Knology posts 3rd-quarter loss on charges

AP News
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Posted: Nov 06, 2009 10:58 AM

Knology Inc., a cable, phone and Internet services provider, said it posted a $3.3 million quarterly loss because of hefty accounting charges and other costs to amend a credit facility.

Knology reported a loss attributable to common shareholders of 9 cents per share. This compares to a loss of $2.8 million, or 8 cents per share, a year ago.

Results included a non-cash charge of $1.7 million for the accounting for interest rate swaps and a $3.4 million one-time charge to amend Knology's credit facility.

Excluding these charges, Knology posted profit of $1.8 million, or 5 cents per share, in the most recent period.

Revenue increased 2.5 percent to $105.8 million.

Analysts, on average, expected a profit of 7 cents per share on sales of $107.5 million, according to a poll by Thomson Reuters.

Shares declined 25 cents, or 2.4 percent, to $10.31.