Cox Communications Announces Third Quarter Financial Results for 2001.Business Editors ATLANTA--(BUSINESS WIRE)--Oct. 25, 2001 Exceptional growth in new service subscriptions Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. , Inc. (NYSE NYSE See: New York Stock Exchange : COX) today reported financial results for the three months ended September September: see month. 30, 2001. "We had a strong third quarter, achieving solid operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (OCF (1) (Open Container Format) See OPS. (2) (OpenCard Framework) A smart card specification from the OpenCard Consortium. ) growth of 12%, despite weaker advertising sales than forecasted. Advertising sales have been slow all year due to the uncertain economy, but the business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. caused by the events of the September 11th national tragedies contributed further to this issue," said Jim Robbins Rob·bins , Frederick Chapman 1916-2003. American microbiologist. He shared a 1954 Nobel Prize for work on the cultivation of the polio virus. , President and Chief Executive Officer. "Bundling bundling, courtship custom, thought to have originated in Holland and the British Isles. It was extended to America, particularly to New England, and most widely practiced in the years prior to the Revolution of 1776. continues to be a successful strategy for attracting and retaining customers. We now have 956,000 households taking at least two Cox products. We had our highest net-gain in bundled customers this quarter, which is indicative of the increasing popularity of our bundled marketing strategy." "Run rates and demand for new services in the third quarter of 2001 remained unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. , even in the face of the tragic events that occurred in September. We attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. that partly to a very effective third quarter marketing campaign and to the fact that, even in times of economic uncertainty, our customers receive significant value from Cox services." Robbins continued: "We now have a total of 2.4 million new-service revenue generating units (RGUs), fueled by the record gain of 322,000 new-service RGUs in the third quarter versus 271,000 and 244,000 new-service RGUs in the first and second quarters of 2001, respectively. Seasonality clearly turned in our favor in the third quarter, as we added 40,000 basic customers versus a loss of 47,000 basic customers in the second quarter of 2001. Robbins said that although the slower advertising sales and associated impact of September 11th are expected to have a continuing effect on advertising revenues in the fourth quarter, the company expects revenue growth of 14% and OCF growth of 12% for the full year 2001. The OCF guidance does not include undetermined transitional costs related to the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. data network pursuant to the bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most of Excite@Home. He added that the company still anticipates strong RGU RGU The Robert Gordon University (Aberdeen, Scotland) RGU Responsible Governmental Unit RGU Revenue-Generating Unit growth and expects to end the year with over 1.1 million new-service RGU additions, exceeding the previous guidance of 1.0 to 1.1 million additions. He further stated that the company continues to expect basic customer growth of about 1% for the full year 2001. Historical three months ended September 30, 2001 compared with historical three months ended September 30, 2000 Total revenues for the three months ended September 30, 2001 were $1,032.0 million, a 14% increase over revenues of $902.2 million for the three months ended September 30, 2000. Total residential revenues for the third quarter of 2001 increased 15% to $905.2 million compared to the same period in 2000. Basic customers were 6,206,737, a 0.7% increase over September 30, 2000. Residential video revenues increased to $762.6 million, a 7% increase over the comparable period in 2000, primarily due to digital customer growth and rate increases implemented in the fourth quarter of 2000 and the first quarter of 2001. Residential data and residential telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. revenues for the third quarter of 2001 doubled to $75.2 million and $55.9 million, respectively, from $36.3 million and $27.7 million, respectively, in 2000 due to customer growth. Commercial revenues for the third quarter of 2001 increased to $38.2 million from $27.6 million for the comparable period in 2000 due to growth in both high-speed data and telephony customers. Advertising revenues increased slightly to $88.6 million reflecting a slight increase in national advertising sales, which is offset by a general economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. affecting local and national advertising spending. Programming costs were $242.3 million for the three months ended September 30, 2001, an increase of 12% over the same period in 2000 due to programming rate increases implemented in October October: see month. 2000 and January January: see month. 2001, digital customer growth and channel additions. Selling, general and administrative expenses for the third quarter of 2001 increased 19% to $393.4 million due primarily to increased employee headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. , a national marketing campaign that occured in the third quarter of 2001, and other costs associated with the continued rollout of residential and commercial digital video, high-speed data and telephony services, partially offset by a revised cost component factor used to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
