Citing growth in digital cable, high-speed Internet access and telephony services, Cox Communications reported Q2 sales of $1.6 billion, an increase of 12% over the same period last year. Higher basic cable rates, an increase in business service customers, as well as an increase in advertising sales, also contributed to overall revenue growth. Cox ranks as the nation's third-largest cable television provider.
Some highlights for Q2:
- Ended the quarter with approximately 6.3 million basic video customers, up 0.6% from June 30, 2003.
- Ended the quarter with approximately 6.6 million total customer relationships, up 1.8% from June 30, 2003.
- Ended the quarter with over 11.9 million total RGUs, up 12% from June 30, 2003, driven by 27% growth in advanced-service RGUs.
- Added 60,351 Cox Digital Cable customers, ending the quarter with approximately 2.3 million digital cable customers, representing year-over-year customer growth of 18%. Cox Digital Cable is now available to 99% of the homes in Cox's service areas with 36% penetration of our basic video customer base.
- Added 97,517 cable modem customers, ending the quarter with over 2.2 million high-speed Internet customers, representing year-over-year customer growth of 34%.
- Added 66,265 Cox Digital Telephone customers, ending the quarter with over 1.1 million telephone customers, representing year-over-year customer growth of 35%.
- Generated $478.6 million in cash flows provided by operating activities and $155.3 million in free cash flow (cash flows provided by operating activities less capital expenditures).
- Reduced capital expenditures to $323.3 million for the quarter, down 4% from the second quarter of 2003.
- Generated 12% revenue growth during the quarter and six months ended June 30, 2004, compared with the same periods in 2003.
