Mediacom Broadband LLC and Mediacom LLC Report Results for First Quarter 2013

Mediacom Broadband LLC and Mediacom LLC Report Results for First Quarter 2013

MIDDLETOWN, N.Y.--(BUSINESS WIRE)-- MEDIACOM BROADBAND LLC AND MEDIACOM LLC, wholly-owned subsidiaries of Mediacom Communications Corporation, today each reported unaudited financial and operating highlights for the three months ended March 31, 2013.

Mediacom Broadband LLC*

  • Revenues were $225.3 million, reflecting a 1.8% increase from the prior year period

  • Operating income before depreciation and amortization ("OIBDA") was $84.2 million, reflecting a 0.9% increase from the prior year period

  • Free cash flow of $24.9 million, compared to $17.7 million in the prior year period

  • Net quarterly additions of 21,000 primary service units ("PSUs"), compared to a net gain of 25,000 PSUs in the prior year period


Mediacom LLC*

  • Revenues were $171.0 million, reflecting a 1.4% increase from the prior year period

  • Adjusted OIBDA was $68.5 million, reflecting a 0.1% increase from the prior year period

  • Free cash flow of $16.9 million, compared to $24.5 million in the prior year period

  • Net quarterly additions of 12,000 PSUs, compared to a net gain of 16,000 PSUs in the prior year period

About Mediacom

Mediacom Communications Corporation is the nation's eighth largest cable television company and one of the leading cable operators focused on serving the smaller cities in the United States, with a significant customer concentration in the Midwestern and Southeastern regions. Mediacom Communications offers a wide array of information, communications and entertainment services, including video, high-speed data and phone, and provides innovative broadband communications solutions through its Mediacom Business division that can be tailored to any size business. Mediacom Communications' advertising sales and production services are sold under its OnMedia division. More information about Mediacom Communications is available at www.mediacomcc.com.

TABLE 1*

Mediacom Broadband LLC

Selected Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

Three Months Ended

March 31,

2013

2012

YoY% Change

Video

$

113,618

$

118,051

(3.8

)%

High-speed data

60,366

55,389

9.0

%

Phone

16,519

16,520

Business services

23,441

19,385

20.9

%

Advertising

11,321

11,855

(4.5

)%

Total revenues

$

225,265

$

221,200

1.8

%

Service costs

(92,236

)

(90,309

)

2.1

%

SG&A expenses

(44,796

)

(43,982

)

1.9

%

Management fees

(4,000

)

(3,460

)

15.6

%

OIBDA(a)

$

84,233

$

83,449

0.9

%

Cash interest expense (a)

(23,544

)

(26,735

)

(11.9

)%

Capital expenditures (b)

(31,290

)

(34,513

)

(9.3

)%

Dividend to preferred members

(4,500

)

(4,500

)

Free cash flow(a)

$

24,899

$

17,701

40.7

%

OIBDA margin (c)

37.4

%

37.7

%

March 31, 2013

March 31, 2012

Video customers

558,000

591,000

High-speed data ("HSD") customers

520,000

489,000

Phone customers

196,000

189,000

Primary service units ("PSUs")

1,274,000

1,269,000

Video customer declines

(5,000

)

HSD customer increases

15,000

21,000

Phone customer increases

6,000

9,000

Quarterly PSU increases

21,000

25,000

Customer relationships (d)

714,000

706,000

Average total monthly revenue per:

Video customer (e)

$

134.57

$

124.23

PSU (f)

$

59.43

$

58.68

Customer relationship (g)

$

105.61

$

104.81

March 31, 2013

March 31, 2012

Bank credit facility

$

1,644,000

$

1,470,000

8½% senior notes due 2015

500,000

6⅜% senior notes due 2023

300,000

Total debt

$

1,944,000

$

1,970,000

Total leverage ratio (h)

5.77x

5.90x

Interest coverage ratio (i)

3.58x

3.12x

_________________________

* See Tables 3 and 5.

TABLE 2*

Mediacom LLC

Selected Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

Three Months Ended

March 31,

2013

2012

YoY% Change

Video

$

87,123

$

90,940

(4.2

)%

High-speed data

49,800

45,696

9.0

%

Phone

14,894

15,096

(1.3

)%

Business services

15,867

13,259

19.7

%

Advertising

3,335

3,666

(9.0

)%

Total revenues

$

171,019

$

168,657

1.4

%

Service costs

(76,122

)

(73,713

)

3.3

%

SG&A expenses

(27,932

)

(27,618

)

1.1

%

Management fees

(3,000

)

(3,460

)

(13.3

)%

OIBDA(a)

$

63,965

$

63,866

0.2

%

Investment income from affiliate

4,500

4,500

Adjusted OIBDA(a)

$

68,465

$

68,366

0.1

%

Cash interest expense (a)

(22,810

)

(23,355

)

(2.3

)%

Capital expenditures (b)

(28,754

)

(20,537

)

40.0

%

Free cash flow(a)

$

16,901

$

24,474

(30.9

)%

Adjusted OIBDA margin (j)

40.0

%

40.5

%

March 31, 2013

March 31, 2012

Video customers

441,000

468,000

High-speed data ("HSD") customers

420,000

398,000

Phone customers

169,000

165,000

Primary service units ("PSUs")

1,030,000

1,031,000

Video customer declines

(1,000

)

(5,000

)

HSD customer increases

10,000

15,000

Phone customer increases

3,000

6,000

Quarterly PSU increases

12,000

16,000

Customer relationships (d)

574,000

574,000

Average total monthly revenue per:

Video customer (e)

$

129.12

$

119.49

PSU (f)

$

55.67

$

54.96

Customer relationship (g)

$

99.57

$

98.37

March 31, 2013

March 31, 2012

Bank credit facility

$

922,000

$

980,000

9⅛% senior notes due 2019

350,000

350,000

7¼% senior notes due 2022

250,000

250,000

Total debt

$

1,522,000

$

1,580,000

Total leverage ratio (h)

5.56x

5.78x

Interest coverage ratio (i)

3.00x

2.93x

_________________________

* See Tables 4 and 5.

TABLE 3

Mediacom Broadband LLC

Reconciliation of Non-GAAP Measures

(Dollars in thousands)

(Unaudited)

Three Months Ended

March 31,

2013

2012

Free cash flow

$

24,899

$

17,701

Capital expenditures

31,290

34,513

Dividend to preferred members

4,500

4,500

Other expense, net

(152

)

(326

)

Changes in assets and liabilities, net

1,354

14,859

Net cash flows provided by operating activities

$

61,891

$

71,247