Cox Communications Announces Financial Guidance for Fiscal Year 2003.

Business Editors

ATLANTA--(BUSINESS WIRE)--Dec. 12, 2002

Cox Communications, Inc. (NYSE: COX) today announced its financial guidance for fiscal year 2003, indicating another year of solid growth for its multi-service broadband business.

Jimmy Hayes, Cox's Executive Vice President of Finance and Chief Financial Officer, provided details of the company's forward looking financial guidance during USB Warburg's 30th Annual Media Week Conference in New York, N.Y.

"During 2003, investors will continue to see us gain market share for advanced video, voice and data services," said Hayes. "Our bundled product strategy has driven consistent results and sustained growth in our advanced telecommunications services. We anticipate continued high consumer demand for our existing portfolio of broadband products as well as for new services such as Entertainment on Demand, Home Networking and HDTV from Cox."

The company's 2003 guidance assumes continued growth in its core business, as well as in advanced services, solid growth in advertising sales and increasing revenues for its commercial services division. Specific pro forma guidance for 2003 includes:

-- Total revenue growth to increase by 14% to 15% over 2002

-- Operating cash flow to increase by 14% to 15% over 2002

-- Capital expenditures to be approximately $1.6 billion

-- Basic video customer growth to be approximately 1.0% over 2002

-- New-service revenue generating unit (RGU) net additions to be between 1.0 to 1.1 million

-- The company expects to be free cash flow positive for the year

Mr. Hayes' presentation will be webcast today at 8 a.m. EST at http://event.streamx.us/ubs/20021209/.

Cox Communications (NYSE: COX), a Fortune 500 company, is a multi-service broadband communications company serving approximately 6.3 million customers nationwide. Cox is the nation's fourth-largest cable television provider, and offers both traditional analog video programming under the Cox Cable brand as well as advanced digital video programming under the Cox Digital Cable brand. Cox provides an array of other communications and entertainment services, including local and long distance telephone under the Cox Digital Telephone brand; high-speed Internet access under the brands Cox High Speed Internet and Cox Express; and commercial voice and data services via its affiliate Cox Business Services, LLC. Cox is an investor in programming networks including Discovery Channel. More information about Cox Communications can be accessed on the Internet at www.cox.com.

Statements in this release, including statements relating to growth opportunities, revenue and cash flow projections and introduction of new products and services, are "forward-looking" statements, which are statements that relate to Cox's future plans, earnings, objectives, expectations, performance and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the broadband communications industry, our ability to achieve anticipated subscriber and revenue growth, our success in implementing new services and other operating initiatives, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations, and other risk factors described from time to time in Cox's filings with the Securities and Exchange Commission, including Cox's Annual Report on Form 10-K, as amended, for the year ended December 31, 2001. Cox assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise.