Friday, interactive communications and entertainment services provider Knology, Inc. (KNOL) reported a wider third-quarter loss compared to the previous year quarter. The company also said that it would buy assets of Private Cable Co., a provider of video, voice and data services to residential and business customers in Athens and Decatur, Alabama, for $7.5 million cash .
Knology recorded third-quarter net loss attributable to common stockholders of $3.33 million or $0.09 per share, compared with $2.85 million or $0.08 per share last year.
Excluding the charges, Knology posted net income of $1.8 million or $0.05 per share for the third quarter of 2009. On average, eight analysts polled by Thomson Reuters expected earnings per share of $0.07 for the quarter. Analysts' estimate typically excludes one-time items.
Including charges, operating income increased to $11.9 million for the third quarter 2009, representing an increase of 29.3% compared to the same period one year ago.
The company noted that total revenue for the third quarter increased 2.5% to $105.80 million from $103.22 million in the comparable period a year ago. Six analysts estimated revenues of $107.49 million for the quarter.
For the nine months, net loss was $4.27 million or $0.12 per share versus a loss of $10.04 million or $0.28 per share for the year ago period. Total revenue for the nine months was $318.4 million versus $306.6 million for the previous year period. The Private Cable Co. acquisition will be funded from Knology's cash on hand. The transaction is expected to close during the fourth quarter of 2009.
KNOL is currently being traded at $10.46 down $0.06 or 0.57% on the Nasdaq.
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