Insight Communications Posts a Solid Quarter

Updated from May 6

Cable TV operator Insight Communications ( ICCI) rose 7% Wednesday morning after Tuesday's in-line results.

The Midwestern cable operator, which counts 1.3 million basic subscribers, reported revenue of $215 million for the first quarter ended March 31, up 12% from the first quarter of 2002 and hitting the $214.3 million consensus tallied by Thomson First Call.

Operating cash flow grew from $77.6 million in the year-ago quarter to $90.1 million, just beating the estimates from Banc of America and Credit Suisse First Boston. Insight said as strong growth in advanced services revenue outweighed weak basic subscriber growth. On Wednesday the stock rose 93 cents to $15.08.

The company added 23,500 high-speed data customers in the quarter, on a same-store basis, along with 20,000 digital video subscribers and 7,100 telephony customers -- all coming in at what appeared to be the high end of analysts' estimates. The addition of 8,300 basic customers seemed light, but the company reported higher monthly revenue per basic customer, citing "the continued successful rollout of new product offerings in all markets."

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