SOURCE: RCN

RCN

March 09, 2010 07:30 ET

RCN Reports Fourth Quarter 2009 Results

Q4 Revenue +1% Y-o-Y to $190 Million; 2009 Revenue +3% Y-o-Y to $764 Million; Q4 EBITDA +3% Y-o-Y to $55 Million; 2009 EBITDA +13% to $219 Million; $7 Million Free Cash Flow in Q4; $36 Million Free Cash Flow in 2009

HERNDON, VA--(Marketwire - March 9, 2010) - RCN Corporation (NASDAQ: RCNI) today announced fourth quarter 2009 results.

RCN Corporation is a leading provider of all-digital and high-definition video, high-speed internet, and premium voice services to residential and small-medium business customers, in Philadelphia, Lehigh Valley, PA, New York, Boston, Chicago and Washington, D.C., as well as high-capacity transport services to carrier and large enterprise customers.

"We had a solid year in 2009 despite a challenging economic and competitive environment, which is a tribute to RCN's quality network and highly skilled employees," stated Peter D. Aquino, President and Chief Executive Officer. "For the year, we grew revenue, EBITDA, and EBITDA margin in both segments, delivered $36 million in consolidated Free Cash Flow, and completed several major initiatives, including Project Analog Crush(SM) in all markets. We have many exciting projects underway for 2010, including the RCN/TiVo HD DVR launch, continued DOCSIS 3.0 deployment, and IP telephony rollout in the Resi/SMB segment, as well as the Open Cape project and 'Xtreme' low latency financial services network deployment in the RCN Metro segment."

Fourth Quarter Review

Following are highlights of fourth quarter 2009 results for consolidated RCN and for the company's two reporting segments: Residential/Small-Medium Business, comprised of the RCN and RCN Business Services business units; and RCN Metro Optical Networks.

Consolidated Results
-- Revenue. Total revenue of $190 million increased 1% from $188 million
   in the fourth quarter of 2008 and decreased 1% from $192 million in
   the third quarter of 2009.
-- EBITDA. EBITDA of $55 million increased 3% from $53 million in the
   fourth quarter of 2008 and decreased 3% from $56 million in the third
   quarter of 2009. EBITDA margin of 29% expanded by over 40 basis points
   from the fourth quarter of 2008 and decreased by 70 basis points from
   the third quarter of 2009. EBITDA is a non-GAAP financial measure --
   see "Non-GAAP Measures" below.
-- Capital Expenditures. Capital expenditures were $41 million compared
   to $33 million in the fourth quarter of 2008 and $34 million in the
   third quarter of 2009.
-- Free Cash Flow. Free cash flow was $7 million compared to $7 million
   in the fourth quarter of 2008 and $11 million in the third quarter of
   2009. Free cash flow is a non-GAAP financial measure -- see "Non-GAAP
   Measures" below.
-- Share Repurchases. RCN repurchased approximately 182,000 shares of
   common stock during the fourth quarter at an average price of $8.87,
   or an aggregate value of $1.6 million. To date, RCN has repurchased
   over 2.6 million shares under its $25 million repurchase authorization,
   for an aggregate value of nearly $19 million, leaving approximately $6
   million remaining under the program.

Residential/Small-Medium Business Segment
-- Revenue. Residential/Small-Medium Business revenue of $141 million
   decreased 1% from $143 million in the fourth quarter of 2008 and
   decreased 2% from $144 million in the third quarter of 2009.
   Year-over-year revenue comparisons reflect the addition of 1,000
   customers and a decrease in average revenue per customer ("ARPC") to
   $108.
-- EBITDA. Residential/Small-Medium Business EBITDA of $38 million
   decreased 5% from $40 million in the fourth quarter of 2008 and 6%
   from $40 million in the third quarter of 2009. EBITDA margin of 27%
   decreased by approximately 100 basis points from both the fourth
   quarter of 2008 and the third quarter of 2009.
-- Capital Expenditures. Residential/Small-Medium Business capital
   expenditures were $33 million, up from $25 million in both the fourth
   quarter of 2008 and the third quarter of 2009.
-- Customers, RGUs and Digital Penetration. Residential/Small-Medium
   Business customers of approximately 429,000 increased 1,000 compared to
   the fourth quarter of 2008 and decreased 1,000 compared to the third
   quarter of 2009. Total revenue generating units of approximately 899,000
   decreased by 12,000 compared to the fourth quarter of 2008 and decreased
   by 4,000 compared to the third quarter of 2009, as continued growth in
   data RGUs was offset by a reduction in voice RGUs, consistent with
   trends for highly-penetrated landline voice providers, and a slight
   decrease in video RGUs versus prior periods. Fourth quarter 2009 bundle
   rate remained stable at 67%, and digital video penetration rate achieved
   the 100% mark with the company-wide completion of Project Analog Crush.

