Liberty Global Inc. (LBTYA) declared financial results for the first quarter of 2010 after the market closed yesterday, which missed the Zacks Consensus Estimate.
Quarterly GAAP net loss from continuing operations was $633.3 million or a loss of $2.44 per share, compared with a net loss of $368.4 million or a loss of $1.33 per share in the prior-year quarter. First quarter adjusted net loss of 53 cents was significantly wider than the Zacks Consensus Estimate for a net loss of 3 cents per share.
Quarterly total revenue of $2.18 billion was an improvement of 28.4% year over year but fell below the Zacks Consensus Estimate of $2.29 billion. Year-over-year growth in revenue was primarily due to the consolidation of Unitymedia operations and a favorable foreign currency exchange rate.
Quarterly cost of operation was $827.8 million, up 25.7% year over year. Selling, general and administrative expense was $409.9 million, up 28.7% year over year. First quarter operating income was $303.6 million, up 28.3% year over year.
During the first quarter 2010, Liberty Global generated $803.3 million of cash from operations, compared with $703.9 million in the prior-year quarter. Quarterly free cash flow (cash flow from operations less capital expenditure) was $398.3 million, compared with $291.4 million in the prior-year quarter.
At the end of the first quarter 2010, Liberty Global had $5,122.3 million of cash & marketable securities and $20,571.5 million of outstanding debt on its balance sheet, compared with $4,278.2 million and $25,852.6 million, respectively, at the end of fiscal 2008.
Subscriber Statistics
At the end of the first quarter 2010, Liberty Global had 17.8289 million customers in 14 countries, up 31.8% year over year. UPC Broadband customer was 13.5913 million, up 46.8% year over year. Telnet customer was 2.318 million, down 2.9% year over year. VTR customer was 1.0507 million, up 1.9% year over year. Other segment customer was 868,900, up 2.5% year over year.
During the reported quarter, Liberty Global added 204,000 organic RGUs (revenue generating units), consisting of a net gain of 168,000 and 152,000 subscribers, respectively, for broadband Internet and telephony services and a net loss of 116,00 subscribers for the video services.
Total Single-Play customers were 11.9118 million, up 36% year over year. Total Double-Play customers were 2.5414 million, up 10.1% year over year. Total Triple-Play customers were 3.3757 million, up 37.3% year over year.
Segmental Results
Revenue from the total UPC Broadband division was $1,273.1 million, up 33.5% year over year. Within this segment, revenue from Western Europe was $986.8 million, up 41.1% year over year. Revenue from Central and Eastern Europe was $286.1 million, up 12.7% year over year. Revenue from Central operation was $0.2 million.
Telnet revenue was $439.1 million, up 17.3% year over year. VTR revenue was $182 million, up 16.8% year over year. Austar revenue was $156.47 million, up 41.1% year over year. Corporate and other revenue was $149.2 million, up 19.9% year over year.
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