Time Warner Cable adds 56k digital video subscribers in 4Q09

NEW YORK — Time Warner Cable Inc. (NYSE: TWC) today reported financial results for its fourth quarter and full year ended December 31, 2009.

In both the fourth quarter and full year of 2009, residential subscription revenue growth was driven by increases in video, high”speed data and voice revenues. The growth in residential video revenues was the product of an increase in DVR service revenues, video price increases, and continued growth in digital video subscribers, partially offset by a year”over”year decline in video subscribers (resulting, in part, from the sale of a group of small cable systems in December 2008), a decrease in premium channel subscribers, and lower transactional video”on”demand revenues.

For the full-year 2009, Primary Service Unit (“PSU”) net additions were 795,000, including 101,000 in the fourth quarter. At December 31, 2009, total PSUs were 26.4 million. Double and Triple Play Subscribers increased by 27,000 and 64,000 in the fourth quarter, respectively, and bundled subscribers totaled 8.3 million, or 57.3% of total customer relationships as of December 31, 2009.

                                                   2008                            2009
                         ------------------------------  ------------------------------
                             1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                         ------  ------  ------  ------  ------  ------  ------  ------
Video                    13,306  13,297  13,266  13,069  13,105  13,048  12,964  12,859
Digital video             8,283   8,483   8,607   8,627   8,748   8,802   8,810   8,866
Digital video recorder    3,627   3,787   3,937   4,017   4,147   4,236   4,293   4,398
High-definition capable   3,418   3,769   4,122   4,426   4,812   5,070   5,295   5,545

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