RCN Metro Optical Networks Segment
-- Revenue. RCN Metro revenue of $49 million increased 9% from $45 million
   in the fourth quarter of 2008, and 2% from $48 million in the third
   quarter of 2009, driven primarily by continued strength in transport
   services as well as growth in IP services.
-- EBITDA. RCN Metro EBITDA of $17 million increased 27% from $13 million
   in the fourth quarter of 2008 and 3% from $17 million in the third
   quarter of 2009. EBITDA margin of 35% grew by nearly 500 basis points
   from the fourth quarter of 2008 and nearly 25 basis points from the
   third quarter of 2009.
-- Capital Expenditures. RCN Metro capital expenditures were $9 million
   compared to $7 million in the fourth quarter of 2008 and $9 million in
   the third quarter of 2009.

Full Year 2009 Review

Total revenue for the full year 2009 grew 3% to $764 million from $739 million in 2008. Residential/Small Business segment revenue grew 1% and RCN Metro segment revenue grew 11%.

2009 EBITDA of $219 million grew 13% from $194 million in 2008; 2009 EBITDA margin increased by over 200 basis points to 29%. Residential/Small Business segment EBITDA grew 7%, with EBITDA margin expanding nearly 150 basis points to 27%. RCN Metro segment EBITDA grew 30%, with EBITDA margin expanding nearly 500 basis points to 33%.

Capital expenditures for 2009 were $127 million compared to $126 million in 2008. Residential/Small Business segment 2009 capital expenditures were $93 million compared to $99 million in 2008. RCN Metro segment 2009 capital expenditures were $34 million compared to $27 million in 2008.

Reported Results

Revenue was $190 million in the fourth quarter of 2009, compared to $188 million in the fourth quarter of 2008 and $192 million in the third quarter of 2009. Net loss was $4 million in the fourth quarter of 2009, compared to $13 million in the fourth quarter of 2008 and $6 million in the third quarter of 2009.

Michael T. Sicoli, Chief Financial Officer of RCN, stated, "For years, we have been positioning RCN to deliver strong free cash flow, and we are very proud to have generated approximately $1 per share in free cash flow during 2009. We will continue our efforts to grow free cash flow by focusing on revenue growth and margin expansion, while maintaining a stable level of capital expenditures."

Non-GAAP Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP") throughout this press release, RCN has presented non-GAAP financial measures, such as EBITDA, EBITDA Margin, Free Cash Flow and ARPC. RCN believes that these non-GAAP measures, viewed in addition to and not in lieu of its reported GAAP results, provide useful information to investors because they are an integral part of RCN's internal evaluation of operating performance. In addition, they are measures that RCN uses to evaluate management's effectiveness. Reconciliations to comparable GAAP measures as well as definitions begin on page 8. RCN's non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

About RCN Corporation

RCN Corporation (NASDAQ: RCNI), www.rcn.com, is a competitive broadband services provider delivering all-digital and high-definition video, high-speed internet and premium voice services to residential and small-medium business customers under the brand names of RCN and RCN Business Services, respectively. In addition, through its RCN Metro Optical Networks business unit, RCN delivers fiber-based high-capacity data transport services to large commercial customers, primarily large enterprises and carriers, targeting the metropolitan central business districts in the company's geographic markets. RCN's primary service areas include Washington, D.C., Philadelphia, Lehigh Valley (PA), New York City, Boston and Chicago. (RCNI-Q)

RCN Forward-Looking Statements

This press release contains forward-looking statements regarding future events and future performance of RCN that involve risks and uncertainties that could materially affect actual results. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of RCN's Securities and Exchange Commission filings. For a description of certain factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release, refer to documents that RCN files from time to time with the Securities and Exchange Commission.

