SEATTLE--(BUSINESS WIRE)--Aug. 29, 2006--Charter Communications, Inc. (Nasdaq: CHTR) ("Charter" or the "Company") convened its Annual Meeting of Stockholders here today.
Paul G. Allen, Chairman of the Board and controlling shareholder of Charter, reinforced his commitment to the Company. "As a direct result of the financial and strategic actions we have taken, Charter today is a more solid company with growing potential," he said. Mr. Allen also acknowledged Neil Smit for the excellent work he has done as President and CEO, and expressed continuing confidence in Charter's management team. "I am pleased with the results Charter is delivering and believe we are well positioned to pursue growing success," he added.
In his prepared remarks, Mr. Smit stressed the importance of executing on Charter's four strategic priorities to drive further improvements in performance: 1) improve the end-to-end customer experience; 2) use targeted marketing to grow the customer base and minimize churn; 3) focus on high return investments; and 4) continue the opportunistic approach to improve liquidity, extend maturities, and deleverage the balance sheet. "While there is still much work to be done, we believe our progress over the past year sets the stage for continuing performance in 2006 and beyond."
In his closing comments, Mr. Smit said, "In short, Charter is delivering growth with compelling products, attractive bundles, improved customer service, and smart, targeted marketing. Our goal is for these priorities to support continued momentum and value creation in the coming year."
During the course of today's meeting, Charter shareholders re-elected Mr. Robert May as the Company's Class A/Class B Director; and ratified the appointment of KPMG LLP as the Company's independent public accountants for 2006. 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, Rajive Johri, 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 Center" on the top of the home page, then "Presentations/Webcasts" on the left menu.
About Charter Communications(R)
Charter Communications, Inc. is a leading broadband communications company and the third-largest publicly traded cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter Digital(R) video entertainment programming, Charter High-Speed(TM) Internet access service, and Charter Telephone(TM) services. Charter Business(TM) similarly provides scalable, tailored and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, video and music entertainment services and business telephone. Charter's advertising sales and production services are sold under the Charter Media(R) brand. More information about Charter can be found at 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. The Company will not undertake to revise forward-looking projections to reflect events after this date. 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," "aim," "on track," 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, in general, 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 and, in particular, our ability to be able to provide under applicable debt instruments and under applicable law, such funds (by dividend, investment or otherwise) to the applicable obligor of such debt;
- 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 pay or refinance debt prior to or when it becomes due and/or to take advantage of market opportunities and market windows to refinance that debt through new issuances, exchange offers or otherwise, including restructuring our balance sheet and leverage position;
- 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 and grow a stable customer base, particularly in the face of increasingly aggressive competition from other service providers;
- our ability to obtain programming at reasonable prices or to pass programming 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 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.
Anita Lamont, 314-543-2215
Mary Jo Moehle, 314-543-2397
SOURCE: Charter Communications, Inc.