Cox, MediaOne revenues up
Both second-tier cable television operators show higher fourth-quarter revenues in earnings reports.
Cox Communications posted net income of $317.9 million, or $1.13 a share, compared with a net loss of $77.8 million, or 29 cents a share, for the like quarter a year ago.
Cox's net income included pre-tax gains of $799.9 million and a charge of $131.4 million.
Quarterly revenues rose to $486.7 million from $431.9 million on a pro forma basis a year ago, based on the strength of the company's basic cable and data services, including the @Home Internet access offering. However, programming costs were up 13 percent year-over-year and pay-per-view revenues declined, the company said.
Separately, MediaOne Group, the third-largest cable operator, posted a loss from operations that narrowed to $256 million, or 46 cents a share, from a $412 million loss, or 70 cents, a year earlier. The company was expected to lose 45 cents, the average estimate of analysts polled by First Call.
Revenue from continuing operations rose 5 percent to $643 million from $615 million.
The company also said it took a $163 million charge to write down its investment in Primestar, the No. 2 U.S. satellite TV provider.
Bloomberg contributed to this report.