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Virgin Media Posts Higher Q1 Profit - Quick Facts

Virgin Media Inc. (VMED: Quote, VMED.L) reported a significant rise in its first-quarter net income to 7.0 million pounds from 3.3 million pounds in the prior-year quarter, chiefly due to higher operating income, increased gain on derivative instruments, reduced amortization expense and reduced interest expense, partially offset by increased loss on extinguishment of debt.

On a per share basis, quarterly earnings were 0.02 pounds per share, higher than 0.01 pounds per share a year earlier.

Revenue was up 2.4% to 1.01 billion pounds from last year's 982.3 million pounds.

Based on the share price as of April 24, 2012, 25% of the company's sharecount in mid-2010 is expected to have been repurchased by the end of 2012, assuming the full board authority is used in 2012. Also, Virgin Media remains on track to achieve its long-term net leverage, Net Debt to OCF6, target of about 3.0x by mid-2013, as announced earlier.

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by RTT Staff Writer

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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