relating to relate prep → bezüglich +gen, mit Bezug auf +acc network construction activity. Operating cash flow increased 12% to $396.3 million for the third quarter of 2001. The operating cash flow margin (operating cash flow as a percentage of revenues) for the current quarter was 38.4%, a decrease from 39.2% for the third quarter of 2000. Depreciation and amortization increased to $368.6 million from $319.3 million in the third quarter of 2000 due to Cox continuing to invest significantly in its broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). network in order to deliver additional programming and services. Interest expense increased slightly to $136.3 million primarily due to the issuance of notes and debentures in the fourth quarter of 2000 and the first quarter of 2001. Income related to indexed debt of $249.9 million for the third quarter of 2000 represents the net change in the contingent settlement amount of the exchangeable subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before which are indexed to the market value of the underlying Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. common stock. Upon adoption of Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 133, Accounting for Derivative Instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. and Hedging Activities, on January 1, 2001 income or expense related to indexed debt is classified as a component of loss on derivative instruments, net. For the three months ended September 30, 2001, Cox recorded a $90.3 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss on derivative instruments due to a decrease of approximately $61.8 million in the fair value of certain derivative instruments embedded Inserted into. See embedded system. in the exchangeable subordinated debentures issued by Cox and a decrease of approximately $28.5 million in the fair value of certain derivative instruments associated with Cox's investments. Net gain on investments of $470.1 million is primarily due to a $436.1 million pre-tax gain related to the sale of Cox's interests in Outdoor Life, Speedvision and Cable Network Services to Fox Sports, and a $41.7 million pre-tax gain as a result of the change in market value of Cox's investment in Sprint PCS common stock - Series 2 classified as trading. Included in net gain on investments for the comparable period in 2000 are pre-tax gains related to the sale of 4.6 million shares of Sprint PCS - Series 2 and the transaction whereby Cox received a right to put its Excite@Home shares to AT&T. Minority interest of $14.0 million primarily represents distributions on Cox's obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. capital and preferred securities of subsidiary trusts, referred to as FELINE feline of, or pertaining to, members of the family Felidae. See also cat. feline agranulocytosis see feline panleukopenia (below). feline actinic dermatitis see solar dermatitis. PRIDES and RHINOS. Net income for the current quarter was $143.0 million, as compared to net income of $838.1 million for the third quarter of 2000. Historical nine months ended September 30, 2001 compared with pro forma forma, adj/n minor elements between the members of a botanical species. nine months ended September 30, 2000 The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma operating results for the nine months ended September 30, 2000 give effect to the following transactions as though they had occurred on January 1, 2000: -- the January 2000 acquisition of cable systems from Multimedia Cablevision, Inc., a subsidiary of Gannett Co., Inc.; and -- the March 2000 acquisition of cable subsidiaries from AT&T Corp. serving customers in Oklahoma and Louisiana, which also included the acquisition of Peak Cablevision, LLC and the remaining 20% ownership interest in a partnership in which Cox initially acquired an 80% interest through the TCA Cable TV, Inc. merger in August 1999. Total revenues for the nine months ended September 30, 2001 were $2,981.7 million, a 13% increase over revenues of $2,627.4 million for the nine months ended September 30, 2000. Operating cash flow increased 12% to $1,136.5 million for the first nine months of 2001. Depreciation and amortization increased to $1,076.6 million from $905.6 million for the comparable period in 2000 due to Cox continuing to invest significantly in its broadband network in order to deliver additional programming and services. Interest expense increased to $433.4 million primarily due to the issuance of notes and debentures in the fourth quarter of 2000 and first quarter of 2001. For the nine months ended September 30, 2001, Cox recorded a $347.9 million pre-tax loss on derivative instruments due to a decrease of approximately $346.5 million in the fair value of certain derivative instruments embedded in the exchangeable subordinated debentures issued by Cox and a decrease of approximately $1.4 million in the fair value of certain derivative instruments associated with Cox's investments. Net gain on investments of $1,079.8 million is primarily due to the following: -- $239.3 million pre-tax gain associated with a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of 19.5 million shares of Cox's investment in Sprint PCS common stock - Series 2 from available-for-sale securities to trading securities upon adoption of SFAS No. 133; -- $114.1 million pre-tax gain on these shares as a result of the change in market value of Sprint PCS common stock for the nine months ended September 30, 2001; -- $307.4 million pre-tax gain associated with the satisfaction of Cox's Excite@Home right; -- $72.4 