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DJ Charter Commun Results -4: Cut 800 Jobs Since Dec >CHTR
01 Apr 07:12
Charter plans to seek an extension for filing its Form 10-K report as it finalizes its financial statements. Until the company gives its required financial statements to its lenders, it can't make additional borrowings on its three bank facilities.
Charter had $450 million in cash at the end of March, which it believes will be sufficient to fund its operations and debt requirements. Accordingly, the company plans to pay its debt securities due Tuesday, as well as the i
interest payment on convertible debt due April 15.
The company said it has cut 800 jobs, or 4.3% of its work force, since the end of the year, bringing its employee head count to 17,300. Further job cuts are expected, Charter said.
To help reach free cash flow, Charter plans to cut capital expenditures in 2003 to $1 billion to $1.1 billion. Capital expenditures for 2002 weren't immediately available.
(MORE) Dow Jones Newswires
04-01-03 0712ET
DJ Charter Commun Results -2: 4Q Fincl Table, Comment >CHTR
01 Apr 06:23
Charter Communications Inc. - St. Louis
4th Quar Dec. 31:
2002 2001
Revenue $1,189,000,000 $1,051,000,000
Net income (1,871,000,000) (302,000,000)
Avg shrs (diluted) 294,457,134 294,384,003
Shr earns
Net income (6.36) (1.03)
Figures in parentheses are losses.
Charter Communications Inc.'s (CHTR) results for the latest quarter include a $4.6 billion impairment charge, as well as charges of $31 million from job cuts and $4 million from litigation costs.
The cable company's adjusted earnings before interest, taxes, depreciation and amortization rose to $457 million in the fourth quarter from $402 million a year earlier. Revenue grew from increases in digital and high-speed data
customers, but the growth was partially offset by higher programming costs.
Charter's 2001 results reflect restatements related to the company's accounting for deferred tax liabilities.
(MORE) Dow Jones Newswires
04-01-03 0623ET
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