RCN’s Loss Widens on Impairment Costs
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RCN Corp. said its second-quarter loss widened as the provider of cable TV, telephone and Internet services backed by billionaire Paul Allen had $892.3 million in asset impairment and other costs. Shares in the company fell 10%.
The net loss widened to $1.05 billion, or $10.46 a share, from $676.9 million, or $7.38, a year earlier. Per-share amounts reflect the payment of preferred dividends. Sales rose 15% to $128 million from $111 million. RCN shares fell 14 cents to $1.25 in Nasdaq trading. The stock has fallen 72% in the last year.
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