million pre-tax gain related to the sale of 4.2 million shares of Sprint PCS common stock - Series 2; and -- $436.1 million pre-tax gain related to the sale of Cox's interests in Outdoor Life, Speedvision and Cable Network Services to Fox Sports; -- partially offset by a $50.9 million decline in the fair value of certain other investments considered to be other than temporary. Included in net gain on investments for the comparable period in 2000 are pre-tax gains related to the sale of 23.9 million shares of Sprint PCS common stock - Series 2, the sale of Cox's entire equity interest in Flextech plc and the transaction whereby Cox received a right to put its Excite@Home shares to AT&T. Minority interest of $45.1 million primarily represents distributions on the FELINE PRIDES and RHINOS. On January 1, 2001, Cox adopted SFAS No. 133, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , resulting in an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cumulative effect of change in accounting principle which increased earnings by $717.1 million and reduced accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as by $194.0 million. Net income for the nine months ended September 30, 2001 was $860.2 million, as compared to net income of $1,225.0 million for the comparable period in 2000. INVESTING AND FINANCING ACTIVITIES Significant investing and financing transactions for the nine months ended September 30, 2001 consisted of the following: -- a series of prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. forward contracts with maturity datesbetween 2004 and 2006 to sell up to 19.5 million shares of Cox's Sprint PCS common stock for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $389.4 million; -- the issuances of convertible senior notes, which are convertible into shares of Cox's Class A common stock or, at Cox's option, cash and mature in February February: see month. 2021, and 6.75% senior notes, which mature in March 2011, for aggregate net proceeds of approximately $1.0 billion; -- the sale of 4.2 million shares of Sprint PCS common stock - Series 2 for proceeds of approximately $106.8 million; -- the sale of 25.0 million shares of AT&T common stock for proceeds of approximately $525.5 million; -- the sale of Cox's interests in Outdoor Life, Speedvision and Cable Network Services to Fox Sports for aggregate net proceeds of approximately $439.7 million; and -- the sale of 5.0 million shares of AT&T Wireless stock for proceeds of approximately $83.1 million. In March 2001, Cox exercised its right to put its interests in Outdoor Life Network and Speedvision Network to Fox/Liberty. In July July: see month. 2001, Cox completed the sale of its equity interests in Outdoor Life, Speedvision and Cable Network Services to Fox Sports for an aggregate cash purchase price of $439.7 million and recognized a pre-tax gain of $436.1 million. All Sprint PCS share information reflects a two-for-one stock dividend paid by Sprint in February 2000. AT&T Wireless share information reflects the redemption and exchange of AT&T Wireless Group tracking stock for AT&T Wireless common stock as part of the AT&T Wireless split off from AT&T Corp. in July 2001. Cox Communications, a Fortune 500 company, serves approximately 6.2 million customers nationwide, making it the nation's fifth largest cable company. As a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. provider of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. products, Cox offers an array of services: Cox Cable; local and long distance telephone services under the Cox Digital Telephone brand; high-speed Internet See broadband. access under the brands Cox@Home, Road Runner road runner: see cuckoo. Road Runner thrives on outwitting Wile E. Coyote. [Comics: “Beep Beep the Road Runner” in Horn, 105] See : Cunning Road Runner and Cox Express; advanced digital video programming services under the Cox Digital Cable brand; and commercial voice and data services via Cox Business Services. Cox is an investor in telecommunications companies See telecom company. including Sprint PCS and Excite@Home, as well as programming networks including Discovery Channel and The Learning Channel. More information about Cox Communications can be accessed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.cox.com. Statements in this release, including statements relating to growth opportunities, revenue and cash flow projections A Cash Flow Projection is an attempt to forecast the cash flows that will be generated by an asset, often a company, over a specified time frame. Methodology Projections can be made with varying levels of detail, but any cash flow projection for a business entails , and introduction of new products and services, are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , due to various risks, uncertainties or other factors. These factors include competition within the broadband communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. , our ability to achieve anticipated subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. 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 The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. , 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2000. Cox assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise. As a reminder, the Cox Communications earnings call will be held Thursday Thursday: see week. , October 25 at 10:30 a.m. Eastern Time. A live webcast of the conference call will be available on the Cox Communications website at www.cox.com/investor. A recording of the conference call will remain on the company's website for two weeks following the conclusion of the call.
