Exhibit 99.1
Insight Communications Announces First Quarter 2006 Results
NEW YORK--(BUSINESS WIRE)--May 8, 2006--Insight Communications
Company today announced financial results for the quarter ended March
31, 2006.
First Quarter Highlights
-- Revenue of $301.3 million, an increase of 12% over Q1 2005
-- Adjusted Operating Income before Depreciation and Amortization* of
$112.3 million, an increase of 4% over Q1 2005
-- Capital expenditures of $57.6 million
-- Free Cash Flow* of $28.9 million
-- Total Customer Relationships of 1,376,800 at Q1 2006, an increase of
49,700 compared to 1,327,100 at Q1 2005
-- Total Revenue Generating Units ("RGUs") of 2,481,700 at Q1 2006, an
increase of 15% from Q1 2005, comprised of:
-- High-speed Internet ("HSI") customer net gain of 44,400, an
increase of 19% over Q1 2005 net additions. Total HSI customers
at quarter end were 514,800, a penetration of 22% of HSI homes
passed.
-- Basic customer net gain of 25,100, an increase of 26,200
customers over Q1 2005 net losses, resulting in 1,306,700 basic
customers at quarter end
-- Digital customer net gain of 41,700, an increase of 34,000
customers over Q1 2005 net additions, increasing digital
customers to 560,500 at quarter end. Digital penetration was 45%
of the company's Digital Universe.
-- Telephone customer net gain of 9,800, an increase of 5,500
customers over Q1 2005 net additions, bringing total telephone
customers to 99,700 at quarter end and penetration to 12% of
marketable homes passed
-- As of March 31, 2006, 97% of the company's customers were passed by
two-way, 750 MHz or higher capacity upgraded network.
* See explanation of these Non-GAAP measures on page 5.
(1)
Operating Results for the Three Months Ended March 31, 2006 Compared to the
Three Months Ended March 31, 2005
Revenue for the three months ended March 31, 2006 totaled $301.3 million,
an increase of 12% over the prior year, due primarily to customer gains in all
services, as well as video rate increases. High-speed Internet service revenue
increased 34% over the prior year, which was attributable to an increased
customer base and was partially offset by lower average revenue per customer due
to promotional discounts. Insight added a net 44,400 high-speed Internet
customers during the quarter to end at 514,800 customers. In addition, digital
service revenue increased 19% over the prior year due to an increased customer
base. Insight added a net 41,700 digital customers during the quarter to end at
560,500 customers.
Basic cable service revenue increased 7% due to an increased customer base
and video rate increases, partially offset by promotional discounts. Insight is
increasing its customer growth and retention efforts by increasing spending on
sales and marketing efforts, emphasizing bundling and enhancing and
differentiating its video services by providing video-on-demand, high definition
television and digital video recorders. The company is also continuing to focus
on improving customer satisfaction through higher service levels and increased
education of product offerings.
Revenue by service offering was as follows for the three months
ended March 31 (dollars in thousands):
Revenue by Service Offering
---------------------------------------------------
Three Three
Months Months
Ended Ended % Change
March 31, % of Total March 31, % of Total in
2006 Revenue 2005 Revenue Revenue
--------- ---------- --------- ---------- ---------
Basic $158,207 52.5% $147,632 54.8% 7.2%
High-Speed Internet 56,497 18.8% 42,113 15.6% 34.2%
Digital 31,723 10.5% 26,761 9.9% 18.5%
Advertising 17,697 5.9% 16,988 6.3% 4.2%
Premium 13,394 4.4% 14,344 5.3% -6.6%
Telephone 11,355 3.8% 7,732 2.9% 46.9%
Franchise fees 7,354 2.4% 7,420 2.8% -0.8%
Other 5,054 1.7% 6,337 2.4% -20.2%
--------- ---------- --------- ---------- ---------
Total $301,281 100.0% $269,327 100.0% 11.9%
========= ========== ========= ========== =========
Total Customer Relationships were 1,376,800 as of March 31, 2006, an
increase of 49,700 from 1,327,100 as of March 31, 2005. Total Customer
Relationships represent the number of customers who receive one or more of
Insight's products (i.e., basic cable, high-speed Internet or telephone) without
regard to which product they purchase. RGUs, which represent the sum of basic,
digital, high-speed Internet and telephone customers, as of March 31, 2006
increased 15% as compared to March 31, 2005.
