Cox reported lower earnings for 3 months ended March 31—almost...
Cox reported lower earnings for 3 months ended March 31 -- almost $135.6 million in earnings on nearly $1.18 billion in revenue, down from earnings of $686.6 million on $991 million revenue year earlier. Analysts had been predicting loss,…
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but company cut its debt in quarter. CEO James Robbins said company wanted to advance digital transition, and not just because FCC Chmn. Powell was urging companies to do so. Robbins said company wanted to go “much broader” with HDTV because its best customers wanted it and Cox didn’t want to lose them to satellite. “I can assure you we're not doing high-definition for the good of our health,” he said. Cox has been inundated with questions in recent weeks on whether it’s interested in acquiring Adelphia or some of its assets. Robbins said: “We may want to grow larger over time given the right opportunities but we do not feel compelled to make any acquisitions simply for the sake of making an acquisition or just to get bigger.” He said Cox would look for opportunities that made sense for it financially, adding that it wasn’t willing to sacrifice its balance sheet or its investment grade rating on Wall St.