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Mediacom Communications Reports Preliminary Highlights For Fourth Quarter And Full Year 2010

Stocks in this article: MCCC

MEDIACOM COMMUNICATIONS CORPORATION (Nasdaq: MCCC) today reported preliminary, unaudited financial and operating highlights for the three months and year ended December 31, 2010. The results reported remain subject to adjustment based upon completion of the Company's audit for the year ended December 31, 2010.

Preliminary Fourth Quarter 2010 Highlights

For the Fourth Quarter of 2010, the Company expects:

  • Revenues to be $378.9 million, a 1.9% increase from the prior year period
  • Adjusted operating income before depreciation and amortization (“Adjusted OIBDA”) *to be $138.3 million, unchanged from the prior year period
  • Operating income to be $73.8 million, a 4.4% decline from the prior year period
  • Revenue generating units (“RGUs”) to grow by 23,000, comprising:

    - Basic subscriber net loss of 10,000- Digital customer net gain of 14,000- High-speed data customer net gain of 11,000- Phone customer net gain of 8,000

Preliminary Full Year 2010 Highlights

For the full year ended December 31, 2010, the Company expects:

  • Revenues to be $1,499.0 million, a 2.6% increase from the prior year
  • Adjusted OIBDA * to be $548.4 million, a 1.2% increase from the prior year
  • Operating income to be $298.4 million, a 0.5% decline from the prior year
  • Capital expenditures to be $237.4 million, compared to $236.7 million in the prior year
  • RGUs to grow by 113,000, or 3.8% to 3,094,000, comprising:

    - Basic subscriber net loss of 45,000, ending the year at 1,193,000- Digital customer net gain of 53,000, ending the year at 731,000- High-speed data customer net gain of 60,000, ending the year at 838,000- Phone customer net gain of 45,000, ending the year at 332,000

On November 15, 2010, the Company announced that it had entered into a definitive merger agreement with Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer, and an entity formed by Mr. Commisso. A special meeting of stockholders will be held on March 4, 2011 to vote on the merger agreement, pursuant to which all outstanding shares of Mediacom common stock that Mr. Commisso does not already own will be converted into $8.75 per share in cash.

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