                      RCN CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                            (dollars in millions)
                                (unaudited)


                                    Three months ended      Year ended
                                      December 31,        December 31,
                                    ------------------  ------------------
                                      2009      2008      2009      2008
                                    --------  --------  --------  --------

Revenues                            $  190.3  $  188.0  $  763.8  $  739.2
Costs and expenses:
  Direct expenses                       69.0      65.7     275.2     264.2
  Selling, general and
   administrative
   (including stock-based
   compensation)                        70.3      70.9     279.9     294.1
  Exit costs and restructuring
   charges, net of recoveries             --       0.9       0.6       2.3
  Depreciation and amortization         44.6      50.2     193.3     198.9
                                    --------  --------  --------  --------

Operating income (loss)                  6.4       0.3      14.8     (20.3)

Investment income                         --       0.4       0.4       2.9

Interest expense                       (10.0)    (13.8)    (42.3)    (53.3)
Other expense, net                        --        --      (0.4)       --
                                    --------  --------  --------  --------



Loss from operations before income
 taxes                                  (3.6)    (13.1)    (27.5)    (70.7)
Income tax expense                      (0.3)       --      (1.1)       --
                                    --------  --------  --------  --------

Net loss                            $   (3.9) $  (13.1) $  (28.6) $  (70.7)
                                    ========  ========  ========  ========





                       RCN CORPORATION AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                             (dollars in millions)
                                   (unaudited)

                                                ------------  ------------
                                                December 31,  December 31,
ASSETS                                              2009          2008
                                                ------------  ------------

Current assets:

  Cash and cash equivalents                     $       71.8  $       10.8
  Short-term investments                                15.1          52.9
  Accounts receivable, net of allowance for
   doubtful accounts                                    65.7          63.6
  Prepayments and other current assets                  14.7          11.4
                                                ------------  ------------

Total current assets                                   167.4         138.7

Property, plant and equipment, net of
 accumulated depreciation                              654.7         718.0
Goodwill                                                15.5          15.5
Intangible assets, net of accumulated
 amortization                                          106.2         112.3
Long-term restricted investments                        11.7          15.4
Deferred charges and other assets                       15.1          16.8
                                                ------------  ------------

Total assets                                    $      970.5  $    1,016.8
                                                ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                              $       25.7  $       37.8
  Advanced billings and customer deposits               33.9          34.2
  Accrued expenses and other                            56.5          53.8
  Accrued employee compensation and related
   expenses                                             18.3          18.4
  Accrued exit costs                                     2.1           2.7
  Current portion of long-term debt and capital
   lease obligations                                    25.9           7.4
                                                ------------  ------------

Total current liabilities                              162.4         154.2

Long-term debt and capital lease obligations,
 net of current maturities                             709.3         735.3

Other long-term liabilities                             90.6         110.9
                                                ------------  ------------
Total liabilities                                      962.3       1,000.4
                                                ------------  ------------
Commitments and contingencies

Stockholders' equity:
  Common stock, par value $0.01 per
   share                                                 0.4           0.4
  Additional paid-in-capital                           454.2         451.2
  Treasury stock                                        (6.4)         (5.7)
  Accumulated deficit                                 (403.0)       (374.4)
  Accumulated other comprehensive loss                 (37.0)        (55.0)
                                                ------------  ------------
Total stockholders' equity                               8.1          16.4

                                                ------------  ------------
Total liabilities and stockholders' equity      $      970.5  $    1,016.8
                                                ============  ============




                     RCN CORPORATION AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (dollars in millions)
                               (unaudited)

                                                    ----------------------
                                                         Year ended
                                                         December 31,
                                                    ----------------------
                                                       2009        2008
                                                    ----------  ----------
Cash flows from operating activities:
    Net loss                                        $    (28.6) $    (70.7)

Adjustments to reconcile net loss to net cash
 provided by operating activities:
    Depreciation and amortization                        193.3       198.9
    Other                                                (11.8)       11.8
                                                    ----------  ----------
          Net cash provided by operating activities      152.9       140.0


Cash flows from investing activities:

