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Cable Operators

Knology Knows Improved 4Q Nos.

3/16/2004 2:59 AM Eastern

Knology Inc. reported $45.6 million in revenue for the fourth quarter of 2003, up 17.6% from $38.8 million in the year-ago period.

Adjusted earnings before interest, taxes, debt and amortization for the period was $9.3 million, a 26.7% jump from $7.4 million in the fourth quarter of 2002.

The overbuilder’s fourth-quarter net loss was $16.6 million, or 94 cents per share, versus net income of $87 million in the year-earlier quarter, which included a restructuring gain and special-charges net of $108.3 million.

For full-year 2003, Knology’s revenue was $172.9 million, up 21.9% from 2002’s total of $141.9 million. Adjusted EBITDA was $33 million, a 57.2% jump from $21 million in full-year 2002. The company’s net loss was $87.8 million, or $5.17 per share, compared with $2.6 million ($52.20) in 2002.

The 2002 net-loss-per-share numbers were calculated based on common shares outstanding in 2002, and they did not include the common equivalent shares for the preferred stock that was converted to common in conjunction with the company’s initial public offering in December.

September