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Video Customers Slide, But Data, Phone Drives Mediacom Q1

Mediacom Communications reported a 5.9% increase in total revenue to $444.8 million and a 6.7% increase in cash flow in the first quarter, as gains in its high-speed Internet and phone services offset losses on the video side.

Mediacom ended the period with 853,000 video customers, about 2,000 less than in the fourth quarter of 2015 year, but gained 29,000 high-speed data subscribers (ending with 1.1 million) and 11,000 phone customers (ending with 444,000). The increases helped fuel an overall gain in customer relationships of about 16,000 to 1.33 million.

Total operating income before interest, depreciation and amortization (OIBDA) was $169.1 million in the period, up 6.7% from $158.5 million in the same period last year. Free cash flow of $59.1 million rose 2% from $58.1 million in the prior year. Mediacom continued to invest in the business, with capital expenditures of $78.6 million were up nearly 25% compared to $63 million in the year-ago period.

Mediacom is the eighth largest cable operator in the country with 1.3 million basic video customers in smaller markets primarily in the Midwest and Southeast.