Virgin Media Lost 36,000 Cable Customers In Second Quarter

Date : 07/27/2011 @ 5:00AM
Source : Dow Jones News
Stock : Virgin Media Inc. (MM) (VMED)
Quote : 51.0  0.0 (0.00%) @ 2:05AM

Virgin Media Lost 36,000 Cable Customers In Second Quarter

Virgin Media Inc. (MM) (NASDAQ:VMED)
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Virgin Media Inc. (VMED) said Wednesday that it lost 36,000 cable customers in the second quarter, slightly more than the market expected as the cable-television and Internet provider focused on customer value over volume.

The group also announced a new plan to return capital of up to GBP850 million to shareholders.


- Second quarter revenue GBP985.8m, up from GBP964.2m a year earlier

- Cable revenue GBP682.3m, up from GBP656.4m a year earlier

- Cable average revenue per user, or ARPU, of GBP47.35, up from GBP45.88

- Operating cash flow GBP392.1m, up from GBP369.7m a year earlier

- Operating income GBP134.9m, up from GBP79.6m a year earlier

- Free cash flow GBP122.7m, up from GBP108.9m a year earlier

- New capital return program of up to GBP850m; up to GBP625m for stock buyback by end of 2012

- Reaffirmed target of approximately 3.0 times net debt to operating cash flow within one to two years

-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; 

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