Charter Communications Reports Wider Loss
Charter Communications Inc., the cable-television operator controlled by billionaire Paul Allen, had a wider second-quarter loss on spending to upgrade systems for digital TV and fast Internet service.
The fourth-biggest U.S. cable provider’s loss widened to $273.9 million, or $1.07 a share, from $196.8 million, or 89 cents, a year earlier. Sales rose 17% to $928.5 million. The per-share loss was narrower than the $1.14 average estimate of seven analysts polled by First Call/Thomson Financial.
The company is focused on adding customers for new services, and isn’t talking with AT&T; Corp.’s cable-TV unit, which rejected a $52.4-billion bid from Comcast Corp., Charter Chief Executive Jerald Kent said on a conference call.
Charter expects 2001 sales to rise 14% to 16% as it gains customers for digital TV and for Internet service that’s as much as 100 times faster than conventional phone access. Charter fell 20 cents to close at $21.51 on Nasdaq.
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