Earnings Call Excerpt
Mediacom Communications Corporation (MCCC)
Q1 2008 Earnings Call
May 7, 2008 10:30 am ET
Executives
Rocco B. Commisso - Chairman and Chief Executive Officer
Mark E. Stephan - Executive Vice President and Chief Financial Officer
John G. Pascarelli - Executive Vice President of Operations
Analysts
Jason Bazinet - Citigroup
Michael Pace – J.P. Morgan
David Joyce - Miller Tabak & Co.
Richard Greenfield - Pali Research
James Radcliffe – Lehman Brothers
Ethan Lacy - Merrill Lynch
Tuna Amobi - Standard and Poor's
Operator
Welcome to the Mediacom Communications Corporation’s first quarter 2008 conference call. (Operator Instructions)
With us today are Rocco B. Commisso, the Chairman and Chief Executive Officer; Mr. Mark Stephan, the Executive Vice President and Chief Financial Officer; and John Pascarelli, the Executive Vice President of Operations. I would now like to turn the conference over to Mr. Stephan.
Mark E. Stephan
Welcome to our first quarter 2008 earnings call. In our call today we will be making statements about expected future events and financial results that are forward-looking and are subject to risks and uncertainties. Please see the reports and documents we file from time to time with the SEC including our annual report on form 10-K for a description of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements.
We have made disclosures in our earnings release and will make comments on this call that reference non-GAAP measures. In our earnings release we provide a discussion regarding our use of non-GAAP financial measures and a reconciliation of such measures to the most directly comparable GAAP measures.
With that done, let’s turn it over to Rocco for his opening remarks.
Rocco B. Commisso
We are extremely pleased with our results this quarter. While we expect that our performance will benefit from comparisons to the unusually weak first quarter of last year, we exceeded our expectations and delivered record RGU growth, adding 78,000 RGUs in the quarter. To put this achievement into perspective, we added 133,000 RGUs in all four quarters of 2007 put together. This quarter we even grew basic subscribers sequentially by 2,000, the first time since Q1 2005.
Unit gains together with basic rate adjustments combined to drive 10.3% year-over-year revenue growth with our total monthly revenues per basic sub increasing 14.2% to $85.45. While the strong RGU performance drove a great deal of activity, we will be able to control costs effectively as total operating costs grew by only 6.7% year-over-year.
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