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Charter Communications predicts lowered earnings ST. LOUIS -- Charter Communications Inc., a provider of cable TV and Internet services to 40,000 customers in Jackson County, lowered earnings projections for the full year and reported a wider loss in the third quarter despite posting strong growth in cash flow and revenue. Charter on Thursday lowered forecasts for revenue and operating cash-flow growth for the rest of 2001, citing weakening economic factors. But it didn't give specific numbers. The broadband-communications company now expects full-year revenue growth of 12.5 to 13.5 percent, and growth of between 10 and 11 percent in operating cash flow. In July, Charter projected revenue growth of 14 to 16 percent and operating cash flow growth of 12 to 14 percent for the year. Analysts' recent forecasts called for 2001 revenue of $4.06 billion, according to Thomson/Financial First Call. Last year, Charter had revenue of $3.25 billion. For the third-quarter, Charter reported a loss of $317.4 million, or $1.08 a basic share, compared with a loss of $210 million, or 93 cents a share, a year earlier. Despite the loss, revenue jumped 24 percent to $1.04 billion from $839 million. Cash flow, a widely used measure of financial health for cable companies, climbed 17 percent to $467.5 million, while operating cash flow rose 10 percent. "Despite the weakening economy, Charter continues to experience strong demand for its digital-video service," Carl Vogel, Charter's newly appointed president and chief executive, said in a prepared statement. |
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