Mediacom Communications reports 3Q profit

MIDDLETOWN, N.Y. - Mediacom Communications Corp. reported a third-quarter profit Thursday as the year-ago period was dragged down by a derivatives loss.

The cable television company reported earnings of $2.2 million, or 2 cents per share, compared with a loss of $34.7 million, or 32 cents per share, in the prior-year period.

Analysts surveyed by Thomson Reuters forecast a loss of 8 cents per share. Analysts' estimates typically exclude one-time items.

Quarterly results included a $6 million gain on derivatives compared with a $13.8 million loss a year earlier.

Revenue for the period ended Sept. 30 improved 7 percent to $352.6 million from $328.3 million on strong telephone revenue results.

The company's revenue performance missed analysts' estimates of $353.3 million.

Telephone revenue increased to $23.7 million from $14.4 million, while high-speed data revenue grew to $82.4 million from $70.5 million. Video revenue rose to $229.5 million from $225.9 million.

Average monthly revenue per basic subscriber climbed 8.6 percent to $88.86.

Mediacom said it has more than $800 million in available revolving credit and manageable debt maturities, so it does not anticipate having to tap into credit markets prior to mid-2011.

Shares of Mediacom dipped 10 cents, or 2.5 percent, to $3.95 in midday trading. The stock has traded in a 52-week range of $2.75 to $8.42. The broader markets slipped Thursday as new readings on retail sales and jobless claims increased recession fears.

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