Earnings Call Excerpt
Mediacom Communications Corp. (MCCC)
Q3 2008 Earnings Call
November 6, 2008; 11:00 am ET
Executives
Mark Stephan - Executive Vice President and Chief Financial Officer
Rocco Commisso - Chairman and Chief Executive Officer
John Pascarelli - Executive Vice President of Operations
Joe Young - Senior Vice President, General Counsel
Analysts
Michael Pace - JP Morgan
Jason Bazinet - Citigroup
David Joyce - Miller Tabak
Richard Greenfield - Pali Capital
Tuna Amobi - Standard & Poor’s
Jim Harris - Bislett Capital
Presentation
Operator
Welcome ladies and gentlemen to the Mediacom Communications Corporation third quarter 2008 conference call. For the conference, all of the participant lines are in a listen-only mode. However there will be an opportunity to ask questions. (Operator Instructions)
With us today are Mr. 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.
At this time, I’ll turn the call over to Stephan; please go ahead.
Mark Stephan
Thank you, John. Welcome to Mediacom’s third 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 their most directly comparable GAAP measures.
With that done, let’s turn it over to Rocco for his opening remarks.
Rocco Commisso
Thanks Mark. Good morning everyone and thank you for joining us. In the midst of a major economic downturn and the most severe financial crisis I’ve ever experienced, Mediacom is performing well, both operationally and financially.
For the third consecutive quarter, we delivered record RGU growth. The highlight for the quarter for us is that we added 3,000 basic subscribers. Moreover, in the first nine months of this year we have not experienced any basic subscriber losses, another record for Mediacom since we bought the AT&T assets in 2001. In fact, we are exceeding our own growth expectations that were delineated earlier in the year, which is now putting us in a position to raise our external guidance for the third time in 2008.
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