Cox Communications Corrects Number of Weighted Average Shares Outstanding.Business Editors ATLANTA--(BUSINESS WIRE)--Aug. 1, 2000 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 announced that, due to a miscalculation mis·cal·cu·late tr. & intr.v. mis·cal·cu·lat·ed, mis·cal·cu·lat·ing, mis·cal·cu·lates To count or estimate incorrectly. mis·cal of the weighted average shares outstanding, it reported incorrect basic and diluted net income per share figures in its Second Quarter 2000 financial results press release. The miscalculation had no impact on the company's revenue, 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. or net income. The correct number of weighted average basic and diluted common shares outstanding for the three months ended June 30, 2000 was 603,318,667 and 611,453,832, respectively. The correct number of weighted average basic and diluted common shares outstanding for the six months ended June 30, 2000 was 603,767,496 and 612,934,725, respectively. After adjusting for the correct number of shares outstanding, basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.15 and $0.15, respectively, for the three months ended June 30, 2000 and $1.92 and $1.89, respectively, for the six months ended June 30, 2000. Cox Communications serves approximately 6.2 million customers nationwide, making it the nation's fifth largest cable television company. A full-service provider of telecommunications products, Cox offers an array of services, including Cox Cable; local and long distance telephone services under the Cox Digital Telephone brand; high-speed Internet access under the brands Cox@Home, 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 including 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. and Excite@Home, as well as programming networks including Discovery Channel, The Learning Channel, Outdoor Life and Speedvision. More information about Cox Communications can be accessed on the Internet at www.cox.com. |
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