Cox Communications, Inc.
Consolidated Historical and Pro Forma Statements of Operations
(Unaudited)
(Thousands of Dollars, excluding per share data)
Three Months Ended Nine Months Ended
September 30 September 30
---------------------- ----------------------
Pro Forma (a)
2001 2000 Change 2001 2000 Change
---- ---- ------ ---- ---- ------
Revenues
Residential
Video $762,573 $709,774 7% $2,258,227 $2,102,041 7%
Data 75,169 36,298 107% 194,043 94,111 106%
Telephony 55,949 27,718 102% 143,935 72,010 100%
Other 11,496 13,974 (18%) 36,179 41,570 (13%)
-------- -------- ---- -------- -------- ----
Total
residential
revenues 905,187 787,764 15% 2,632,384 2,309,732 14%
Commercial 38,155 27,623 38% 104,027 68,607 52%
Advertising 88,628 86,825 2% 245,301 249,104 (2%)
-------- -------- ---- -------- -------- ----
Total
revenues 1,031,970 902,212 14% 2,981,712 2,627,443 13%
Costs and expenses
Programming
costs 242,296 216,810 12% 721,713 648,658 11%
Selling,
general and
administrative 393,415 331,302 19% 1,123,494 962,124 17%
-------- -------- ---- --------- --------- ----
Total costs
and expenses 635,711 548,112 16% 1,845,207 1,610,782 15%
-------- -------- ---- -------- -------- ----
Operating cash
flow 396,259 354,100 12% 1,136,505 1,016,661 12%
Depreciation 281,724 227,358 24% 811,365 629,146 29%
Amortization 86,905 91,977 (6%) 265,251 276,438 (4%)
-------- -------- ---- -------- -------- ----
Operating income 27,630 34,765 (21%) 59,889 111,077 (46%)
Interest expense (136,347) (136,167) - (433,358) (404,678) 7%
Income related to
indexed debt - 249,886 (100%) - - -
Loss on derivative
instruments, net (90,312) - - (347,890) - -
Equity in net
losses of affiliated
companies (528) (650) (19%) (12,245) (6,538) 87%
Gain on investments,
net 470,084 1,246,434 (62%) 1,079,813 2,414,093 (55%)
Dividend income 415 415 - 1,245 1,245 -
Other, net (2,109) (4,701) (55%) (4,867) (5,152) 6%
-------- -------- ---- -------- -------- ----
Income before
income taxes,
minority interest
and cumulative
effect of change in
accounting
principle 268,833 1,389,982 (81%) 342,587 2,110,047 (84%)
Income tax expense 111,849 534,796 (79%) 154,325 832,348 (81%)
-------- -------- ---- -------- -------- ----
Income before
minority interest
and cumulative
effect of change in
accounting
principle 156,984 855,186 (82%) 188,262 1,277,699 (85%)
Minority interest,
net of tax (14,021) (17,040) (18%) (45,114) (52,713) (14%)
-------- -------- ---- -------- -------- ----
Income before
cumulative effect
of change in
accounting
principle 142,963 838,146 (83%) 143,148 1,224,986 (88%)
Cumulative effect
of change in
accounting
principle, net of tax - - - 717,090 - -
-------- -------- ---- -------- -------- ----
Net income $142,963 $838,146 (83%) $860,238 $1,224,986 (30%)
======== ======== ==== ======== ======== ====
Historical and pro
forma basic net
income per share $0.24 $1.39 $1.43 $2.03
Historical and pro
forma diluted net
income per share 0.23 1.37 1.41 1.99
(a) The pro forma operating results for the nine months ended
September 30, 2000 give effect to both the Multimedia and AT&T
transactions as though they had occurred on January 1, 2000. The
pro forma operating results exclude the March 2000 pre-tax gain of
$775.9 million recognized in connection with the AT&T transaction.
