Knology posts 3Q loss of $3.3 million on charges, revenue rises 2.5 percent
By APFriday, November 6, 2009
Knology posts 3rd-quarter loss on charges
WEST POINT, Ga. — Knology Inc., a cable, phone and Internet services provider, said it posted a $3.3 million quarterly loss because of hefty accounting charges and other costs to amend a credit facility.
Knology reported a loss attributable to common shareholders of 9 cents per share. This compares to a loss of $2.8 million, or 8 cents per share, a year ago.
Results included a non-cash charge of $1.7 million for the accounting for interest rate swaps and a $3.4 million one-time charge to amend Knology’s credit facility.
Excluding these charges, Knology posted profit of $1.8 million, or 5 cents per share, in the most recent period.
Revenue increased 2.5 percent to $105.8 million.
Analysts, on average, expected a profit of 7 cents per share on sales of $107.5 million, according to a poll by Thomson Reuters.
Shares declined 25 cents, or 2.4 percent, to $10.31.
