Liberty Global Records Q2 Loss

ENGLEWOOD: In the second quarter, Liberty Global’s revenues fell just 2 percent to $2.65 billion, but the company recorded a net loss of $93.1 million, as compared with last year’s $428.2 million profit, as a result of one-time charges.

The loss, the company said, stemmed from a $398.5 million loss on derivatives.

As at June 30, Liberty Global had 16.7 million customers subscribing to 26.6 million services—15.3 million video, 6.4 million broadband Internet and 4.9 million telephony RGUs. In the quarter, 206,000 new RGUs were added. Consolidated ARPU per customer was $44.81. Operating cash flow increased to $1.17 billion.

Mike Fries, president and CEO, said, "Our mid-year results reflect the continued resilience of our business and the increasing relevance of our products and services to our customers."

He continued: “In the first half of the year, we added 1.5 million organic digital video, broadband and voice subscribers, a 10 percent increase over the same period in 2008. Most of these additions came from our digital cable services which continue to gain momentum as we enhance our digital offerings. For example, we launched VoD6 services in Austria and Switzerland in Q2 and recently announced an important partnership between UPC and RTL, a key commercial broadcaster in the Netherlands. This collaboration will serve as a model for us in other markets and, in Holland, will further differentiate UPC with a richer ‘catch-up TV’ offer and additional HD feeds of popular channels.”  

Fries concluded: "With our growth outlook, liquidity position and commitment to stock repurchases, we continue on the path to creating substantial stockholder value."