    Additions to property, plant and equipment          (118.3)     (143.3)
    Net proceeds from sale of discontinued
     operations and other assets                            --         2.5
    Decrease (increase) in short-term investments         37.8        (7.1)
    Proceeds from sales of property, plant and
     equipment                                             1.0         1.9
    Decrease in restricted investments                     3.7         7.4
                                                    ----------  ----------
          Net cash used in investing activities          (75.7)     (138.7)

Cash flows from financing activities:
    Repayments of long-term debt, including debt
     premium and capital lease obligations                (7.4)       (7.3)
    Payment of debt issuance costs                          --        (0.1)
    Proceeds from bank debt                                 --         5.0
    Dividend payments                                     (0.8)       (1.6)
    Proceeds from the exercise of stock options             --         0.4
    Cost of common shares repurchased                     (7.3)       (7.7)
    Purchase of treasury stock                            (0.7)       (1.0)
                                                    ----------  ----------
          Net cash used in financing activities          (16.2)      (12.3)

    Net increase (decrease) in cash and cash
     equivalents                                          61.0       (11.0)
    Cash and cash equivalents at beginning of
     period                                               10.8        21.8
                                                    ----------  ----------

    Cash and cash equivalents at end of period      $     71.8  $     10.8
                                                    ==========  ==========





                            OPERATING RESULTS
                  RESIDENTIAL  / SMALL BUSINESS SEGMENT
                                (unaudited)


                     -------------------------------  --------------------
                             Three months                  Year ended
                                 ended                     December 31,
                     -------------------------------  --------------------
(dollars in          December   September  December
 millions)           31, 2009   30, 2009   31, 2008      2009      2008
                     ---------  ---------  ---------  ---------  ---------

Video                $    78.1  $    78.6  $    76.0  $   311.9  $   294.7
Data                      34.3       34.7       36.0      140.8      142.7
Voice                     25.8       27.3       27.8      107.8      114.4
Recip Comp/Other           3.1        3.4        3.2       13.6       16.2
                     ---------  ---------  ---------  ---------  ---------
      Total Revenue      141.3      143.9      143.1      574.1      567.9

Direct expenses           51.2       49.5       49.2      206.3      199.4
Selling, general and
 administrative (1)       52.4       54.5       54.1      212.4      223.1
                     ---------  ---------  ---------  ---------  ---------

EBITDA               $    37.7  $    39.9  $    39.8  $   155.4  $   145.4
EBITDA Margin             26.7%      27.8%      27.8%      27.1%      25.6%

Capital Expenditures $    32.6  $    25.4  $    25.3  $    92.5  $    99.2

Key Metrics
(customers & RGUs
 in thousands)

Video RGUs                 364        367        366
Data RGUs                  312        309        302
Voice RGUs                 223        227        244
                     ---------  ---------  ---------
      Total RGUs           899        903        911

Customers                  429        430        428
Average Revenue Per
 Customer            $     108  $     111  $     110
Digital Penetration        100%        94%        87%





                                 OPERATING RESULTS
                       RCN METRO OPTICAL NETWORKS SEGMENT
                                    (unaudited)

                     -------------------------------  --------------------
                              Three months                 Year ended
                                 ended                     December 31,
                     -------------------------------  --------------------
(dollars in          December   September  December
 millions)           31, 2009   30, 2009   31, 2008      2009       2008
                     ---------  ---------  ---------  ---------  ---------

Transport Services   $    37.4  $    36.9  $    34.6  $   145.2  $   131.4
Data and Internet
 Services                  1.7        1.5        0.8        5.2        2.6
Colocation                 3.1        2.9        3.0       11.8       12.1
Leased Services            5.1        5.1        5.1       20.4       19.7
Installation & Other       1.8        1.6        1.4        7.1        5.5
                     ---------  ---------  ---------  ---------  ---------
      Total Revenue       49.0       48.0       44.9      189.7      171.3

Direct expenses           17.8       17.2       16.5       68.9       64.9
Selling, general and
 administrative (1)       14.2       14.3       15.1       57.3       57.6
                     ---------  ---------  ---------  ---------  ---------

EBITDA               $    16.9  $    16.5  $    13.4  $    63.5  $    48.8
EBITDA Margin             34.6%      34.3%      29.8%      33.5%      28.5%

