SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February
9,
2007
Charter
Communications, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State
or Other Jurisdiction of Incorporation or Organization)
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000-27927
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43-1857213
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|
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(Commission
File Number)
|
(I.R.S.
Employer Identification
Number)
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12405
Powerscourt Drive
St.
Louis, Missouri 63131
(Address
of principal executive offices including zip code)
(314)
965-0555
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
|
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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ITEM
7.01 REGULATION FD DISCLOSURE.
(a)
On
February 9, 2007, Charter Communications, Inc. issued a press release
announcing
preliminary financial and operating results for the fourth quarter
2006. The
following information, including the entirety of the press release
appearing in
Exhibit 99.1 hereto, is not filed but is furnished pursuant to Item
7.01,
"Regulation FD Disclosure."
(b)
On
February 9, 2007, Charter Communications, Inc. issued a press release
announcing
the initiation of the refinancing and expansion of the senior secured
credit
facilities of its subsidiary, Charter Communications Operating, LLC.
The
following information, including the entirety of the press release
appearing in
Exhibit 99.2 hereto, is not filed but is furnished pursuant to Item
7.01,
"Regulation FD Disclosure."
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
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Exhibit
Number
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|
Description
|
|
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99.1
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Press
Release dated as of February 9, 2007.*
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| 99.2 | Press Release dated as of February 9, 2007.* |
*
furnished herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, Charter
Communications, Inc. has duly caused this Current Report to be signed on its
behalf by the undersigned hereunto duly authorized.
CHARTER
COMMUNICATIONS, INC.
Registrant
Dated:
February 9, 2007
|
|
By:/s/
Kevin D. Howard
Name:
Kevin D. Howard
Title:
Vice
President and Chief Accounting
Officer
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EXHIBIT
INDEX
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
99.1
|
|
Press
Release dated as of February 9, 2007.*
|
| 99.2 | Press Release dated as of February 9, 2007.* |
*
furnished herewith
Exhibit
99.1
NEWS
FOR
RELEASE: Friday, February 9, 2007
Charter
Reports Preliminary Financial and Operating Results
for
Fourth-Quarter 2006
Fourth-quarter
results reflect double digit revenues and
adjusted
EBITDA growth on a pro forma basis
St.
Louis, MO -
Charter
Communications, Inc. (Nasdaq:CHTR) (along with its subsidiaries, the “Company”
or “Charter”) today announced preliminary results for the fourth quarter of
2006. The Company released these preliminary, unaudited results based upon
information available to date because Charter expects to be providing this
information to certain potential investors in proposed new credit facilities
in
conjunction with the refinancing and expansion of its existing credit facilities
announced earlier today.
Certain
financial comparisons are made on a pro
forma
basis,
adjusted for the acquisition of cable systems in January 2006 and the sales
of
certain cable systems in July 2005 and the third quarter of 2006 as if they
occurred on January 1, 2005. However, all transactions completed in January
2006
and the third quarter of 2006 have been reflected in the operating statistic
comparisons.
Charter
currently expects revenues for the fourth quarter of 2006 of $1.413 billion,
which represents an increase of approximately 11.7% compared to the same period
in 2005 on a pro
forma
basis,
and an increase of approximately 9.8% on an actual basis. Charter
currently expects adjusted EBITDA for the fourth quarter of 2006 to be
approximately $503 million, an increase of approximately 10.3% compared to
the
same period in 2005 on a pro
forma
basis,
and an increase of approximately 7.9% compared to 2005 on an actual basis.
Adjusted EBITDA is a non-GAAP term; see the "Use of Non-GAAP Financial Metrics"
section below for a definition of this term and additional
information.
1
Operating
expenses increased by approximately $89 million, or 10.8%, in the fourth quarter
of 2006 compared to the fourth quarter of 2005 on an actual basis, due in large
part to increased programming expense from annual rate increases and higher
volumes of advanced services purchases, as well as expenditures to support
higher rates of customer growth and retention related to Charter’s accelerated
telephone roll out.
Charter
currently expects annual revenues will increase 10.0% compared to pro
forma
2005,
and pro
forma
adjusted
EBITDA will increase 5.3% compared to pro
forma
2005.
