Charter Communications again trimmed its sales and cash flow forecasts for the remainder of the year.
Sales will rise 12.5-13.5% for 2001 down from 14-16% expected earlier. Cash flow will rise 10-11%, not the 12-14% goal set earlier. The revision came as Charter posted a 17% increase in the cash flow for the third quarter, so a comedown to 10-11% for the full year means the fourth quarter should be ugly.
Third-quarter basic subscriber growth also only totalled 1.1%, half the rate the company's systems had been growing. Charter blamed the slowdown partly on slowing ad sales, partly on a decision to halt deep discounts for new basic subscribers.
The company's stock price tanked 12% to $12.50.
- John M. Higgins