Charter Posts Huge 3rd Quarter Loss
Charter Communication posted a huge loss in the third quarter of 2004.
Charter Communications Inc., the nation's 4th largest cable TV operator, said Thursday it posted a loss of nearly $3.3 billion in the third quarter, mostly due to a charge to reflect the decreased value of its assets.
The company also said it may need extra funding to repay debt maturing in 2005 and 2006. Charter said it is working with its financial advisors to address those funding requirements but added "there can be no assurance that such funding will be available to us."
Charter, controlled by Microsoft Corp. co-founder Paul Allen, took a $2.4 billion charge in the latest quarter to reflect the reduced value of its assets. Its latest results also reflected a $765 million charge for the cumulative effect of an accounting change.
Charter had debt of $18.5 billion as of the end of September.
