Mediacom reduces pay TV subscriber losses to 3K, reports 4.6% revenue spike in Q2

Mediacom
Mediacom closed the quarter with 829,000 video customers across its two operating divisions, down from 842,000 at the end of Q2 2016.

Mediacom reported a 4.6% revenue increase in the second quarter to nearly $471.5 million, driven by an 11.8% uptick in residential broadband revenue to just over $167 million in the period.

The company’s other growth driver, business services, saw an 8.4% increase in revenue to $62.2 million.

What remains the New York cable company’s biggest business, video services, saw only modest attrition to its user base, losing 3,000 customers compared to 11,000 in the second quarter of 2016. Mediacom closed the quarter with 829,000 video customers across its two operating divisions, down from 842,000 at the end of the second quarter of 2016.

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Revenue from pay TV declined 1% to $201.3 million.

The fifth largest cable company in the U.S. reported growth of 6,000 high-speed internet users in the second quarter, with its HSI base increasing by 57,000 users over the last year. Internet services revenue has been increasing, however, as Mediacom continues to deploy 1-gig services. The cable company said it will complete deployment of DOCSIS 3.1-enabled services across its entire Midwest and Southeast footprint this year. 

The company said that operating income before depreciation and amortization (OIBDA) increased by 4% to $179.6 million. Total debt was reduced by $180 million to $2.7 billion. 

Mediacom is not a publicly traded company, reporting earnings conditionally to creditors. The company doesn’t conduct a conference call with analysts.

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