Monday, Mediacom Communications Corp. (MCCC), reported a swing to first-quarter profit, aided by a narrower loss on derivatives, lower interest expense and a gain on sale of cable systems.
The Middletown, New York-based company reported a first-quarter net income of $22.36 million or $0.27 per share, compared to a net loss of $30.64 million or $0.31 per share in the corresponding quarter last year. On average, five analysts polled by Thomson Reuters estimated earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 6.1% to $360.44 million from $339.68 million in the similar period last year. Analysts estimated revenue of $358.37 million for the quarter.
Pro forma revenues for the first-quarter were $357.72 million, up 7% from prior-year corresponding quarter.
Operating income for the first-quarter of fiscal 2009 was $74.95 million, compared to $64.62 million in the comparable period of fiscal 2008.
Pro forma operating income for the quarter was $74.08 million, compared to $64.26 million in the similar period last year.
Interest expense for the quarter decreased 10.4% to $48.92 million from $54.59 million in the first-quarter of fiscal 2008.
Loss on derivatives for the quarter narrowed to $1.67 million from $24.07 million in the corresponding period last year.
The company reported a gain on sale of cable systems of $13.82 million, compared to a loss on sale of cable systems of $0.17 million in the same period last year.
At March 31, 2009, the company's total net debt outstanding was $3.331 billion, a reduction of $28 million, after taking into account $110 million in debt incurred during the quarter to complete the Morris Transaction.
Mediacom Communications is currently trading at $5.61, up $0.15 or 2.75%, on a volume of 156,052 shares on the Nasdaq.
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