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Mixed Q1 for Time Warner Cable

OIBDA growth in line, but video sub losses rise 4/25/2013 11:00:05 AM Eastern

Time Warner Cable kicked off the 2013 cable earnings season
with mixed results, growing revenue by 6.6% and cash flow by 2% but losing
119,000 video subscribers as customers left the second largest MSO in the
company after promotional periods rolled off.

Time Warner Cable reported $5.5 billion in total revenue for
the period, up from $5.1 billion in the prior year. Operating income before
depreciation and amortization (OIBDA) was $1.9 billion in the period, up from
$1.87 billion a year ago.

The revenue gains were also impacted by two extra months of
Insight Communications results -- TWC
purchased Insight in February 2012
for $3 billion. According to TWC,
excluding the Insight results, the organic revenue was $5.3 billion, up 3.1%
from the previous year.

Video subscriber losses of 119,000 were above the 94,000
shed in 2011 and analysts' consensus estimates of 91,000 losses.

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November