Charter Posts Profit for Third Quarter

Nov 1, 2005  •  Post A Comment

Paul Allen’s Charter Communications swung to a third-quarter profit Tuesday, lifted by strong gains in high-speed data and digital cable.

The St. Louis-based cable operator posted a profit of $76 million for the quarter, compared with a year-earlier loss of $3.3 billion. Revenue climbed nearly 6 percent to $1.3 billion.

The results come as Charter shifts its focus to customer retention and targeted marketing in an effort to slow the customer declines that have plagued the company for years. Charter reported a loss of 10,000 basic cable subscribers, far better than the 30,000-plus customer losses that some analysts were expecting. At the same time, the company added 98,400 high-speed data customers, 75,800 digital cable customers and 22,100 telephony customers.

Charter’s results also reflect a $19 million loss related to damages suffered in regions affected by Hurricanes Katrina and Rita.