Knology Inc. reported an increase in revenue for 2009, but suffered a loss on net income.
The West Point, Ga.-based communications and cable company reported its year-end results Tuesday, saying it had a net loss of $3.4 million, or 9 cents a share, compared to a net loss of $12 million, or 34 cents a share, in 2008.
The net loss is attributable to a non-cash charge of $6.2 million related to the accounting treatment for the company’s interest rate swaps and a $3.4 million one-time expense related to the amendment of Knology’s credit facility.
Excluding these charges, Knology would have posted net income of $6.2 million, or 17 cents per share, for 2009.
Its revenue increased from $410 million in 2008 to $425 million in 2009.
Its voice, data and video connections grew by 15,863 for the year, which includes customers acquired through the merger of PCL Cable.
“We delivered solid results in 2009 while operating in a challenging environment … We are pleased with the performance of the business early in 2010 and we are looking forward to continued growth in this new year with a focus on increasing shareholder value,” said Rodger Johnson, Knology’s chairman and CEO.