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

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

MEDIACOM PARK, 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 June 30, 2013.

Mediacom Broadband LLC*

  • Revenues were $230.2 million, reflecting a 2.8% increase from the prior year period
  • Operating income before depreciation and amortization ("OIBDA") was $87.6 million, reflecting a 2.3% increase from the prior year period
  • Free cash flow of $18.0 million, compared to $15.1 million in the prior year period
  • Net quarterly additions of 2,000 primary service units ("PSUs"), compared to a net decline of 4,000 PSUs in the prior year period

Mediacom LLC*

  • Revenues were $175.6 million, reflecting a 2.9% increase from the prior year period
  • Adjusted OIBDA was $71.2 million, reflecting a 2.5% increase from the prior year period
  • Free cash flow of $12.7 million, compared to $17.2 million in the prior year period
  • Net quarterly additions of 2,000 PSUs, compared to a net decline of 4,000 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

 

June 30,

2013 2012YoY% Change
Video

$

115,295

$117,542(1.9)%
High-speed data61,83756,7109.0%
Phone16,715

 

16,6420.4%
Business services24,29520,32319.5%
Advertising 12,039  12,667 (5.0)%
Total revenues$230,181$223,8842.8%
Service costs(92,934)(90,593)2.6%
SG&A expenses(45,684)(44,064)3.7%
Management fees (4,000) (3,625)10.3%
OIBDA(a)$87,563$85,6022.3%
Cash interest expense (a)(23,239)(27,294)(14.9)%
Capital expenditures (b)(41,836)(38,697)8.1%
Dividend to preferred members (4,500) (4,500) 
Free cash flow(a)$17,988 $15,111 19.0%
 
OIBDA margin (c)38.0%38.2%
 
 
June 30, 2013June 30, 2012
Video customers549,000579,000
High-speed data ("HSD") customers525,000493,000
Phone customers 202,000  193,000 
Primary service units ("PSUs")1,276,0001,265,000
 
Video customer declines(9,000)(12,000)
HSD customer increases5,0004,000
Phone customer increases 6,000  4,000 
Quarterly PSU increases (declines)2,000(4,000)
 
Customer relationships (d)716,000713,000
 
Average total monthly revenue per:
Video customer (e)$138.62$127.57
PSU (f)$60.18$58.90
Customer relationship (g)$107.31$105.18
 
 
June 30, 2013June 30, 2012
Bank credit facility$1,638,000$1,473,000
8½% senior notes due 2015500,000
6⅜% senior notes due 2023 300,000  
Total debt$1,938,000 $1,973,000 
 
Total leverage ratio (h)5.53x5.76x
Interest coverage ratio (i)3.77x3.14x

_______________

* 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

 

June 30,

2013 2012YoY% Change
Video

$

89,425

$91,171(1.9)%
High-speed data50,96246,7509.0%
Phone15,12115,133(0.1)%
Business services16,16713,68218.2%
Advertising 3,919  3,958 (1.0)%
Total revenues$175,594$170,6942.9%
Service costs(75,603)(74,496)1.5%
SG&A expenses(30,328)(28,373)6.9%
Management fees (3,000) (2,875)4.3%
OIBDA(a)$66,663$64,9502.6%
Investment income from affiliate 4,500  4,500  
Adjusted OIBDA(a)$71,163$69,4502.5%
Cash interest expense (a)(22,851)(23,424)(2.4)%
Capital expenditures (b) (35,636) (28,798)23.7%
Free cash flow(a)$12,676 $17,228 (26.4)%
 
Adjusted OIBDA margin (j)40.5%40.7%
  
 
June 30, 2013June 30, 2012(k)
Video customers434,000458,000
High-speed data ("HSD") customers424,000401,000
Phone customers 174,000  168,000 
Primary service units ("PSUs")1,032,0001,027,000
 
Video customer declines(7,000)(10,000)
HSD customer increases4,0003,000
Phone customer increases 5,000  3,000 
Quarterly PSU increases (declines)2,000(4,000)
 
Customer relationships (d)574,000573,000
 
Average total monthly revenue per:
Video customer (e)$133.79$122.89
PSU (f)$56.77$55.29
Customer relationship (g)$101.97$99.21
  
 
June 30, 2013June 30, 2012
Bank credit facility$902,000$937,000
9⅛% senior notes due 2019350,000350,000
7¼% senior notes due 2022 250,000  250,000 
Total debt$1,502,000 $1,537,000 
 
Total leverage ratio (h)5.28x5.53x
Interest coverage ratio (i)3.11x2.96x

_______________

* See Tables 4 and 5.

 

TABLE 3

Mediacom Broadband LLC

Reconciliation of Non-GAAP Measures

(Dollars in thousands)

(Unaudited)

 
 

Three Months Ended

June 30,

2013 2012
Free cash flow

$

17,988

$15,111
Capital expenditures41,83638,697
Dividend to preferred members4,5004,500
Other expense, net(360)(327)
Changes in assets and liabilities, net (6,741) (19,012)
Net cash flows provided by operating activities$57,223 $38,969 
 
OIBDA$87,563$85,602
Depreciation and amortization (39,470) (37,672)
Operating income$48,093 $ Read Full Story

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