The Company expects actual annual revenues to be approximately $5.504 billion,
an increase of 9.4% compared to 2005, and adjusted EBITDA to be approximately
$1.941 billion, an increase of 4.5% compared to 2005.
“These
preliminary results reflect continued momentum in growing revenues and adjusted
EBITDA,” said Neil Smit, President and Chief Executive Officer. “We’re pleased
with customer acceptance as we’ve deployed telephone service more broadly and
marketed it in attractive bundled offers with our video and high-speed Internet
services. Pro
forma
revenues
and adjusted EBITDA growth improved during each quarter of 2006 as we made
progress in establishing more long-term customer relationships.”
Charter
added 162,400 revenue generating units (RGUs) during the fourth quarter of
2006,
up from 138,200 in the fourth quarter of 2005. Charter added 277,000, or 64%,
more RGUs during 2006 than 2005. Nearly 40% of Charter’s customers subscribe to
a bundle, an increase of 18% from fourth quarter 2005. Approximately 94% of
Charter’s telephone customers subscribe to a bundle, with 73% of them in a three
product bundle, as of December 31, 2006. Charter’s bundled marketing of services
contributed to a 13% increase in pro
forma
average
monthly revenue per analog video customer compared to fourth quarter
2005.
Fourth
quarter expected RGU additions consisted of the following:
| · |
Fourth
quarter 2006 net losses of analog video customers were approximately
43,300 compared to a pro
forma
net loss of approximately 16,700 in the fourth quarter of
2005;
|
| · |
Fourth
quarter 2006 net gains of digital video customers were approximately
40,500 compared to a pro
forma
net gain of approximately 49,800 in the fourth quarter of
2005;
|
2
| · |
Fourth
quarter 2006 net gains of high-speed Internet customers were approximately
59,000 compared to a pro
forma
net gain of approximately 73,800 in the fourth quarter of 2005;
and
|
| · |
Fourth
quarter 2006 net gains of telephone customers were approximately
106,200,
reflecting over a 30% increase in telephone customers during the
quarter,
compared to a pro
forma
net gain of approximately 31,300 in the fourth quarter of 2005. Telephone
homes passed were approximately 6.8 million as of December 31,
2006.
|
Capital
expenditures for the fourth quarter of 2006 are currently expected to be
approximately $308 million, which would be higher than capital expenditures
of
$273 million during the same quarter in the prior year. Capital expenditures
for
the full year 2006 are expected to be approximately $1.103 billion, compared
to
$1.088 billion in 2005. Approximately 75% of Charter’s 2006 capital expenditures
were success-based, up from 68% in 2005. During
2007, Charter expects capital expenditures to be approximately $1.2
billion.
As
of
December 31, 2006, Charter had $19.062 billion in long-term debt, including
$5.395 billion in credit facilities at Charter Communications Operating, LLC.
Charter
earlier today announced the initiation of a syndication to refinance and expand
its senior credit facilities. Upon completion of the syndication process and
the
closing of this transaction, the Company expects to have adequate liquidity
to
fund its operations and service its debt through 2008.
Because
the fourth quarter has only recently ended, the information in this release
is,
by necessity, preliminary in nature and based only upon preliminary, unaudited
information available to Charter as of the date of this release. Investors
should be aware that the information in this release is subject to change
upon
the release of Charter’s audited results and therefore should exercise caution
in relying on the information in this release. Information regarding certain
financial performance measures not discussed in this release is not provided
because the fourth quarter has only recently ended and final estimates of
certain items used in the calculations of such measures are not yet available.
Investors should not draw any inferences from this information regarding
financial or operating data that is not discussed in this release.
3
Charter
will announce complete financial and operating results on Wednesday, February
28, at 8:00 a.m. Eastern Time (ET) and will host a conference call to discuss
these results at 9:00 a.m. ET that same day.
