In its first quarter as its own public company, a number of one-time costs – mostly related to its separation from Time Warner (NYSE: TWX) Inc. – sent profit at Time Warner Cable (NYSE: TWC) down in the first quarter 2009 versus the same period last year, but the company grew revenue 5 percent to $4.4 billion and operating income 13 percent to $716 million. The earnings per share was $0.48 versus $0.74 during the same period in 2008, but would have been $0.75 without the one-time expenses. The results indicate consumers still want their cable even during hard economic times, specifically:
–Subscription revenue grew 6 percent while advertising plummeted 26 percent (ads represent only 5 percent of total revenue).
–Triple-Play subscribers (those who choose video, data, and voice in one package) grew by 146,000 in the quarter to 3.2 million. Triple-Play subscribers now account for about 22 percent of total subscribers.
–Video subscribers grew 2 percent – driven mostly by growth in digital video subscribers.
–Data subscribers grew 11 percent.
–Voice subscribers grew 23 percent.
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