Charter said 3rd-quarter revenue rose 13% to $1.18 billion and op...
Charter said 3rd-quarter revenue rose 13% to $1.18 billion and operating cash flow 9% to $497 million. It said gains resulted primarily from increased digital video and high-speed data customers as well as higher customer prices, offset partly by…
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decline in analog video customers. Charter, which last month placed its COO on paid leave following federal investigation into accounting practices, said it was consulting with its auditors, KPMG, to evaluate accounting for deferred tax liabilities relating to certain 1999 acquisitions. “After recording this additional liability, adjustments to income tax expense in certain subsequent periods could be required,” it said. However, tax issue doesn’t affect company’s previously reported revenue, operating cash flow or current or past cash obligations, Charter said, so it’s not expected to have any cash impact. Company said its broadband network now passed 12 million homes and it added 211,000 subscribers in quarter, fueled by continued demand for digital and high-speed data service. It ended 3rd quarter with 2.52 million digital customers making up 38% of its video user base. High-speed customers totaled 1 million -- 12% of data homes passed. Charter said it expected revenue to increase 8% and cash flow 4%-5% in 4th quarter and for full year gains of 12% in revenue and 10% in annual cash flow. It said it expected to add 300,000 subscribers in 4th quarter to rise total additions to 900,000.