Use
of Non-GAAP Financial Metrics
Charter
uses certain measures that are not defined by GAAP (Generally Accepted
Accounting Principles) to evaluate various aspects of its business. Adjusted
EBITDA is a non-GAAP financial measure and should be considered in addition
to,
not as a substitute for, net cash flows from operating activities reported
in
accordance with GAAP. These terms as defined by Charter may not be comparable
to
similarly titled measures used by other companies.
Adjusted
EBITDA is defined as income from operations before special charges, non-cash
depreciation and amortization, gain/loss on sale or retirement of assets, asset
impairment charges and option compensation expense. As such, it eliminates
the
significant non-cash depreciation and amortization expense that results from
the
capital-intensive nature of Charter’s businesses and intangible assets
recognized in business combinations as well as other non-cash or non-recurring
items, and is unaffected by Charter’s capital structure or investment
activities. Adjusted EBITDA is a liquidity measure used by Charter’s management
and the Board of Directors to measure Charter’s ability to fund operations and
its financing obligations. For this reason, it is a significant component of
Charter’s annual incentive compensation program. However, this measure is
limited in that it does not reflect the periodic costs of certain capitalized
tangible and intangible assets used in generating revenues and the cash cost
of
financing. Charter’s management evaluates these costs through other financial
measures.
Charter
believes that adjusted EBITDA provides information useful to investors in
assessing Charter’s ability to service its debt, fund operations, and make
additional investments with internally generated funds. In addition, adjusted
EBITDA generally correlates to the leverage ratio calculation under its credit
facilities or outstanding notes to determine compliance with the covenants
contained in the facilities and notes (all such documents have been previously
filed with the United States Securities and Exchange Commission). Adjusted
EBITDA and pro
forma
adjusted
EBITDA, as presented, are reduced for management fees in the amounts of $33
million and $31 million for the three
4
months
ended December 31, 2006 and 2005, respectively, which amounts are added back
for
the purposes of calculating compliance with leverage
covenants.
About
Charter Communications
Charter
Communications, Inc. is a leading broadband communications company and the
third-largest publicly traded cable operator in the United States. Charter
provides a full range of advanced broadband services, including advanced Charter
Digital® video entertainment programming, Charter High-Speed™ Internet access
service, and Charter Telephone™ services. Charter Business™ similarly provides
scalable, tailored and cost-effective broadband communications solutions to
business organizations, such as business-to-business Internet access, data
networking, video and music entertainment services and business telephone.
Charter's advertising sales and production services are sold under the Charter
Media® brand. More information about Charter can be found at
www.charter.com.
Contact:
Press: Analysts:
Anita
Lamont Mary
Jo
Moehle
314/543-2215 314/543-2397
Cautionary
Statement Regarding Forward-Looking Statements:
This
release includes forward-looking statements within the meaning of Section 27A
of
the Securities Act of 1933, as amended (the "Securities Act") and Section 21E
of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regarding,
among other things, our plans, strategies and prospects, both business and
financial. Charter will not undertake to revise forward-looking projections
to
reflect events after this date. Although we believe that our plans, intentions
and expectations reflected in or suggested by these forward-looking statements
are reasonable, we cannot assure you that we will achieve or realize these
plans, intentions or expectations. Forward-looking statements are inherently
subject to risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this release may be identified by the use of
forward-looking words such as "believe," "expect," "anticipate," "should,"
"planned," "will," "may," "intend," "estimated," "aim," "on track," "target,"
"opportunity" and "potential," among others. Important factors that could cause
actual results to differ materially from the forward-looking statements we
make
in this release are set forth in reports or documents that we file from time
to
time with the SEC, and include, but are not limited to:
| · |
the
availability, in general, of funds to meet interest payment obligations
under our debt and to fund our operations and necessary capital
expenditures, either through cash flows from operating activities,
further
borrowings or other sources and, in particular, our ability to be
able to
provide under the applicable debt instruments such funds (by dividend,
investment or otherwise) to the applicable obligor of such
debt;
|
| · |
our
ability to comply with all covenants in our indentures and credit
facilities, any violation of which could trigger a default of our
other
obligations under cross-default provisions;
|
| · |
our
ability to pay or refinance debt prior to or when it becomes due
and/or to
take advantage of market opportunities and market windows to refinance
that debt through new issuances, exchange offers or otherwise, including
restructuring our balance sheet and leverage
position;
|
| · |
competition
from other video programming distributors, including incumbent telephone
companies, direct broadcast satellite operators, Wi-Fi broadband
providers
and DSL providers;
|
5
| · |
unforeseen
difficulties we may encounter in our continued introduction of our
telephone services such as our ability to meet heightened customer
expectations for the reliability of voice services compared to other
services we provide and our ability to meet heightened demand for
installations and customer service;
|
| · |
our
ability to sustain and grow revenues and cash flows from operating
activities by offering video, high-speed Internet, telephone and
other
services and to maintain and grow a stable customer base, particularly
in
the face of increasingly aggressive competition from other service
providers;
|
| · |
our
ability to obtain programming at reasonable prices or to pass programming
cost increases on to our customers;
|
| · |
general
business conditions, economic uncertainty or slowdown;
and
|
| · |
the
effects of governmental regulation, including but not limited to
local
franchise authorities, on our business.