Capital Expenditures $     8.8  $     8.8  $     7.4  $    34.3  $    26.6

(1) Excludes stock-based compensation expense





                                  RCN Corporation
                             Non-GAAP Reconciliation

(1) EBITDA is defined as net income (loss) plus income tax benefit
    (expense), other (expense) income net, (loss) gain on sale of assets,
    interest expense, investment income, depreciation and amortization,
    non-cash stock-based compensation expense and other special items
    including impairments, exit costs and other charges.  EBITDA margin
    represents EBITDA divided by total revenues. We believe that EBITDA
    provides useful information to investors because it is an indicator of
    the strength and performance of our ongoing business operations,
    including our ability to fund discretionary spending such as capital
    expenditures and other investments and our ability to incur and service
    debt. While depreciation and amortization are considered operating
    costs under generally accepted accounting principles, these expenses
    represent non-cash current period allocation of costs associated with
    long-lived assets acquired or constructed in prior periods.  EBITDA is
    a calculation commonly used as a basis for investors, analysts and
    credit rating agencies to evaluate and compare the periodic and future
    operating performance and value of companies within the cable
    industry. EBITDA, as defined above, may not be similar to EBITDA
    measures of other companies, is not a measurement under accounting
    principles generally accepted in the United States and should be
    considered in addition to, but not as a substitute for, the
    information contained in our statements of operations.

                               -------------------------------------------
                                       For the three months ended
                               -------------------------------------------
                               December 31,   September 30,  December 31,
(dollars in millions)              2009           2009           2008
                               -------------  -------------  -------------
Net loss                       $        (3.9) $        (5.7) $       (13.1)

Income tax expense                       0.3              -              -
Interest expense                        10.0           10.4           13.8
Investment income                         --             --           (0.4)
Depreciation and amortization           44.6           49.4           50.2
Non-cash stock-based
 compensation expense                    3.6            2.1            1.8
Exit costs & restructuring
 charges, net of recoveries               --            0.3            0.9
                               -------------  -------------  -------------
  EBITDA                       $        54.6  $        56.4  $        53.2
  EBITDA Margin                         28.7%          29.4%          28.3%



                                              ----------------------------
                                                   For the year ended
                                              ----------------------------
                                              December 31,   December 31,
(dollars in millions)                             2009           2008
                                              -------------  -------------
Net loss                                      $       (28.6) $       (70.7)

Income tax expense                                      1.1             --
Other expense, net                                      0.4             --
Interest expense                                       42.3           53.3
Investment income                                      (0.4)          (2.9)
Depreciation and amortization                         193.3          198.9
Non-cash stock-based compensation expense              10.2           13.3
Exit costs & restructuring charges, net of
 recoveries                                             0.6            2.3
                                              -------------  -------------
  EBITDA                                      $       218.8  $       194.3
  EBITDA Margin                                        28.7%          26.3%

(2) Segment EBITDA is defined as operating income before depreciation and
    amortization, non-cash stock-based compensation expense, exit costs and
    restructuring charges. This measure eliminates the significant level of
    non-cash depreciation and amortization expense that results from the
    capital-intensive nature of our businesses and from intangible assets
    recognized in business combinations, as well as non-cash stock-based
    compensation and other special items such as exit costs and other
    restructuring charges.  We use this measure to evaluate our
    consolidated operating performance and the performance of our operating
    segments, and to allocate resources and capital.  It is also a
    significant performance measure in our annual incentive compensation
    programs. We believe that this measure is useful to investors because
    it is one of the bases for comparing our operating performance with
    that of other companies in our industries, although our measure may not
    be directly comparable to similar measures used by other companies.
    Because we use this metric to measure our segment profit or loss, we
    reconcile it to operating income, the most directly comparable
    financial measure calculated and presented in accordance with GAAP.
    Segment EBITDA should not be considered as a substitute for operating
    income (loss), net income (loss), net cash provided by operating
    activities, or other measures of performance or liquidity we have
    reported in accordance with GAAP.





