US Cable Group Charter Swings to Profit

05 November 2003

US cable operator Charter Communications moved into the black in the third quarter on the back of a debt exchange.

The nation's number three cable firm – controlled by Microsoft co-founder Paul Allen – posted a profit of $37 million €32.2m; £22.1m) in Q3, up from a $166m loss twelve months previously. Its earnings were lifted by $267m gained from a debt deal in September.

Revenues were up 3% to $1.21 billion, though operating costs and expenses climbed by the same margin.

Charter's accounts are still under investigation by the Securities & Exchange Commission [WAMN: 17-Apr-03]. The firm said it was cooperating in the probe.

Data sourced from: New York Times; additional content by WARC staff