Cable Operators

Flat 3Q for RCN

11/16/2004 8:29 AM Eastern

RCN Corp.’s third-quarter-2004 financials were very similar to its third-quarter-2003 financials.

The MSO -- which is still winding through a prepackaged Chapter 11 bankruptcy -- reported revenue of $121.4 million versus $115 million in the year-earlier period and a net loss of $75.1 million, or $0.61 per average common share, versus $69.5 million ($1.02) in the prior-year quarter.

“This past quarter, we rolled out several new products -- including the fastest residential cable modem available, DVRs [digital-video recorders] in our New York and Boston markets and VoIP [voice over Internet protocol] in our Chicago market -- all of which enhance the 'triple-play' bundle we offer our customers,” RCN chairman and CEO David C. McCourt said in a prepared statement.

“We also recently made a smart strategic decision to acquire the remaining stake in our Washington, D.C., market, which fortifies our presence in the Boston-to-Washington, D.C., corridor,” he added.

September