(2)
RGUs by category were as follows (in thousands):
March 31, 2006 March 31, 2005
------------------- -------------------
Basic 1,306.7 1,271.4
Digital 560.5 459.0
High-speed Internet 514.8 367.8
Telephone 99.7 68.6
------------------- -------------------
Total RGUs 2,481.7 2,166.8
=================== ===================
Average monthly revenue per basic customer was $77.60 for the three months
ended March 31, 2006 compared to $70.58 for the three months ended March 31,
2005. This primarily reflects the continued growth of high-speed Internet and
digital product offerings in all markets, as well as video rate increases.
Programming and other operating costs increased $11.0 million, or 11%.
Increases in customers and substantial increases in programming rates were
partially offset by programming credits. The credits resulted from favorable
resolution of pricing negotiations related to certain prior period programming
costs that were accrued at a higher rate than the amount actually paid. In
addition, direct operating costs increased due to an increase in high-speed
Internet service provider costs. This increase is primarily attributable to the
addition of 44,400 high-speed Internet customers and the payment of
contractually-obligated and other one-time transition costs to bring Internet
services in house. Other operating costs increased primarily as a result of
increases in repair, maintenance and warranty costs; an increase in taxes due to
a change in the tax law in Kentucky; and an increase in installation labor due
to increased customer activity.
Selling, general and administrative expenses increased $14.9 million, or
23%, primarily due to increased payroll, payroll related costs and temporary
help, including an increase in the number of employees and salary increases for
existing employees. Marketing expenses increased over the prior year to support
the continued rollout of high-speed Internet, digital and telephone products,
and to grow the company's core video customer base.
Depreciation and amortization expense increased $3.4 million, or 6%,
primarily as a result of additional capital expenditures through March 31, 2006.
These expenditures were primarily for purchases of customer premise equipment,
drop materials, capitalized labor and network extensions, all of which Insight
considers necessary in order to continue to maintain and grow its customer base
and expand its service offerings. Partially offsetting this increase was a
decrease in depreciation expense related to certain assets that have become
fully depreciated since March 31, 2005.
As a result of the factors discussed above, Adjusted Operating Income
before Depreciation and Amortization increased $4.7 million to $112.3 million,
an increase of 4% over Q1 2005.
(3)
Interest expense increased $6.4 million, or 12%, due to higher interest
rates, which averaged 8.88% for the three months ended March 31, 2006, as
compared to 7.82% for the three months ended March 31, 2005, and an increase in
the accreted value of the 12 1/4% Senior Discount Notes.
Liquidity and Capital Resources
Insight's business requires cash for operations, debt service and capital
expenditures. The cable television business has substantial ongoing capital
requirements for the construction, expansion and maintenance of its broadband
networks and provision of new services. In the past, expenditures have been made
for various purposes, including the upgrade of the existing cable network, and
in the future will be made for network extensions, installation of new services,
customer premise equipment (e.g., set-top boxes), deployment of new product and
service offerings, and, to a lesser extent, network upgrades. Historically,
Insight has been able to meet its cash requirements with cash flow from
operations, borrowings under its credit facilities and issuances of private and
public debt and equity.
Cash provided by operations for the three months ended March 31, 2006 and
2005 was $86.5 million and $76.1 million. The increase was primarily
attributable to the timing of cash receipts and payments related to our working
capital accounts and was partially offset by the effect of non-cash items and an
increase in our net loss.
Cash used in investing activities for the three months ended March 31, 2006
and 2005 was $57.6 million and $38.9 million. The increase primarily was due to
increases in capital expenditures. For the three months ended March 31, 2006 and
2005, Insight spent $57.6 million and $38.7 million in capital expenditures.
These expenditures principally constituted purchases of customer premise
equipment, capitalized labor, installation materials, headend equipment and
system upgrades and rebuilds, all of which are necessary to maintain Insight's
existing network, grow its customer base and expand its service offerings.
Cash used in financing activities for the three months ended March 31, 2006
and 2005 was $20.9 million for the amortization payments on the credit facility.
