ATLANTA — Cox Communications Inc., posted a decreased profit for the first quarter of 2001.
The cable company, which serves some 6.2 million customers, reported earnings of $686.6 million, or $1.12 per diluted share, compared to $1.07 billion, or $1.74 per diluted share, during the same period last year.
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Revenues at Cox increased 12 percent, to $947.9 million, compared to $846.3 million during the year-ago period.
Cox said programming costs increased 11 percent, to $237.8 million, due to basic and digital customer growth, channel additions and programming rate increases. The company said its selling, general and administrative expenses increased 15 percent, to $352 million, primarily due to an increase in employees, costs associated with the continued rollout of residential and commercial digital video, high-speed data and telephony services, and integration services for cable systems acquired in 2000.
Shares of Cox closed yesterday at $44.61. During the past year, Cox has traded as high as $50.25 and as low as $31.69.
