Cox’s Loss Offsets Subscription Gains
Cox Communications Inc., the nation’s fourth-largest cable television provider, reported a wider loss in the quarter as charges from reducing debt offset new customer gains for high-speed Internet and other services.
The one-time charge wiped out profit for the quarter but was overshadowed by a strong performance fueled by digital subscriber growth and signs that the cable operator is faring well amid challenges from satellite and telecom competitors.
For the third quarter, Cox reported a net loss of $215.1 million, or 35 cents a share, compared with a loss of $73.1 million, or 12 cents, a year earlier.
The loss was because of a $412.8-million charge the company took to refinance debt. Without the charge, net income would have been $56.5 million, or 9 cents a share.
Revenue rose to $1.46 billion from $1.28 billion a year ago.
Cox shares rose 70 cents to $34 on the NYSE.
From Reuters
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