InvestorsJuly 27, 2004
Charter Convenes Fifth Annual Meeting of Shareholders
SEATTLE--(BUSINESS WIRE)--July 27, 2004--Charter Communications, Inc. (Nasdaq:CHTR) convened its fifth 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. "People are changing the way they use their televisions, their computers and their telephones, all of which can be dramatically enhanced by services delivered through cable. I believe Charter is well positioned to capitalize on its technological advantage over satellite providers in today's highly competitive marketplace.
"I have confidence that Carl Vogel, his management team, and every Charter employee will continue to work hard to provide what customers want: a quality product at a reasonable price backed by the best customer service available."
President and Chief Executive Officer Carl Vogel told shareholders Charter is continuing its strategy of focusing on customer satisfaction, operational efficiency, and product enhancement to drive improvements in revenue. "We firmly believe the revenue potential of our business is improving as we continue to roll out differentiated video services like video on demand, high-speed data services, and expanded voice over Internet protocol telephony services."
Mr. Vogel stressed management's ongoing commitment to further improving its capital structure. Over the last year, the Company has taken several steps to improve liquidity, most recently through a refinancing in April 2004, which resulted in the consolidation of bank facilities, deferral of debt maturities and the easing of certain restrictive debt covenants. "While we continue to explore ways to improve our balance sheet, we're pleased with the improvements we've made in strengthening the financial profile of the Company," Mr. Vogel said.
During the course of today's meeting, Charter shareholders re-elected Nancy B. Peretsman, Executive Vice President and Managing Director at Allen & Company, LLC, as the Class A/Class B Director to the Company's Board of Directors and ratified the appointment of KPMG LLP as the Company's independent public accountants for 2004.
Mr. Allen, the sole holder of Charter's Class B common stock, elected the Class B directors. The Company's Board of Directors had nominated the eight current Class B directors for re-election. The re-elected Class B directors are Paul G. Allen, Charles M. Lillis, David C. Merritt, Marc B. Nathanson, Jo Allen Patton, John H. Tory, Carl E. Vogel and Larry W. Wangberg.
The webcast replay of Charter's Annual Meeting of Shareholders 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) and Charter High-Speed(TM) Internet service. Charter also provides business-to-business video, data and Internet protocol (IP) solutions through Charter Business(TM). 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. 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:
-- our ability to sustain and grow revenues and cash flows from operating activities by offering video, high-speed data 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 pay or refinance debt as it becomes due, commencing in 2005; -- 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 achieve free cash flow; -- any adverse consequences arising out of our restatement of our 2000, 2001 and 2002 financial statements; -- the results of the pending grand jury investigation by the United States Attorney's Office for the Eastern District of Missouri, the pending SEC Division of Enforcement investigation, the putative class action, the unconsolidated state action, and derivative shareholders litigation against us; -- 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 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 a 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. Press: Dave Mack, 303-323-1392 or Analysts: Tamar Gerber, 303-323-1383 Mary Jo Moehle, 314-543-2397 SOURCE: Charter Communications, Inc.