Knology reports rise in revenue for 2009
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 noncash charge of $6.2 million related to the company's interest rate swaps and a $3.4 million one-time expense related to the amendment of Knology's credit.
Excluding these charges, Knology would have posted net income of $6.2 million, or 17 cents per share, for 2009.
Its voice, data and video connections grew by 15,863 for the year, which includes customers acquired through the merger of PCL Cable.
Hummer to shut down after deal collapses
NEW YORK --- Hummer, the off-road vehicle that once symbolized America's love for hulking SUVs, faces a shutdown after its sale to a Chinese heavy equipment maker collapsed.
Sichuan Tengzhong Heavy Industrial Machines Co. said Wednesday it pulled out of the deal to buy the company from General Motors Co. Tengzhong failed to get clearance from Chinese regulators within the proposed timeframe for the sale, the Chinese manufacturer said.
GM said it will continue to honor existing warranties.
GM has been trying to sell the loss-making brand for the last year and signed a deal with Tengzhong in October. However, resistance from Chinese regulators, who have been putting the brakes on investment in the fast-growing Chinese auto industry, created difficulties from the start.
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