Business briefs for July 30, 2003

Wednesday, July 30, 2003 | 11:11 a.m.

Cable operator posts a profit

ATLANTA -- Cox Communications Inc., the fourth- largest U.S. cable operator and the main cable operator in Las Vegas, today reported a second-quarter profit of $117.7 million, helped by sales of new services. The company also boosted its profit forecast for the year.

Net income was 19 cents a share, compared with a net loss of $516.2 million, or 86 cents, a year ago, when Cox posted a loss on its investment in Sprint PCS stock. Revenue rose 14 percent to $1.42 billion, the company said in a statement.

Cox in some markets sells a discounted package of cable, high-speed Internet and telephone service to compete with satellite-TV providers and phone companies. A third of its customers now buy more than one service, making them less likely to cancel, the company said.

Atlanta-based Cox raised its 2003 forecast for growth in EBITDA, or earnings before interest, taxes, depreciation and amortization, to 17 percent to 18 percent, up from an earlier estimate of 14 percent to 15 percent. It also reduced its forecast for capital spending this year to $1.5 billion from $1.6 billion.

Developer's profit soars

COLUMBIA, Md. -- Rouse Co., a big developer in the booming Las Vegas market and in other U.S. cities, Tuesday said second-quarter funds from operations rose 54.7 percent, driven by strong performances from its retail centers and its community development operations.

The real estate investment trust reported FFO of $100.6 million, or $1.05 a share, for the quarter compared with $65 million, or 69 cents a share, a year ago. Thomson First Call projected second-quarter FFO of 93 cents a share,based on a survey of eight analysts.