RCN Will Cut Capital Outlays in Half.(RCN Corp.)(Brief Article)
Multichannel News, January, 2001 by FARRELL, MIKE
RCN Corp. now plans to slash capital expenditures by 50 percent in 2001, abandoning a strategy to aggressively overbuild cable: systems and focusing on existing markets.
The overbuilder said it would reduce its capital expenditures next year by $600 million, to between $770 million and $775 million. Cash-flow losses for the fourth quarter are now expected to be between $110 million and $115 million.
For 2001, RCN estimates a cash-flow loss of about $335 million. But the company said that loss would be reduced on a quarter-by-quarter basis, and RCN expects to be cash-flow positive in 2003.
Analysts had expected the fourth-quarter cash-flow loss to be about $88 million and thought the 2001 loss would be about half the revised figure....
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