Free Cash Flow for the three months ended March 31, 2006 totaled
$28.9 million, compared to $37.4 million for the three months ended
March 31, 2005. The decrease in Free Cash Flow from Q1 2005 to Q1 2006
of $8.5 million was primarily driven by the following:
-- An $18.9 million increase in capital expenditures;
-- A $2.1 million use of Free Cash Flow for the three months ended March
31, 2006 compared to a $6.7 million source for the three months ended
March 31, 2005 from changes in working capital accounts; and
-- A $500,000 increase in cash taxes paid.
(4)
These uses of cash were offset by:
-- A $15.0 million decrease in cash interest expense paid due to a timing
difference in the bond interest payments, and
-- A $4.7 million increase in Adjusted Operating Income before
Depreciation and Amortization.
While Insight expects to continue to use Free Cash Flow to repay its
indebtedness, it also expects interest costs will be higher as interest rates
continue to increase, which would reduce Free Cash Flow.
Use of Adjusted Operating Income before Depreciation and Amortization and
Free Cash Flow
Insight utilizes Adjusted Operating Income before Depreciation and
Amortization, (defined as operating income before depreciation, amortization and
non-cash stock-based compensation) among other measures, to evaluate the
performance of its businesses. Adjusted Operating Income before Depreciation and
Amortization is considered an important indicator of the operational strength of
Insight's businesses and is a component of its annual compensation programs. In
addition, Insight's debt agreements use Adjusted Operating Income before
Depreciation and Amortization, adjusted for certain non-recurring items, in
their leverage and other covenant calculations. Insight also uses this measure
to determine how it will allocate resources and capital. Insight's management
finds this measure helpful because it captures all of the revenue and ongoing
operating expenses of its businesses and therefore provides a means to directly
evaluate the ability of the business operations to generate returns and to
compare operating capabilities across its businesses. This measure is also used
by equity and fixed income research analysts in their reports to investors
evaluating Insight's businesses and other companies in the cable television
industry. Insight believes Adjusted Operating Income before Depreciation and
Amortization is useful to investors because it enables them to assess its
performance in a manner similar to the methods used by Insight's management and
provides a measure that can be used to analyze, value and compare companies in
the cable television industry that may have different depreciation, amortization
and stock-based compensation policies.
A limitation of Adjusted Operating Income before Depreciation and
Amortization, however, is that it does not reflect the periodic costs of certain
capitalized tangible and intangible assets used in generating revenues in
Insight's businesses. Management evaluates the costs of such tangible and
intangible assets through other financial measures such as capital expenditures,
investment spending and Free Cash Flow. Management also evaluates the costs of
capitalized tangible and intangible assets by analyzing returns provided on the
capital dollars deployed. Another limitation of Adjusted Operating Income before
Depreciation and Amortization is that it does not reflect income net of interest
expense, which is a significant expense for the company because of the
substantial debt it has incurred to acquire cable television systems and finance
capital expenditures to upgrade its cable network. Management evaluates the
impact of interest expense through other measures including interest expense
itself, Free Cash Flow, the returns analysis discussed above and debt service
covenant ratios under Insight's credit facility.
(5)
Free Cash Flow is net cash provided by operating activities (as defined by
accounting principles generally accepted in the United States) less capital
expenditures. Free Cash Flow is considered to be an important indicator of
Insight's liquidity, including its ability to repay indebtedness. Insight
believes Free Cash Flow is useful for investors because it enables them to
assess Insight's ability to service its debt and to fund continued growth with
internally generated funds in a manner similar to the methods used by Insight's
management, and provides a measure that can be used to analyze, value and
compare companies in the cable television industry.
Both Adjusted Operating Income before Depreciation and Amortization and
Free Cash Flow should be considered in addition to, not as a substitute for,
Operating Income, Net Income and various cash flow measures (e.g., Net Cash
Provided by Operating Activities), as well as other measures of financial
performance and liquidity reported in accordance with accounting principles
generally accepted in the United States.
Reconciliation of Net Loss to Adjusted Operating Income before Depreciation
and Amortization
The following table reconciles Net Loss to Adjusted Operating Income before
Depreciation and Amortization. In addition, the table provides the components
from Net Loss to Operating Income for purposes of the previous discussions.
