Charter's full service transformation evident in mixed first quarter results

Charter Communications' (Nasdaq: CHTR) drive to become what President-CEO Mike Lovett calls "the home entertainment and communications solution provider for our customers" was apparent in first quarter results that showed increases in digital video (plus 28,400), broadband (plus 87,900) and voice (plus 24,000) customers as 25,100 basic video subscribers slid away.

Financially, the company posted first quarter sales of $1.77 billion that were up 2 percent year-over-year and net income that declined $110 million. At the same time, the MSO said it was making 8.2 percent more per customer, bringing in $131.01 on average. Commercial revenues were a big winner, up 16.1 percent to $137 million.

Lovett, in prepared remarks on a conference earnings call, reiterated Charter's commitment to improving its lagging customer service reputation. "Beyond new leadership (several key high level executives left in the quarter) and a cultural shift which is beginning to take hold" the MSO has been conducting "several pilot programs across our footprint focused on improvements on a number of fronts," he said.

Also on tap, he said, is deployment of a TiVo product in selected markets later this year as part of a next-gen television strategy that "I really believe ... will be a game changer for us as we look forward to delivering an enhanced experience to our customers," Lovett said.

Finally, he said, the MSO has accelerated its deployment of DOCSIS 3.0 and has "a significant opportunity to create new customer relationship in the 7 million currently unserved homes that our network passes."

For more:
- see this news release

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