|
All
forward-looking statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by this cautionary statement. We
are
under no duty or obligation to update any of the forward-looking statements
after the date of this release.
#
#
#
6
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CHARTER
COMMUNICATIONS, INC. AND SUBSIDIARIES
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|||||||||||||
|
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO GAAP
MEASURES
|
|||||||||||||
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(DOLLARS
IN MILLIONS)
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The
schedules below are presented in order to reconcile adjusted EBITDA,
a
non-GAAP measure, to the most directly comparable GAAP measure
in
accordance with Section 401(b) of the Sarbanes-Oxley Act. Because
the
fourth quarter has only recently ended, the information in the
schedules
below, is by necessity, preliminary in nature and based only upon
preliminary, unaudited information available to Charter as of the
date of
this release. Investors should be aware that the information in
the
schedules is subject to change upon the release of Charter's audited
results and therefore should exercise caution in relying on the
information in these schedules and should not draw any inferences
from
this information regarding financial or operating data that is
not
presented in the schedules. Because of the potential for further
adjustments, investors, in particular, should not rely on net cash
flows
from operating activities for the periods ended December 31,
2006.
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Three
Months Ended December 31,
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Year
Ended December 31,
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2006
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2005
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2006
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2005
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||||||
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Actual
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Actual
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Actual
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Actual
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|||||
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Adjusted
EBITDA from continuing operations (a)
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$
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503
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$
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466
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$
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1,914
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$
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1,832
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|||||
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Adjusted
EBITDA from discontinued operations (a)
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-
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25
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46
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95
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|||||||||
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Less:
Interest on cash pay obligations (b)
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(448
|
)
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(390
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)
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(1,749
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)
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(1,535
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)
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|||||
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Other,
net
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2
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(5
|
)
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(15
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)
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(19
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)
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||||||
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Change
in operating assets and liabilities
|
(82
|
)
|
46
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127
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(113
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)
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|||||||
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Net
cash flows from operating activities
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$
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(25
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)
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$
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142
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$
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323
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$
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260
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||||
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Three
Months Ended December 31,
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Year
Ended December 31,
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||||||||||||
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2006
|
|
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2005
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|
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2006
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2005
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||||
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Pro
Forma (c)
|
|
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Pro
Forma (c)
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|
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Pro
Forma (c)
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|
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Pro
Forma (c)
|
|
|||
|
Adjusted
EBITDA (a)
|
$
|
503
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$
|
456
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$
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1,892
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$
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1,797
|
|||||
|
Less:
Interest on cash pay obligations (b)
|
(448
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)
|
(377
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)
|
(1,723
|
)
|
(1,501
|
)
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|||||
|
Other,
net
|
2
|
(5
|
)
|
(15
|
)
|
(19
|
)
|
||||||
|
Change
in operating assets and liabilities
|
(82
|
)
|
46
|
127
|
(113
|
)
|
|||||||
|
Net
cash flows from operating activities
|
$
|
(25
|
)
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$
|
120
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$
|
281
|
$
|
164
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||||
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(a)
Adjusted EBITDA is calculated by taking revenue less operating
costs and
expenses.