Three Months Ended
March 31,
---------------------
2006 2005
---------------------
(in thousands)
(unaudited)
Net loss $(10,819) $ (8,342)
Provision for income taxes 80 125
---------------------
Loss before income taxes (10,739) (8,217)
Minority interest income (2,505) (1,400)
---------------------
Loss before minority interest and income taxes (13,244) (9,617)
Other (income) expense:
Other 70 (128)
Interest income (512) (262)
Interest expense 61,075 54,717
---------------------
Total other expense, net 60,633 54,327
---------------------
Operating income 47,389 44,710
Depreciation and amortization 64,312 60,953
Stock-based compensation 550 1,907
---------------------
Adjusted Operating Income before Depreciation and
Amortization $112,251 $107,570
=====================
(6)
Reconciliation of Net Cash Provided by Operating Activities to Free Cash
Flow
The following table provides a reconciliation from net cash provided by
operating activities to Free Cash Flow. In addition, the table provides the
components from net cash provided by operating activities to operating income
for purposes of the previous discussions.
Three Months Ended March 31,
----------------------------
2006 2005
----------------------------
(in thousands)
(unaudited)
Operating income $ 47,389 $ 44,710
Depreciation and amortization 64,312 60,953
Stock-based compensation 550 1,907
----------------------------
Adjusted Operating Income before
Depreciation and Amortization 112,251 107,570
Changes in working capital accounts(1) (2,086) 6,728
Cash paid for interest(2) (23,087) (38,082)
Cash paid for taxes (553) (137)
----------------------------
Net cash provided by operating activities 86,525 76,079
Capital expenditures (57,629) (38,725)
----------------------------
Free Cash Flow $ 28,896 $ 37,354
============================
(1) Changes in working capital accounts are based on the net cash
changes in current assets and current liabilities, excluding
changes related to interest and taxes and other non-cash expenses.
(2) Interest for the first quarter of 2005 included bond interest
payments due April 1, 2005 that were made on March 31, 2005. Had
the payments been made on April 1, 2005, Free Cash Flow for the
three months ended March 31, 2005 would have been $56,123.
About Insight Communications
Insight Communications is the 9th largest cable operator in the United
States, serving approximately 1.3 million customers in the four contiguous
states of Illinois, Kentucky, Indiana and Ohio. Insight offers bundled,
state-of-the-art services in mid-sized communities, delivering analog and
digital video, high-speed Internet and, in selected markets, voice telephony to
its customers.
Any statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934. The words "estimate," "expect," "anticipate" and other
expressions that indicate future events and trends identify forward-looking
statements. The above forward-looking statements are subject to risks and
uncertainties and are subject to change based upon a variety of factors that
could cause actual results to differ materially from those Insight anticipates.
Factors that could have a material and adverse impact on actual results include:
all of the services offered by Insight face a wide range of competition; Insight
has substantial debt and has significant interest payment requirements; there is
uncertainty surrounding the potential dissolution of Insight's joint venture
with a subsidiary of Comcast Corporation; the terms of Insight Midwest's
indebtedness limits Insight's ability to access the cash flow of Insight
Midwest's subsidiaries; Insight has a history of net losses; Insight's
programming costs are substantial; general business conditions, economic
uncertainty or slowdown, and the effects of governmental regulation; and the
other risk factors described in Insight's annual report on Form 10-K and other
periodic filings. Insight does not undertake any obligation to publicly update
or release any revisions to these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect the
occurrence of unanticipated events, except as required by law.
