Cox Communications Posts Loss on Broadband Move

Cox Communications ( COX)posted a 14% rise in fourth-quarter revenue but still sustained a large loss because of the expense of migrating broadband subscribers following the demise of Excite@Home.

The Atlanta cable firm lost $110.1 million, or 18 cents a share, compared with $71.6 million, or 12 cents a share, last year. The latest quarter included a $155 million charge for the broadband migration, a $135.9 million pretax gain on derivative instruments, and a net gain on investments of $71.4 million. Revenue rose 14% to $1.08 billion from $945.9 million a year earlier.

The loss was in line with analysts' estimates.

The company's pro forma operating cash flow rose 12% to $432.5 million from $386.5 million. The company also said it expects 2002 cash flow and revenue growth to meet or beat 2001's pace.

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