Revenue soars, profit falls for LV cable operator

Friday, July 28, 2000 | 10:35 a.m.

ATLANTA -- Profit for Cox Communications, the main cable television company in Las Vegas, dropped 82 percent in the second quarter to $91.2 million vs. $505.8 million reported a year ago.

The decrease was due in part to a one-time $908.5 million gain on investments reported in second quarter 1999 and an increase in interest expense in the quarter just ended. Per share earnings for the quarter were 17 cents vs. 90 cents a year ago.

The nation's fifth-largest cable company reported operating cash flow, a measure often used to gauge the performance of media companies, of $337 million, up from $195.8 million last year. Operating income fell to $33.1 million, against $36.5 million a year ago. Revenue grew to $878.9 million from $509.8 million in the same quarter a year ago, fueled primarily by increased subscribers for advanced digital data and telephony services.

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