InvestorsAugust 23, 2005
Charter Convenes Annual Meeting of Shareholders
SEATTLE--(BUSINESS WIRE)--Aug. 23, 2005--Charter Communications, Inc. (Nasdaq: CHTR) convened its Annual Meeting of Shareholders here today.
Paul G. Allen, Chairman of the Board and controlling shareholder of Charter, reinforced his commitment to Charter and the cable industry, and emphasized the superiority of cable over satellite connectivity to the home. "I'm confident we have the personnel, the infrastructure, the products and the services necessary to be the premier provider of in-home entertainment and communications services," Mr. Allen said. Welcoming Neil Smit, Charter's newly appointed President and Chief Executive Officer, Mr. Allen said, "Neil is a proven, talented executive with the right combination of skills to lead Charter employees to the next level. I look forward to working with Neil, the rest of Charter's management team and our Board to continue the operational and financial improvement initiatives we've already begun to better position Charter for growth."
Mr. Allen also expressed his thanks to Robert P. May, a member of the Charter Board who has served as Charter's Interim President and Chief Executive Officer since January 2005. "Charter has made great strides under Bob's leadership over the past several months," Mr. Allen said. "I'm especially grateful for his stepping up to this interim, and important, responsibility."
Mr. May addressed shareholders stating, "During my eight months at the helm of this company, I've observed great opportunity to unlock unrealized value at all levels of Charter, and even more opportunity to take better advantage of our past investments to generate future growth." Mr. May will remain active on Charter's Board of Directors, including its Strategic Planning Committee.
In his prepared remarks, Mr. Smit stressed the importance of execution in Charter's comprehensive operational improvement plan in order to be successful in the competitive environment in which Charter operates. "Put simply, I took this job because I believe in the future of this industry, and in Charter in particular," he said.
During the course of today's meeting, Charter shareholders re-elected Mr. May as the Class A/Class B Director to the Company's Board of Directors. There was also approval of a proposed amendment to the Company's 2001 Stock Incentive Plan, and ratification of the appointment of KPMG LLP as the Company's independent public accountants for 2005.
Mr. Allen, the sole holder of Charter's Class B common stock, elected the Class B directors, who are Paul G. Allen, W. Lance Conn, Nathaniel A. Davis, Jonathan L. Dolgen, David C. Merritt, Marc B. Nathanson, Jo Allen Patton, Neil Smit, John H. Tory, and Larry W. Wangberg.
The webcast replay of Charter's Annual Meeting of Stockholders is available via the Company's website at www.charter.com.The webcast can be accessed by clicking on "About Us, Investor and News Center" on the top right of the home page, then "Presentation/Webcast" on the left menu.
About Charter Communications
Charter Communications, Inc., a broadband communications company, provides a full range of advanced broadband services to the home, including cable television on an advanced digital video programming platform via Charter Digital(TM), Charter High-Speed(TM) Internet service and Charter Telephone(TM). Charter Business(TM) provides scalable, tailored and cost-effective broadband communications solutions to organizations of all sizes through business-to-business Internet, data networking, video and music services. Advertising sales and production services are sold under the Charter Media(R) brand. More information about Charter can be found at http://www.charter.com.
Cautionary Statement Regarding Forward-Looking Statements:
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated" and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this release are set forth in reports or documents that we file from time to time with the SEC, and include, but are not limited to:
-- the availability of funds to meet interest payment obligations under our debt and to fund our operations and necessary capital expenditures, either through cash flows from operating activities, further borrowings or other sources; -- our ability to sustain and grow revenues and cash flows from operating activities by offering video, high-speed Internet, telephone and other services and to maintain a stable customer base, particularly in the face of increasingly aggressive competition from other service providers; -- our ability to comply with all covenants in our indentures and credit facilities, any violation of which would result in a violation of the applicable facility or indenture and could trigger a default of other obligations under cross-default provisions; -- our ability to repay or refinance debt as it becomes due; -- our ability to obtain programming at reasonable prices or to pass cost increases on to our customers; -- general business conditions, economic uncertainty or slowdown; and -- the effects of governmental regulation, including but not limited to local franchise taxing authorities, on our business.
All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this release.
CONTACT: Charter Communications, Inc.
David Andersen, 314-543-2213
Mary Jo Moehle, 314-543-2397
SOURCE: Charter Communications, Inc.