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Insight Announces Second Quarter 2011 Results

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Posted August 11, 2011

NEW YORK--(BUSINESS WIRE)-- Insight Communications Company today announced financial and operating results for the quarter ended June 30, 2011.

Second Quarter Highlights

  • Revenue of $270.5 million, a 2% increase over Q2 2010
  • Adjusted Operating Income before Depreciation and Amortization* of $92.2 million, a 2% increase over Q2 2010
  • Capital expenditures of $51.4 million
  • Free Cash Flow** of $20.9 million
  • Total Customer Relationships of 759,400 at June 30, 2011, a decrease of 16,200 from June 30, 2010
  • Total Revenue Generating Units (“RGUs”) of 2,164,300 at June 30, 2011, an increase of 85,000, or 4%, from June 30, 2010 and a 10,100 total RGU net loss during the quarter comprising:
    • Basic customer net loss of 13,600. Total basic customers at quarter end were 679,700, a 51% penetration of homes passed.
    • Digital customer net gain of 6,200. Total digital customers at quarter end were 650,100, a 96% penetration of the Company’s basic cable customers.
    • HSI customer net gain of 1,800. Total HSI customers at quarter end were 537,500, a 41% penetration of HSI homes passed.
    • Telephone customer net loss of 4,600. Total telephone customers at quarter end were 297,000, a 22% penetration of the Company’s telephone universe.
  • As of June 30, 2011, 99% of the Company’s customers were passed by two-way, 750 MHz or higher capacity upgraded network.

The Quarterly Report for the quarter ended June 30, 2011 will be posted in the Investor Relations section of the Company’s website: www.myinsight.com.

Conference Call

The Company will host a conference call to discuss its second quarter results at 11:00 am EDT on Thursday, August 11, 2011. Information that has not previously been disclosed may be discussed during the call. The dial-in information for the conference call is as follows:

 

Domestic:

       800-706-7745

International:

 617-614-3472

Access Code:

 119-686-19
 

About Insight Communications

Insight Communications is the ninth largest cable operator in the United States with approximately 759,400 customer relationships in the three contiguous states of Kentucky, Indiana and Ohio. Insight offers bundled, state-of-the-art video, high-speed Internet and voice telephony services to residential and business customers and delivers cn|2, a new kind of news and information network, to all of its Kentucky and Indiana customers.

   

*

Defined as operating income before depreciation, amortization and adjusted for non-cash stock-based compensation expense and other one-time items.

**

Defined as net cash provided by operating activities less capital expenditures.
                           
 
(page 2)
Insight Communications Company, Inc.
Operating Statistics
(in thousands, except average monthly and penetration data)
 
Q2 Q1 Q2
2011 2011 2010
 
Customer Relationships 759.4 767.1 775.6
Revenue Generating Units (“RGUs”) 2,164.3 2,174.4 2,079.3
Total Average Monthly Revenue per Basic Customer $131.23 $128.74 $123.25
 

Basic Cable
Homes Passed* 1,337.0 1,331.6 1,334.6
Basic Cable Customers 679.7 693.3 710.8
Basic Cable Penetration 50.8% 52.1% 53.3%
 
Cable Revenue $96,404 $96,614 $97,964
Average Monthly Cable Revenue per Basic Customer $46.78 $46.56 $45.48
 

Digital Cable
Digital Customers 650.1 643.9 540.9
Digital Penetration of Basic Cable Customers 95.6% 92.9% 76.1%
 
Digital Revenue $34,779 $34,546 $34,545
Average Monthly Digital Revenue per Basic Customer $16.87 $16.65 $16.04
Average Monthly Digital Revenue per Digital Customer $17.86 $18.56 $21.42
 

High-Speed Internet (“HSI”)
HSI Homes Passed* 1,315.8 1,304.9 1,318.5
HSI Customers 537.5 535.7 517.5
HSI Penetration 40.9% 41.1% 39.3%
 
HSI Revenue $69,136 $68,040 $63,840
Average Monthly HSI Revenue per Basic Customer $33.54 $32.79 $29.64
Average Monthly HSI Revenue per HSI Customer $42.93 $42.82 $41.11
 

Telephone
Telephone Universe (marketable homes)* 1,321.0 1,311.5 1,294.7
Telephone Customers 297.0 301.6 310.0
Telephone Penetration 22.5% 23.0% 23.9%
 
Telephone Revenue $41,436 $41,569 $42,195
Average Monthly Telephone Rev. per Basic Customer $20.10 $20.03 $19.59
Average Monthly Telephone Rev. per Telephone Cust. $46.11 $45.81 $44.91
 

Advertising Revenue
Advertising Revenue $10,108 $9,299 $10,402
Average Monthly Advertising Rev. per Basic Cust. $4.90 $4.48 $4.83
 

Other Revenue
Other Revenue $18,608 $17,094 $16,507
Average Monthly Other Revenue per Basic Customer $9.03 $8.24 $7.66
 

*Homes Passed data reflect an immaterial adjustment correcting prior periods. Penetrations for those periods have been adjusted accordingly.

                     
 
(page 3)
Insight Communications Company, Inc.
NCTA Standard Reporting Categories
Capital Expenditures
(dollars in thousands)
 
Three Months Ended Three Months Ended
June 30, 2011 June 30, 2010
Customer Premise Equipment $28,455 $21,539
Scalable Infrastructure 9,623 7,826
Line Extensions 3,637 2,930
Upgrade/Rebuild 2,965 2,206
Support Capital 6,763 3,936
Total Capital Expenditures $51,443 $38,447
 
Six Months Ended Six Months Ended
June 30, 2011 June 30, 2010
Customer Premise Equipment $66,536 $36,085
Scalable Infrastructure 18,418 17,799
Line Extensions 6,668 5,364
Upgrade/Rebuild 4,647 4,732
Support Capital 9,811 8,109
Total Capital Expenditures $106,080 $72,089
 



CONTACT:

Insight Communications Company
Sandy Colony, 917-286-2300
Senior Advisor, Employee Communications

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