Mediacom Reports Q3 Loss

Nov 8, 2004  •  Post A Comment

Cable operator Mediacom Communications on Monday swung to a third-quarter loss, as stiff competition from satellite operators, coupled with the effects of Hurricane Ivan, offset gains in high-speed data customers.

The Middletown, N.Y.-based company, which boasts 1.3 million subscribers, reported a net loss of $12.8 million, versus a year-earlier profit of $1.9 million. Revenue was up 4 percent to $261 million.

The results reflect $4 million in losses related to Hurricane Ivan. The company lost 8,000 subscribers as a result of property damage in Alabama, Florida and Mississippi.

The loss of subscribers in that region was in addition to 22,000 subscribers lost as a result of increased competition from satellite operators, whose local-into-local service covered more of Mediacom’s footprint.

The impact of the subscriber losses was partially offset by growth in high-speed data subscriptions, which rose 23,000 to hit 350,000 in the quarter.