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|||||||||||||
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(b)
Interest on cash pay obligations excludes accretion of original
issue
discounts on certain debt securities and amortization of deferred
financing costs that are reflected as interest expense in our consolidated
statements of operations.
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(c)
Pro forma results reflect the acquisition of cable systems in January
2006
and the sales of systems in July 2005 and certain sales of cable
systems
in the third quarter of 2006 as if they occurred as of January
1, 2005 for
all periods presented.
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Terms
used in the release shall have the following meanings:
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|||||||||||||
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"Analog
video customers'' include all customers who receive video services
(including those who also purchase high-speed Internet and telephone
services) but exclude customers who receive high-speed Internet
service
only or telephone service only and who are only counted as high-speed
Internet customers or telephone customers.
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Included
within video customers are those in commercial and multi-dwelling
structures, which are calculated on an equivalent bulk unit ("EBU'')
basis. EBU is calculated for a system by dividing the bulk price
charged
to accounts in an area by the most prevalent price charged to non-bulk
residential customers in that market for the comparable tier of
service.
The EBU method of estimating analog video customers is consistent
with the
methodology used in determining costs paid to programmers and has
been
consistently applied year over year. As we increase our effective
analog
prices to residential customers without a corresponding increase
in the
prices charged to commercial service or multi-dwelling customers,
our EBU
count will decline even if there is no real loss in commercial
service or
multi-dwelling customers.
|
|||||||||||||
|
"Bundled
customers" include customers receiving a combination of at least
two
different types of service, including Charter's video service,
high-speed
Internet service or telephone. "Bundled customers" do not include
customers who only subscribe to video service.
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“Customers”
include all persons our corporate billing records show as receiving
service (regardless of their payment status), except for complimentary
accounts (such as our employees). In addition, ''customers'' include
persons whose accounts were over 60, 90 and 120 days past due in
payment.
We currently believe that as of December 31, 2006 and December
31, 2005,
“customers” include approximately 35,700 and 50,500 persons whose accounts
were over 60 days past due in payment, approximately 6,000 and
14,300
persons whose accounts were over 90 days past due in payment and
approximately 2,700 and 7,400 of which were over 120 days past
due in
payment, respectively.
|
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||||||
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"Digital
video customers'' include all households that have one or more
digital
set-top boxes or cable cards deployed.
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"High-speed
Internet customers” represent all residential customers who subscribe to
our high-speed Internet service.
|
|||||||||||||
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“Homes
passed” represent our estimate of the number of living units, such as
single family homes, apartment units and condominium units passed
by our
cable distribution network in the areas where we offer the service
indicated. "Homes passed" exclude commercial units passed by our
cable
distribution network. These estimates are updated for all periods
presented when estimates change.
|
|||||||||||||
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"Revenue
generating units" represent the sum total of all analog video,
digital
video, high-speed Internet and telephone customers, not counting
additional outlets within one household. For example, a customer
who
receives two types of service (such as analog video and digital
video)
would be treated as two revenue generating units, and if that customer
added on high-speed Internet service, the customer would be treated
as
three revenue generating units. This statistic is computed in accordance
with the guidelines of the NCTA that have been adopted by eleven
publicly
traded cable operators, including Charter.
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“Success
based capital” is defined as capital spent on customer premise equipment,
scalable infrastructure and line extensions, per NCTA
definitions.
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||||||
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“Telephone
customers” include all residential customers receiving telephone service.
|
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|||||||||||||
Exhibit
99.2
NEWS
FOR
RELEASE: Friday, February 9, 2007
Charter
Initiates Refinancing and Expansion of its Senior Secured Credit Facilities
and
a New Second Lien Term Loan
ST.
LOUIS
- Charter Communications, Inc. (NASDAQ:CHTR) announced today that it has engaged
J.P. Morgan Securities Inc., Banc of America Securities LLC, and Citigroup
Global Markets Inc. to arrange and syndicate a refinancing and expansion of
the
existing $6.850 billion senior secured credit facilities of its subsidiary,
Charter Communications Operating, LLC. The proposed transaction includes new
$8.050 billion Senior Secured Credit Facilities, consisting of a $1.500 billion
Revolving Credit Facility, a $1.000 billion New Term Facility, a $5.000 billion
Refinancing Term Loan and a $550 million Second Lien Term Loan, (collectively,
the “Transaction”).