                             RESIDENTIAL / SMALL BUSINESS SEGMENT
                     -------------------------------  --------------------
                       For the three months ended      For the year ended
                     -------------------------------  --------------------
(dollars in          December   September  December   December   December
 millions)           31,  2009  30, 2009   31, 2008   31, 2009   31, 2008
                     ---------  ---------  ---------  ---------  ---------

Operating loss       $    (0.7) $    (2.4) $    (4.2) $   (11.0) $   (34.1)
Exit costs and
 restructuring
 charges, net               --        0.3        0.8        0.7        1.6
Depreciation and
 amortization             35.6       40.5       41.9      158.0      167.5
Non-cash
 stock-based
 compensation
 expense                   2.7        1.6        1.4        7.7       10.4
                     ---------  ---------  ---------  ---------  ---------
EBITDA               $    37.7  $    39.9  $    39.8  $   155.4  $   145.4
  EBITDA Margin           26.7%      27.8%      27.8%      27.1%      25.6%



                               RCN METRO OPTICAL NETWORKS SEGMENT
                     -----------------------------------------------------
                       For the three months ended      For the year ended
                     ------------------------------  --------------------
(dollars in          December   September  December   December   December
 millions)           31, 2009    30, 2009  31, 2008   31, 2009   31, 2008
                     ---------  ---------  ---------  ---------  ---------
Operating income     $     7.0  $     7.1  $     4.5  $    25.8  $    13.8
Exit costs and
 restructuring
 charges, net               --         --        0.1       (0.1)       0.7
Depreciation and
 amortization              9.0        8.9        8.3       35.2       31.4
Non-cash
 stock-based
 compensation
 expense                   0.9        0.5        0.4        2.6        3.0
                     ---------  ---------  ---------  ---------  ---------
EBITDA               $    16.9  $    16.5  $    13.4  $    63.5  $    48.8
  EBITDA Margin           34.6%      34.3%      29.8%      33.5%      28.5%

(3) Average monthly revenue per customer, or ARPC, is an industry metric
    that measures revenues, excluding commercial and other residential
    revenue (consisting of dial-up and reciprocal compensation) per period
    divided by the average number of customers during that period. We
    believe that ARPC provides useful information concerning the appeal of
    our service offerings and our rate plans. ARPC as defined above may not
    be similar to ARPC measures of other companies, is not a measurement
    under accounting principles generally accepted in the United States and
    should be considered in addition to, but not as a substitute for, the
    information contained in our statements of operations.





                               -------------------------------------------
                                      For the three months ended
                               -------------------------------------------
                               December 31,   September 30,  December 31,
(dollars in millions)              2009           2009           2008
                               -------------  -------------  -------------
Total  Revenues                $       190.3  $       191.9  $       188.0
  Less: Commercial Revenue             (49.0)         (48.0)         (44.9)
  Less: Other Residential
   Revenue                              (1.7)          (1.8)          (1.7)
                               -------------  -------------  -------------
Customer Revenues                      139.6          142.1          141.4
                               -------------  -------------  -------------
ARPC                           $         108  $         111  $         110

(4) Free cash flow is defined as net cash from operating activities, plus
    net cash from investing activities, activity in short-term investments
    and restricted investments, minus proceeds from discontinued
    operations. We believe that free cash flow provides useful information
    to investors, analysts and our management about the cash generated by
    our core operations after interest and our ability to fund scheduled
    debt maturities and other financing activities.  Free cash flow, as
    defined above, may not be comparable to free cash flow measures of
    other companies, is not a measurement under accounting principles
    generally accepted in the United States and should be considered in
    addition to, but not as a substitute for, the information contained in
    our statements of cash flows.




                            ----------------------------------- ----------
                                                                  For the
                                For the three months ended      year ended
                            ----------------------------------- ----------
                              December   September   December    December
(dollars in millions)         31, 2009   30, 2009    31, 2008    31, 2009
                            ----------- ----------  ----------- ----------
Net cash provided by
 operating activities       $      37.6 $     49.0  $      38.1 $    152.9
Net cash provided by (used
 in) investing activities           0.3      (30.7)       (45.8)     (75.7)
(Decrease) increase in
 short-term investments           (30.7)      (7.2)        14.8      (37.8)
Decrease in restricted
 investments                         --         --           --       (3.7)
                            ----------- ----------  ----------- ----------
Free Cash Flow              $       7.1 $     11.0  $       7.2 $     35.7

Contact Information

  • Contact:

    RCN
    Richard Ramlall
    SVP Strategic External Affairs and Programming
    (703) 434-8430

    Lippert/Heilshorn & Associates
    Carolyn Capaccio
    (212) 838-3777
    Email Contact