(7)
INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
March 31, December 31,
2006 2005
----------- ------------
unaudited
Assets
Cash and cash equivalents $ 37,883 $ 29,782
Investments 6,158 5,901
Trade accounts receivable, net of allowance
for doubtful accounts of $998 and $1,079 as
of March 31, 2006 and December 31, 2005 17,577 27,261
Launch funds receivable 587 974
Prepaid expenses and other current assets 12,131 9,645
----------- ------------
Total current assets 74,336 73,563
Fixed assets, net 1,125,118 1,130,705
Goodwill 72,430 72,430
Franchise costs 2,361,959 2,361,959
Deferred financing costs, net of accumulated
amortization of $25,711 and $24,302 as of
March 31, 2006 and December 31, 2005 22,815 24,220
Other non-current assets 2,488 2,287
----------- ------------
Total assets $3,659,146 $3,665,164
=========== ============
(8)
INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
March 31, December 31,
2006 2005
----------- ------------
unaudited
Liabilities and stockholders' equity
Accounts payable $ 34,241 $ 42,333
Accrued expenses and other current liabilities 39,472 45,411
Accrued property taxes 16,188 12,921
Accrued programming costs (inclusive of
$29,877 and $29,878 due to related parties as
of March 31, 2006 and December 31, 2005) 45,613 43,705
Deferred revenue 3,714 4,978
Interest payable 51,944 20,459
Debt - current portion 83,500 83,500
----------- ------------
Total current liabilities 274,672 253,307
Deferred revenue 1,281 1,499
Debt 2,660,359 2,676,418
Other non-current liabilities 4,047 2,384
Minority interest 248,506 251,011
Stockholders' equity:
Voting preferred stock, $.01 par value:
Series A - 1,000,000 shares authorized;
848,945 shares issued and outstanding as
of March 31, 2006 and December 31, 2005 8 8
Series B - 1,000,000 shares authorized;
517,836 shares issued and outstanding as
of March 31, 2006 and December 31, 2005 5 5
Non-voting preferred stock, $.01 par value:
Series C - 15,000,000 shares authorized;
13,364,693 shares issued and outstanding
as of March 31, 2006 and December 31, 2005 134 134
Series D - 50,000,000 shares authorized;
47,015,659 shares issued and outstanding
as of March 31, 2006 and December 31, 2005 470 470
Non-voting common stock, $.01 par value:
Series E - 5,000,000 shares authorized;
3,665,747 and 0 shares issued and
outstanding as of March 31, 2006 and
December 31, 2005 37 -
Series F - 100,000 shares authorized;
92,470 and 0 shares issued and outstanding
as of March 31, 2006 and December 31, 2005 1 -
Voting common stock, $.01 par value:
Series G - 10,000,000 shares authorized; 0
shares issued and outstanding as of March
31, 2006 and December 31, 2005 - -
Additional paid-in-capital 829,342 829,337
Accumulated deficit (356,018) (345,199)
Deferred stock compensation (3,698) (4,210)
----------- ------------
Total stockholders' equity 470,281 480,545
----------- ------------
Total liabilities and stockholders' equity $3,659,146 $3,665,164
=========== ============
(9)
INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in thousands)
Three months ended
March 31,
-------------------
2006 2005*
--------- ---------
Revenue $301,281 $269,327
Operating costs and expenses:
Programming and other operating costs (exclusive
of depreciation and amortization) (inclusive of
$43,081 and $41,499 of programming expense
incurred through related parties during March
31, 2006 and 2005) 109,585 98,583
Selling, general and administrative (inclusive
of $550 and $1,907 of stock-based compensation
as of March 31, 2006 and December 31, 2005) 79,995 65,081
Depreciation and amortization 64,312 60,953
--------- ---------
Total operating costs and expenses 253,892 224,617
--------- ---------
Operating income 47,389 44,710
Other income (expense):
Interest expense (61,075) (54,717)
Interest income 512 262
Other income (expense) (70) 128
--------- ---------
Total other expense, net (60,633) (54,327)
Loss before minority interest and income taxes (13,244) (9,617)
Minority interest income 2,505 1,400
--------- ---------
Loss before income taxes (10,739) (8,217)
Provision for income taxes (80) (125)
--------- ---------
Net loss $(10,819) $ (8,342)
========= =========
* Reclassifications have been made to the prior year's financial
statements to conform to those used in 2006.
