Friday, Cable Operator, Mediacom Communications Corp. (MCCC) said it slipped to a loss in the third quarter from a profit in the prior year. The company noted that advertising revenues were down 15.6%, principally due to declines in automotive and political advertising in national and, to a lesser extent, local markets.
Mediacom posted third-quarter net loss of $10.0 million or $0.15 per share, compared with net profit of $2.20 million or $0.02 per share in the year-ago period. On average, five analysts polled by Thomson Reuters expected earnings per share of $0.05 for the quarter. Analysts' estimate typically excludes one-time items.
Total revenues for the third quarter increased 4.8% to $363.38 million from $352.55 million in the year earlier period. Two analysts estimated revenues of $363.95 million for the year.
During the quarter, the company lost 19,000 basic subscribers, and year-over-year, lost 36,000 basic subscribers, representing a reduction of 2.8%.
The company's operating income decreased 0.3% to $70.9 million during the quarter. For the nine months, the company recorded net income of $46.76 million versus net loss of $7.51 million for the prior year period. Earnings per share were $0.62, compared with loss per share of $0.08 for the prior year. Total revenues for the nine months were $1.08 billion versus $1.04 billion a year ago.
MCCC is currently being traded at $4.63 down $0.24 or 5.95 on a volume of 0.137 million shares on the Nasdaq.
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