Charter Digital Video customers down 5,700 in 2Q09
Thursday, August 6th, 2009ST. LOUIS — Charter Communications, Inc. (Pink OTC: CHTRQ) (along with its subsidiaries, the “Company” or “Charter”) today reported financial and operating results for the three and six months ended June 30, 2009.
Charter served approximately 12.5 million revenue generating units as of June 30, 2009. Approximately 55% of Charter’s customers subscribe to a bundle, up from 50% in the second quarter of 2008.
As of June 30, 2009, Charter served approximately 5,361,600 customers and the Company’s 12,519,600 RGUs were comprised of 4,929,900 basic video, 3,152,000 digital video, 2,957,700 HSI, and 1,480,000 telephone customers.
Digital video customers declined by approximately 5,700 and basic video customers decreased by 73,300 during the second quarter.
Summary of Operating Statistics – Digital Video:
Approximate as of ------------------------------------------------------ Actual Pro Forma -------------------------- -------------------------- June 30, March 31, December 31, June 30, 2009 2009 2008 2008 ------------ ------------ ------------ ------------ Customers 3,152,000 3,157,700 3,132,100 3,048,300 Penetration of basic video customers 63.9% 63.1% 62.3% 59.4% Set-top terminals deployed 4,601,400 4,604,000 4,548,100 4,396,300 Pro forma customers quarterly net gain (5,700) 25,600 22,400 34,100
Restructuring
As of June 30, 2009, Charter had $21.610 billion in debt, $9.853 billion of which was classified as liabilities subject to compromise due to Charter’s restructuring efforts. As previously announced, on March 27, 2009, Charter filed its pre-arranged Joint Plan of Reorganization (the “Pre-Arranged Plan”) and Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) in order to implement a financial restructuring that, upon approval, would reduce the Company’s debt by approximately $8 billion. On July 20, 2009, Charter began the hearing for the Bankruptcy Court to consider confirmation of Charter’s Pre-Arranged Plan, which hearing is ongoing. If confirmed by the Bankruptcy Court, the Pre-Arranged Plan will become effective once all its closing conditions have been met, at which point Charter will conclude the Chapter 11 process. As a debtor in possession, the Company is authorized to transact business in the ordinary course of business and, as such, has been paying its trade creditors in full in the normal course. Charter expects that cash on hand and cash flows from operating activities will be adequate to fund its projected cash needs as it proceeds with its financial restructuring.
More: Earnings Release
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