Mediacom Posts Modest Uptick
Midsize cable operator Mediacom Communications Corp.'s two units struggled some in their first-quarter earnings results.
The company's Mediacom Broadband unit posted a 1.8% hike to $225 million, while its other division Mediacom LLC was up 1.4% to $171 million. Mediacom Broadband's operating income before depreciation and amortization (OIBDA) inched up 0.9% to $84.2 million, while Mediacom LLC's OIBDA barely climbed over the first quarter 2012 results -- up 0.2% to $64.0 million.
As with other cable operators companies, both Mediacom's businesses lost ground in customers in its traditional cable operations, while gaining with high-speed Internet and phone.
Mediacom Broadband's video customers were down to 558,000 from 591,000, with high-speed data customers up to 520,000 from 189,000 and phone customers up to 196,000 from 189,000. Likewise, its Mediacom LLC unit's video customers were at 441,000, down from 468,000; high-speed data was up to 420,000 customers from 398,000, with phone customers up less to 169,000 from 165,000.
Both Mediacom units' advertising business suffered in the first quarter versus a year ago -- Mediacom Broadband was down 4.5% to $11.3 million, and Mediacom LLC was off 9% to $3.3 million. Many cable and TV selling businesses benefitted from strong political and Olympic advertising for virtually the entire 2012.
The stock market shrugged its shoulders with this news -- up 0.23% to $8.84.