"Our results to date clearly show we are in a great position to continue as a premier operator by generating superior operating results for the foreseeable future," Mr. Kent said. Charter's goals for 2001 include revenue growth of 14% to 16% and operating cash flow growth of 12% to 14%. Mr. Kent also said that Charter expected to end the year with over 2 million digital video customers and between 550,000 and 600,000 high-speed Internet service customers.
"In the year 2000, we stayed ahead of schedule on our $3.5 billion broadband upgrade, surpassed our aggressive targets in the rollout of advanced digital services and were among the industry leaders in key measures of performance," Mr. Kent said. "In short, we had a phenomenal year, one that further strengthens our reputation as a proven financial leader and a technological pacesetter. It certainly sets the pace for our future success."
Mr. Kent also announced today the signing of a wide-ranging agreement with consumer electronics retailer Circuit City that provides Charter premier display space in 63 Circuit City stores in areas where Charter does business. "Working with Charter, Circuit City will offer consumers a hands-on opportunity to use our high-speed Internet service, view Charter Digital Cable, buy cable modems, and purchase either service," Mr. Kent said. "This aggressive move into the retail segment will offer more and more consumers the ability to experience the power and convenience of our broadband products and services."
With nearly 6.4 million customers in 40 states, Charter Communications, a Wired World Company(TM), is among the nation's largest broadband communications companies. Charter provides a full range of advanced broadband services to the home, including cable television on an advanced digital video programming platform, marketed under the Charter Digital Cable(TM) brand; and high-speed Internet access marketed under the Charter Pipeline(TM) brand. Commercial high-speed data, video and Internet solutions are provided under the Charter Business Networks(TM) brand. Advertising sales and production services are sold under the Charter Media(TM) brand.
A Fortune 500 company, Charter is the 2001 recipient of the Outstanding Corporate Growth Award from the Association for Corporate Growth, the 2001 R.E. "Ted" Turner Innovator of the Year Award from the Southern Cable Telecommunications Association, and the 2000 Innovator Award for Technology from Cablevision Magazine. More information about Charter can be found at www.charter.com.
A replay of the annual meeting is available via webcast at www.charter.com. The webcast is available on the "Investor" portion of the website, via "About Charter."
Statements in this press release regarding Charter Communications' business that are not historical facts may be "forward-looking statements." Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents Charter files from time to time with the U.S. Securities and Exchange Commission.
CONTACT: Charter Communications Inc., St. Louis Media: Andy Morgan, 314/543-2217 firstname.lastname@example.org or Analyst: Mary Jo Moehle, 314/543-2397 email@example.com