TIME WARNER CABLE REPORTS 2009 THIRD‐QUARTER RESULTS

NEW YORK, NY, November 5, 2009 – Time Warner Cable Inc. (NYSE: TWC) today reported financial results for its third quarter ended September 30, 2009.
Time Warner Cable Chief Executive Officer Glenn Britt said: “In the third quarter we grew both Revenues and Adjusted OIBDA by 4%, and we continued to generate a considerable amount of cash. This has enabled us to further pay down the debt we incurred to fund our special dividend. We’re on track to return to our target leverage in the first quarter of 2010.”
Britt added: “Our business model is resilient even in a tough economy and in the face of intense competition. We’ve built great assets in our plant and customer relationships that provide a strong foundation for continuing growth. We intend to continue operating the business aggressively yet prudently to generate attractive returns for our shareholders.”
FINANCIAL RESULTS
Revenues for the third quarter of 2009 increased 4% over the prior year quarter to $4.5 billion. Subscription revenues grew 5% to $4.3 billion driven by video price increases and continued growth in digital video, high‐speed data and Digital Phone subscribers, partially offset by a year‐over‐year decrease in basic video subscribers (resulting, in part, from the sale of a group of small cable systems in December 2008). Advertising revenues declined 19% to $182 million, due primarily to year‐over‐year declines in the auto, media and political categories.

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