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Cox 4th-Quarter Loss Is Smaller Than Expected

February 07, 2001|From Reuters

ATLANTA — Cox Communications Inc., the fifth-biggest U.S. cable television company, on Tuesday reported a fourth-quarter loss that was smaller than Wall Street expected, but its shares fell 2.4% as 2000 cash-flow growth came in at the low end of company estimates.

In New York Stock Exchange trading, Cox shares fell $1.10 to close at $44.94. Analysts suggested Atlanta-based Cox's shares fell because the company, which provides telecommunications services such as high-speed Internet access and digital-video programming, turned in disappointing numbers.

Thomas Eagan of UBS Warburg said Cox had indicated its operating cash flow would rise 10% to 14% for the year.

"They came in at 10% for the year," Eagan said. "The Street would probably have wanted a little bit more than the low end of the range."

Cox reported a fourth-quarter loss of $71.6 million, or 12 cents a diluted share, contrasted with a year-earlier profit of $113.1 million, or 18 cents a share. Analysts surveyed by First Call/Thomson Financial were on average expecting a loss of 21 cents a share. Pro forma revenue rose 13% to $945.9 million.

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