Friday, cable television company Mediacom Communications Corp. (MCCC), reported an increase in earnings for its second quarter from last year, helped by a 4.3% increase in revenues, as well as a a 17% growth in gain on derivatives and lower interest expenses.
The Middletown, New York-based company reported net income for the second quarter of $34.41 million or $0.49 per share, compared to $20.93 million or $0.22 per share in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the quarter. Analysts' estimate typically exclude special item.
Total revenues for the quarter increased 4.3% to $ 364.50 million from $349.50 million in the prior-year quarter. Four analysts had a revenue consensus of $363.13 million for the quarter.
On proforma basis, total revenue grew 6% to $364.50 million from $343.84 million in the same quarter last year.
Operating income for the second-quarter of fiscal 2009 was $77.06 million, up 11.1% from $69.33 million in the comparable period of fiscal 2008. Proforma operating income increased 12% to $77.06 million from $68.83 million in the comparable quarter last year.
Interest expense for the quarter decreased 5% to $51.33 million from $54.04 million in the second-quarter of fiscal 2008.
Gain on derivatives for the quarter grow 17% to $25.95 million from $22.19 million in the corresponding period last year.
At June 30, 2009, total net debt outstanding was $3.301 billion, a reduction of $30 million from the total net debt outstanding as of March 31, 2009.
For the six-month period, Mediacom's net income was $56.77 million or $0.73 per share, compared to a loss of $9.70 million or $0.10 per share in the same period last year.
Total revenues for the first half of fiscal 2009 rose 5.2% to $724.93 million from $689.18 million in the similar period of 2008.
Looking ahead, the company said it expects revenue and adjusted operating income before depreciation and amortization or OIBDA to increase on a full year basis, although at reduced growth rates than achieved in 2008. MCCC is currently trading at $5.79, up $0.68 or 13.31%.
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