preferences;
- changes in laws, regulatory
requirements or technology that may cause us to incur additional
costs and expenses;
- greater than anticipated increases in
programming costs and delivery expenses related to our products and
services;
- changes in assumptions underlying our
critical accounting policies;
- the ability to secure hardware,
software and operational support for the delivery of products and
services to our customers;
- disruptions or failures of network and
information systems upon which our business relies;
- our reliance on certain intellectual
property;
- our ability to generate sufficient cash
flow to meet our debt service obligations;
- our ability to refinance future debt
maturities or provide future funding for general corporate purposes
and potential strategic transactions, on similar terms as we
currently experience; and
- other risks and uncertainties discussed
in this Press Release, our Annual Report on Form 10-K for the year
ended December 31, 2009 and other reports or documents that we file
from time to time with the SEC.
Statements included in this Press Release are based upon
information known to us as of the date that this Press Release is
filed with the SEC, and we assume no obligation to update or alter
our forward-looking statements made in this Press Release, whether
as a result of new information, future events or otherwise, except
as required by applicable federal securities laws.
* Adjusted OIBDA excludes non-cash, share-based compensation
charges. See Page 2 for a reconciliation of Adjusted OIBDA to
operating income, which is the most directly comparable GAAP
measure.
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