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Virgin Media boosts Q1 profits

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Cable and Internet service company Virgin Media (NASDAQ:VMED)(LON:VMED) Wednesday posted an increase in earnings as it grew its subscriber base.

The company provides its services in the U.K

Net income from continuing operations, in the first quarter of 2012, was approximately $11.2 million or 3 cents per share compared with a net income of $7.3 million or 2 cents per share in the prior-year quarter.

First quarter adjusted EPS of 37 cents handily beats analyst estimates of 30 cents. Quarterly total revenue of approximately $1.6 billion was up 2.4 percent year-on-year, almost in line the estimates of $1.61 billion.

At the end of the first quarter of 2012, Virgin Media had approximately $225.8 million of cash and cash equivalents compared with $472.4 million at the end of 2011.

During the first quarter of 2012, Virgin Media added 113,700 net new consumer products, which raised its total consumer product base to 14,047,800.

Net consumer product addition for Broadband segment was 72,800, resulting in total subscriber base of 12,071,500.
Within the Broadband segment, over 850,000 customers subscribed to either 30 Mbps or higher services. Currently, this figure

constitutes 20 percent of total cable Broadband subscribers. More than 250,000 customers are using 50 Mbps tier or higher tier services.

During the first quarter of 2012, Virgin Media gained 21,200 Cable subscribers. Total Cable subscriber base as of March 31, 2012 was 4,826,800, up 0.13% year over year. Net subscriber deletion for the non-Cable segment was 15,200. Total non-Cable subscriber base as of March 31, 2012 was 233,000, down 14.6 percent year over year.

Net subscriber addition in the Mobile segment was 64,100. Total Mobile subscriber base as of March 31, 2012 was 1,588,000, up 25.7 percent year over year.

Quick facts: Virgin Media

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NASDAQ:VMED
Market: NASDAQ
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