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Earnings report: Charter loses $1.04 billion
FROM STAFF AND WIRE REPORTS
Town and Country-based Charter Communications said Monday that it suffered a loss of $1.04 billion in the third quarter, compared with a loss of $322 million a year ago, due to the cable company recording a $2.85-billion writedown of the value of its cable franchises. The company, which hopes to emerge from bankruptcy soon, said revenue increased 3.5 percent to $1.69 billion. Dish Network Corp., the nation's second-largest satellite TV operator, said net income fell 12 percent in the third quarter. Dish earned $81 million, or 18 cents per share, compared with $92 million, or 20 cents, a year ago. Revenue fell 1.5 percent to $2.89 billion. Electronic Arts Inc. reported a wider loss and announced plans to lay off as many as 1,500 workers. For the second quarter, EA lost $391 million, or $1.21 a share, compared with a loss of $310 million, or 97 cents, a year ago. Revenue slipped 12 percent to $788 billion. MBIA Inc. incurred heavier losses in its insurance business than expected, saddling the bond insurer with a third-quarter loss after two quarters of profit. It lost $727.8 million, or $3.50 per share, compared with a loss of $806.5 million, or $3.42, a year ago. Priceline.com Inc. said third-quarter profit more than tripled on an "exceptionally strong" summer travel season. Income climbed to $319 million, or $6.42 per share, from $84.5 million, $1.74, a year ago. Revenue jumped 30 percent to $730.7 million. Stifel Financial Corp. reported a 46 percent increase in profits per-share for the third quarter, and CEO Ronald J. Kruszewski predicted record profit for the year. The St. Louis-based investment banking company, parent of Stifel Nicolaus & Co., reported a profit of $22.1 million, or 67 cents per share, compared to $12.8 million, or 46 cents, a year earlier. Revenue set a record of $290 million, up 32 percent. Proposed merger partners Ticketmaster Entertainment Inc. and Live Nation Inc. both said their earnings were hurt by costs related to the deal, expected to drag into 2010 as regulators explore antitrust concerns. Ticketmaster's net income increased more than a third to $13 million. Revenue rose 3 percent to $349 million. Live Nation's net income fell by half to $69 million, or 78 cents per share. That happened even as better sales of concert tickets sent revenue up 14 percent to $1.81 billion. Combined, the companies spent nearly $12 million in merger expenses in the quarter.
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