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Charter Cuts Its Losses in 4Q

2/19/2004 2:39 AM Eastern

Charter Communications Inc. said Thursday that negative free cash flow for the fourth quarter of 2003 was $70 million, down from $1.479 billion in the year-ago period.

The company’s net loss was $58 million, or 20 cents per share, versus $1.872 billion ($6.36) in the year-earlier quarter.

Revenue for the fourth quarter was $1.217 billion, up 2% from $1.189 billion in fourth-quarter 2002.

The MSO said growth was due primarily to a $49 million (47%) rise in high-speed-data revenues, reflecting 437,400 additional data subscribers since December 2002, including 88,100 in the fourth quarter, but excluding the impact of the sale of the company’s system in Port Orchard, Wash.

For the full year, Charter’s net loss was $242 million (82 cents per share), compared with $2.517 billion ($8.55) for full-year 2002.

Revenue for 2003 was $4.819 billion, up 6% from 2002’s total of $4.566 billion.

September