Exhibit 99.2
NTL DECLARES INITIATION OF REGULAR QUARTERLY DIVIDEND
London, England, May 19, 2006 - NTL Incorporated (NASDAQ: NTLI) today
announces that the Board of Directors of the Company has approved the
payment of a quarterly cash dividend of $0.01 per share of the Company's
Common Stock. The first payment will be made on June 20, 2006 to
stockholders of record as of June 12, 2006.
Jim Mooney, Chairman of NTL said,
"We are pleased to announce NTL's initiation of a regular quarterly
dividend. This is a symbolic action to reflect the strong cash flow growth
opportunities within our business, which together with our capital
structure, gives us future flexibility to drive value and return cash to
our shareholders ."
While NTL intends to pay regular quarterly dividends pursuant to its new
dividend policy, all subsequent dividends will be declared by the NTL Board
of Directors at its discretion. Future dividend payments and their amounts
will take into account future needs and uses of free cash flow, which could
include investments in operations, the repayment of debt, and share
repurchase programs, among other uses.
Contacts
INVESTOR RELATIONS
Richard Williams: +44 20 7299 5479 / Richard.williams@ntl.com
Vani Bassi: +44 20 7299 5353 / vani.bassi@ntl.com
MEDIA (BUCHANANS)
Richard Oldworth or Jeremy Garcia: + 44 20 7466 5000
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995:
Various statements contained in this document constitute "forward-looking
statements" as that term is defined under the Private Securities Litigation
Reform Act of 1995. Words like "believe," "anticipate," "should," "intend,"
"plan," "will," "expects," "estimates," "projects," "positioned,"
"strategy," and similar expressions identify these forward-looking
statements, which involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results to be materially different from those contemplated,
projected, forecasted, estimated or budgeted, whether expressed or implied,
by these forward-looking statements. These factors include: (1) the failure
to obtain and retain expected synergies from the merger with Telewest and
the proposed transaction with Virgin Mobile; (2) rates of success in
executing, managing and integrating key acquisitions, including the merger
with Telewest and the proposed transaction with Virgin Mobile; (3) the
ability to achieve business plans for the combined company; (4) the ability
to manage and maintain key customer relationships; (5) the ability to fund
debt service obligations through operating cash flow; (6) the ability to
obtain additional financing in the future and react to competitive and
technological changes; (7) the ability to comply with restrictive covenants
in NTL's indebtedness agreements; (8) the ability to control customer
churn; (9) the ability to compete with a range of other communications and
content providers; (10) the effect of technological changes on NTL's
businesses; (11) the functionality or market acceptance of new products
that NTL may introduce; (12) possible losses in revenues due to systems
failures; (13) the ability to maintain and upgrade NTL's networks in a
cost-effective and timely manner; (14) the reliance on single-source
suppliers for some equipment and software; (15) the ability to provide
attractive programming at a reasonable cost; and (16) the extent to which
NTL's future earnings will be sufficient to cover its fixed charges.
These and other factors are discussed in more detail under "Risk Factors"
and elsewhere in NTL's Form 10-K and NTL Holdings Inc.'s Form 10-K that
were filed with the SEC on February 28, 2006 and March 1, 2006,
respectively. We assume no obligation to update our forward-looking
statements to reflect actual results, changes in assumptions or changes in
factors affecting these statements.