Cox Communications said its operating loss widened to $125.4 mill...
Cox Communications said its operating loss widened to $125.4 million in first quarter ended March 31, despite 22% surge in revenue to $947.9 million because of cable system acquisitions. Cox reported net income of $686.6 million, mainly because of…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
$717.1 million gain from change in accounting method. Company, which plans to spend $2 billion to upgrade its cable systems this year, said it laid out 38% more on system upgrades in first quarter than it did year ago, spending $523.3 million. Cox said pro forma revenue rose 12% and pro forma operating cash flow 10% to $358.1 million, as it added 20,000 basic cable, 119,000 digital cable, 105,000 high-speed data and 47,000 cable telephony subscribers in quarter. With addition of 271,000 new revenue- generating units (RGUs), company said it was on track to meet its goal of picking up more than one million RGUs this year. Cox Pres. James Robbins projected that MSO would boost its operating cash flow 11%-12% in 2nd quarter and 12%-13% for year as its revenue increased 14% to 16% in 2001.