Adelphia Cable TV Loss Widens in 2nd Quarter
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COUDERSPORT, Pa. — Adelphia Communications Corp. said its second-quarter loss widened as the No. 6 U.S. cable television provider spent more to upgrade its lines for new services such as digital TV.
The loss widened to $85.3 million, or 66 cents a share, from $47.3 million, or 81 cents, a year earlier. Sales more than tripled to $704.1 million from $218.8 million as the company bought systems in the past year. Total shares outstanding more than doubled.
Adelphia and rival cable operators have been spending billions of dollars to upgrade their networks for fast Internet service and digital TV, which has hundreds of channels. Adelphia capital spending more than doubled to $361.1 million.
Shares of Coudersport, Pa.-based Adelphia rose 25 cents Monday to $30.63 on Nasdaq. The stock fell 47% in the last year. The company reported results after the close of regular U.S. markets.
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