(10)
INSIGHT COMMUNICATIONS COMPANY, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(dollars in thousands)
Three months ended
March 31,
-------------------
2006 2005
--------- ---------
Operating activities:
Net loss $(10,819) $(8,342)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 64,312 60,953
Stock-based compensation 550 1,907
Non-cash consulting expense - 15
Loss on interest rate swaps 1,665 233
Minority interest (2,505) (1,400)
Provision for losses on trade accounts
receivable 2,904 3,994
Contribution of stock to 401(k) Plan - 956
Amortization of note discount 4,816 9,260
Changes in operating assets and liabilities:
Trade accounts receivable 6,780 8,446
Launch funds receivable 387 2,156
Prepaid expenses and other assets (2,710) (4,623)
Accounts payable (8,092) (6,818)
Interest payable 31,485 7,375
Accrued expenses and other liabilities (2,248) 1,967
--------- ---------
Net cash provided by operating activities 86,525 76,079
--------- ---------
Investing activities:
Purchase of fixed assets (57,629) (38,725)
Sale of fixed assets 336 -
Purchase of investments (257) (163)
--------- ---------
Net cash used in investing activities (57,550) (38,888)
--------- ---------
Financing activities:
Repayment of credit facilities (20,875) (20,875)
Other 1 -
--------- ---------
Net cash used in financing activities (20,874) (20,875)
--------- ---------
Net increase in cash and cash equivalents 8,101 16,316
Cash and cash equivalents, beginning of period 29,782 100,144
--------- ---------
Cash and cash equivalents, end of period $37,883 $116,460
========= =========
(11)
INSIGHT COMMUNICATIONS COMPANY, INC.
OPERATING STATISTICS
(in thousands, except per customer and penetration data)
Q1 Q4 Q1
2006 2005 2005
--------- --------- ---------
Customer Relationships 1,376.8 1,347.5 1,327.1
Total Average Monthly Revenue per
Customer $77.60 $75.75 $70.58
Basic Cable
- -----------
Homes Passed 2,434.9 2,420.6 2,384.4
Basic Cable Customers 1,306.7 1,281.6 1,271.4
Basic Cable Penetration 53.7% 52.9% 53.3%
Cable Revenue $158,207 $150,225 $147,632
Average Monthly Cable Revenue per
Customer $40.75 $39.23 $38.69
High-Speed Internet ("HSI")
- ---------------------------
HSI Homes Passed 2,387.0 2,378.9 2,329.5
HSI Customers 514.8 470.4 367.8
HSI Penetration 21.6% 19.8% 15.8%
HSI Revenue $56,497 $52,712 $42,113
Average Monthly HSI Revenue per
Customer $14.55 $13.77 $11.04
Average Monthly HSI Revenue per HSI
Customer $38.23 $38.64 $40.21
Digital Cable
- -------------
Digital Universe 1,245.4 1,238.6 1,224.5
Digital Customers 560.5 518.8 459.0
Digital Cable Penetration 45.0% 41.9% 37.5%
Digital Revenue $31,723 $29,303 $26,761
Average Monthly Digital Revenue per
Customer $8.17 $7.65 $7.01
Average Monthly Digital Revenue per
Digital Customer $19.59 $19.37 $19.60
Telephone
- ---------
Telephone Universe (marketable homes) 858.3 832.0 761.1
Telephone Customers 99.7 89.9 68.6
Telephone Penetration (to marketable
homes) 11.6% 10.8% 9.0%
Telephone Revenue $11,355 $10,363 $7,732
Average Monthly Telephone Revenue per
Customer $2.92 $2.71 $2.03
Average Monthly Telephone Revenue per
Telephone Customer $39.93 $40.46 $38.79
Advertising Revenue
- -------------------
Advertising Revenue $17,697 $20,851 $16,988
Average Monthly Advertising Revenue
per Customer $4.56 $5.45 $4.45
Other Revenue
- -------------
Other Revenue $25,802 $26,603 $28,101
Average Monthly Other Revenue per
Customer $6.65 $6.94 $7.36
(12)
INSIGHT COMMUNICATIONS COMPANY, INC.
NCTA STANDARD REPORTING CATEGORIES
CAPITAL EXPENDITURES
(unaudited)
(in thousands)
Q1 2006 2005 FY
Insight Consolidated
- ------------------------------------------------------- --------------
Customer Premise Equipment $ 36,642 $ 114,846
Scaleable Infrastructure 4,491 20,694
Line Extensions 6,333 26,813
Upgrade/Rebuild 3,719 24,704
Support Capital 6,444 33,045
-------------- --------------
Total Insight Consolidated $ 57,629 $ 220,102
-------------- --------------
(13)
CONTACT: Insight Communications
Sandy Colony, 917-286-2300