Charter
expects to use a portion of the additional proceeds from the Transaction to
redeem up to $550 million floating rate notes due 2010 issued by CCO Holdings,
LLC and up to $187 million 8.625% senior notes due 2009 issued by Charter
Communications Holdings, LLC, in addition to other general corporate
purposes.
As
proposed, Charter will benefit from extended debt maturities and improved
liquidity. Subject to market conditions, Charter expects that the Transaction
would be completed within the next few weeks.
About
Charter Communications
Charter
Communications, Inc. is a leading broadband communications company and the
third-largest publicly traded cable operator in the United States. Charter
provides a full range of advanced broadband services, including advanced Charter
Digital® video entertainment programming, Charter High-Speed™ Internet access
service, and Charter Telephone™ services. Charter Business™ similarly provides
scalable, tailored and cost-effective broadband communications solutions to
business organizations, such as business-to-business Internet access, data
networking, video and music entertainment services and business telephone.
Charter's advertising sales and production services are sold under the Charter
Media® brand. More information about Charter can be found at
www.charter.com.
#
#
#
Contact:
Mary
Jo
Moehle
314/543-2397
Cautionary
Statement Regarding Forward-Looking Statements:
This
release includes forward-looking statements within the meaning of Section 27A
of
the Securities Act of 1933, as amended (the "Securities Act") and Section 21E
of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), regarding,
among other things, our plans, strategies and prospects, both business and
financial. Charter will not undertake to revise forward-looking projections
to
reflect events after this date. Although we believe that our plans, intentions
and expectations reflected in or suggested by these forward-looking statements
are reasonable, we cannot assure you that we will achieve or realize these
plans, intentions or expectations. Forward-looking statements are inherently
subject to risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this release may be identified by the use of
forward-looking words such as "believe," "expect," "anticipate," "should,"
"planned," "will," "may," "intend," "estimated," "aim," "on track," "target,"
"opportunity" and "potential," among others. Important factors that could cause
actual results to differ materially from the forward-looking statements we
make
in this release are set forth in reports or documents that we file from time
to
time with the SEC, and include, but are not limited to:
| · |
the
availability, in general, of funds to meet interest payment obligations
under our debt and to fund our operations and necessary capital
expenditures, either through cash flows from operating activities,
further
borrowings or other sources and, in particular, our ability to be able
to
provide under the applicable debt instruments such funds (by dividend,
investment or otherwise) to the applicable obligor of such
debt;
|
| · |
our
ability to comply with all covenants in our indentures and credit
facilities, any violation of which could trigger a default of our other
obligations under cross-default provisions;
|
| · |
our
ability to pay or refinance debt prior to or when it becomes due and/or
to
take advantage of market opportunities and market windows to refinance
that debt through new issuances, exchange offers or otherwise, including
restructuring our balance sheet and leverage
position;
|
| · |
competition
from other video programming distributors, including incumbent telephone
companies, direct broadcast satellite operators, Wi-Fi broadband providers
and DSL providers;
|
| · |
unforeseen
difficulties we may encounter in our continued introduction of our
telephone services such as our ability to meet heightened customer
expectations for the reliability of voice services compared to other
services we provide and our ability to meet heightened demand for
installations and customer service;
|
| · |
our
ability to sustain and grow revenues and cash flows from operating
activities by offering video, high-speed Internet, telephone and other
services and to maintain and grow a stable customer base, particularly
in
the face of increasingly aggressive competition from other service
providers;
|
| · |
our
ability to obtain programming at reasonable prices or to pass programming
cost increases on to our customers;
|
| · |
general
business conditions, economic uncertainty or slowdown;
and
|
| · |
the
effects of governmental regulation, including but not limited to local
franchise authorities, on our business.
|
All
forward-looking statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by this cautionary statement. We
are
under no duty or obligation to update any of the forward-looking statements
after the date of this release.
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