New York —Insight Communications Co. reported strong third-quarter results Oct. 29, fueled mainly by its biggest quarterly increase ever in high-speed Internet customers.
Revenue rose 10% during the period, to $250 million, and operating cash flow rose 7%, to $105 million.
Operating cash flow results were influenced by increased marketing spending and the termination of a management agreement with Comcast Corp. in July, concerning about 80,000 subscribers in Kentucky.
The marketing expenditure translated into 37,600 additional high-speed data customers in the quarter, Insight's biggest increase ever.
Insight said overall revenue growth was due in large part to the high-speed increases — HSI revenue was up 40% over last year.
Digital-cable growth was below some analysts' expectations at 21,200 new subscribers. Basic video customers increased by about 1,200, compared to a loss of 2,300 customers in the same period of 2003.
Insight also added about 1,200 telephone customers, finishing the quarter with 62,800 telephony subscribers.
Insight stock was down 22 cents, to $8.87, in afternoon trading Oct. 29.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.