NOTE: Certain amounts in the 2000 financial statements have been
reclassified for comparison purposes.
Cox Communications, Inc.
Consolidated Balance Sheets
(Unaudited)
(Thousands of Dollars)
September 30 December 31
2001 2000
------------ -----------
Assets
Cash $92,592 $78,442
Accounts and notes receivable,
less allowance for doubtful
accounts of $31,611 and $25,636 387,711 358,348
Net plant and equipment 6,823,919 5,916,425
Investments 3,998,321 3,896,412
Intangible assets 13,614,445 13,951,246
Amounts due from Cox Enterprises, Inc. - 5,808
Other assets 345,268 514,143
----------- -----------
Total assets $25,262,256 $24,720,824
=========== ===========
Liabilities and shareholders' equity
Accounts payable and accrued expenses $641,128 $714,191
Deferred income taxes 4,550,330 4,592,655
Other liabilities 921,933 372,085
Debt 7,846,591 8,543,762
Amounts due to Cox Enterprises, Inc. 32,871 -
----------- -----------
Total liabilities 13,992,853 14,222,693
----------- -----------
Minority interest in equity of
consolidated subsidiaries 131,901 126,447
Cox-obligated capital and preferred
securities of subsidiary trusts 1,155,927 1,155,411
Shareholders' equity
Series A preferred stock -
liquidation preference of $22.1375 per
share, $1 par value; 10,000,000 shares
authorized; shares issued and
outstanding: 4,836,372 4,836 4,836
Class A common stock, $1 par value;
671,000,000 shares authorized;
shares issued: 578,350,765 and
577,725,528; shares outstanding:
572,852,365 and 572,227,128 578,351 577,726
Class C common stock, $1 par value;
62,000,000 shares authorized; shares
issued and outstanding: 27,597,792 27,598 27,598
Additional paid-in capital 3,888,775 3,872,726
Retained earnings 5,017,698 4,157,460
Accumulated other comprehensive income 676,206 787,816
Class A common stock in treasury,
at cost: 5,498,400 shares (211,889) (211,889)
----------- -----------
Total shareholders' equity 9,981,575 9,216,273
----------- -----------
Total liabilities and shareholders'
equity $25,262,256 $24,720,824
=========== ===========
Cox Communications, Inc.
Summary of Operating Statistics
Core Video
---------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
Revenue Generating Units
Basic Customers 6,163,173 6,166,614 6,206,737
New Services 1,287,568 2,083,884 2,406,327
------------ ------------ ------------
Total Revenue Generating Units 7,450,741 8,250,498 8,613,064
Homes Passed 9,734,068 9,866,948 9,936,499
Basic Penetration 63.3% 62.5% 62.5%
----------------------------------------------------------------------
Cox Digital Cable
----------------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
Digital Cable Ready Homes
Passed 6,367,715 8,590,488 8,996,975
Customers 683,076 1,071,322 1,228,015
Penetration 10.7% 12.5% 13.6%
Average Weekly Run Rate 9,470 8,524 12,053
----------------------------------------------------------------------
High-Speed Internet Access
-------------------------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
High-Speed Internet Access
Ready
Homes Passed 5,944,937 8,384,737 8,738,507
Customers 398,816 668,038 779,499
Penetration 6.7% 8.0% 8.9%
Average Weekly Run Rate 6,036 6,221 8,574
----------------------------------------------------------------------
Cox Digital Telephone
--------------------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
Telephony Ready Homes Passed 2,101,422 2,816,649 3,142,393
Customers 205,676 344,524 398,813
Penetration 9.8% 12.2% 12.7%
Average Weekly Run Rate 3,007 4,023 4,176
Lines 288,711 456,084 518,922
Lines Per Customer 1.40 1.32 1.30
----------------------------------------------------------------------
Cox Business Services
--------------------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
Voice Grade Equivalent Circuits 956,027 1,375,701 1,509,488
----------------------------------------------------------------------
Other Operating Statistics
-------------------------- September 30 June 30 September 30
2000 2001 2001
------------ ------------ ------------
Operating Cash Flow Margins
(for the quarter ended) 39.2% 38.1% 38.4%
Capital Expenditures
(for the quarter ended) $ 591,647 $ 536,744 $ 540,473
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