Cable TV

Times Warner Cable FY-2014 operating income up 1.1 per cent

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BENGALURU: Time Warner Cable Inc (TWC) reported a 1.1 per cent growth in operating income in FY-2014 at $4632 million from $4580 million in FY-2013. For Q4-2014 (quarter ended 31 December, 2014, current quarter), TWC operating income at $1226 million was 4.5 per cent more than the  $1173 million in the corresponding quarter of last year.

TWC revenue for FY-2014 at $22812 million was 3.1 per cent more than the $22120 million in the previous year. Q4-2014 revenue at $5970 million was 3.8 per cent more than the $5577 million in Q4-2013.

Time Warner Cable chairman and CEO Rob Marcus said, “Our fourth quarter marked a strong finish to a really positive year for Time Warner Cable. As a result of record Q4 subscriber net adds and the investments we made all year in our plant, products and customer care, we enter 2015 with tremendous operating momentum.”

Marcus added, “We continue to expect the Comcast merger to close soon; until then, we remain one hundred per cent committed to executing our plan.”

Financial Highlights

FY-2014 revenue grew 3.1 per cent year over year with Business Services revenue up 22.8 per cent, residential high-speed data revenue up 10.4 per cent and advertising revenue up 10.6 per cent.

Fourth-quarter 2014 revenue grew 3.8 per cent year over year with Business Services revenue up 22.6 per cent, residential high-speed data revenue up 7.4 per cent and advertising revenue up 19.4 per cent.

Full-year Adjusted OIBDA was $8.2 billion - up 3.1 per cent year over year. Operating Income of $4.6 billion increased 1.1 per cent y-o-y. Fourth-quarter Adjusted OIBDA was $2.1 billion - up 5.6 per cent year over year. Operating Income of $1.2 billion increased 4.5 per cent y-o-y.

Full-year Adjusted Diluted EPS increased 14.4 per cent to $7.56. Diluted EPS increased 7.0 per cent to $7.17.  Fourth-quarter Adjusted Diluted EPS increased 11.5 per cent to $2.03. Diluted EPS increased 3.2 per cent to $1.95.

Operational Highlights

Fourth-quarter subscriber performance in each category: Total customer relationship net additions of 67,000. Residential high-speed data net additions of 168,000 and revenue from this segment grew 7.4 per cent to $1644 million in Q4-2014 from $1531 million in Q4-2013. FY-2014 revenue from this segment grew 10.4 per cent to $6428 million from $5822 million in the previous year.

Residential voice net reported additions of 295,000, and a revenue decline of 4.7 per cent at $470 million in the current quarter from $493 million in Q4-2013. FY-2014 revenue from this segment declined 4.7 per cent to $1932 million from $2027 million in FY-2013.

Residential video net subscribers declined 38,000, and revenue from this segment fell 2.8 per cent to $2464 million in the current quarter from $2536 million in Q4-2013. FY-2014 revenue from this segment fell 4.6 per cent to $10002 million from $10481 million in FY-2013.

Residential triple play net additions were 273,000 says TWC.

TWC says that full-year capital expenditures of $4.1 billion reflect the company’s accelerated investment in “TWCMaxx,” improved customer experience and network expansion.

The roll out of TWC Maxx, including the “all digital” conversion and Internet speeds of up to 300 Mbps, was completed in New York City and Los Angeles during 2014. The company expects to complete the roll out in Austin, Texas in early 2015 and plans to expand TWC Maxx to Charlotte, Dallas, Hawaii, Kansas City, Raleigh, San Antonio and San Diego in 2015.

TWC says that it deployed more than eight million new set-top boxes, digital-to-analogue converters and advanced modems in customers’ homes during 2014.

It says further that during 2014, TWC added nearly 70,000 commercial buildings to its network, ending the year with connectivity to 930,000 commercial buildings. TWC claims that it achieved record “on-time” performance with technicians arriving at more than 97 per cent of customer appointments within the designated one-hour appointment window during the fourth quarter.

TWC, the second largest US cable TV operator is being bought by the largest US Cable TV operator Comcast Corp in a friendly takeover for $45.3 billion subject to various approvals.

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