Adelphia Communications Announces Fourth Quarter And Full Year 2000 Results

Apr 02, 2001, 01:00 ET from Adelphia Communications Corporation

    COUDERSPORT, Pa., April 2 /PRNewswire/ -- John J. Rigas, Chairman and CEO
 of Adelphia Communications Corporation ("Adelphia"), (Nasdaq:   ADLAC) reported
 the results of operations for the fourth quarter ended December 31, 2000.
 Fourth quarter results saw record revenues of $804.6 million compared with
 $635.3 million for the quarter ended December 31, 1999 while EBITDA grew to
 $275.9 million compared with $267.7 million for the quarter ended
 December 31, 1999.  Adelphia's net loss applicable to common stockholders for
 the fourth quarter totaled $255.8 million, or $1.73 per share, compared with
 $128.1 million, or $1.05 per share, for the same period in the prior year.
     On a pro forma basis, as if all acquisitions and divestitures which have
 closed as of December 31, 2000 had occurred on January 1, 1999, basic cable
 subscribers grew 1.3% to 5,547,690 during the twelve-month period ended
 December 31, 2000.  Adelphia's digital subscribers grew 286.5% from 233,949 to
 904,263 and its high speed data subscribers grew 296.1% from 37,495 to
 148,504 on this same basis.  As a result of this growth and operating
 synergies associated with acquisitions that closed in the prior year
 Adelphia's cable operations achieved pro forma annual revenue and EBITDA
 growth rates of 7.7% and 12.6%, respectively, compared to the December 31,
 1999 year.
     Adelphia's subsidiary, Adelphia Business Solutions (Nasdaq:   ABIZ),
 continued to make significant contributions to the Company's overall financial
 performance.  During the twelve months ended December 31, 2000, Adelphia
 Business Solutions' consolidated operating results included revenue growth of
 127.7% to $352.0 million from $154.6 million and consolidated EBITDA losses of
 $106.2 million compared to $44.1 million in the prior period.  The twenty-two
 original markets in which Adelphia Business Solutions has operated since it
 went public in 1998 ("the original markets") delivered impressive annual
 results with revenue increasing 96.4% to $282.6 million and EBITDA increasing
 78.8% to $41.7 million, for the twelve months ended December 31, 2000.
     Timothy Rigas, CFO of Adelphia commented, "The year 2000 demonstrated
 continued success in both our cable and telephone subsidiaries.  The combined
 financial results of our cable operations and Adelphia Business Solutions'
 original markets were impressive.  Together these operations delivered pro
 forma revenue and EBITDA growth of 12.5% and 13.9%, respectively."
     "We were pleased with the dramatic acceleration of our new cable product
 rollouts.  During the December quarter, we added over 380,000 digital cable
 subscribers, averaging approximately 32,000 adds per week, bringing our total
 at quarter end to over 900,000 customers.  This significantly exceeded our
 previously stated goal of ending the year with 800,000 digital cable
 subscribers.  We are happy with the current incremental revenues generated by
 the digital video services.  We are even more excited about the long-term
 revenue opportunities for interactive television and video-on-demand services
 afforded Adelphia through its extensive and growing digital deployment.  We
 also succeeded in achieving our annual goals for deployment of high-speed data
 services.  As we gain additional experience with the high-speed data product
 and continue to open new plant for the services, our weekly sales rate is
 ramping significantly.  In recent weeks we have been adding up to 4,500 new
 high-speed data customers per week which puts us slightly ahead of our goals
 for 2001.  The huge gains in the digital deployment and data ramp rates were
 driven in part by higher than typical marketing expenditures during the
 December 2000 quarter.  These extra marketing expenditures depressed margins
 for the fourth quarter."
     "Looking ahead to 2001, we expect to increase data subscribers by 225,000
 and to end the year 2001 with at least 1,600,000 digital subscribers.  We also
 expect to increase basic subscribers by 1.5% to 1.9% for the year.  While we
 expect full year EBITDA margins to equal full year 2000 EBITDA margins,
 programming price increases during the first quarter of 2001 combined with
 marketing and other expenses associated with the new product rollouts may keep
 our EBITDA margins under pressure during the first quarter of the year.
 Achieving these goals, combined with price increases scheduled to take place
 primarily during the second quarter of 2001, is expected to result in revenue
 and EBITDA growth in the range of 11% to 12.5% for the full year 2001."
 
     Certain statements in this press release are forward-looking statements
 that are subject to material risks and uncertainties.  Investors are cautioned
 that any such forward-looking statements are not guarantees of future
 performance or results and involve risks and uncertainties, and that actual
 results or developments may differ materially from those in the
 forward-looking statements as a result of various factors which are discussed
 in the Company's filings with the Securities and Exchange Commission.  These
 risks and uncertainties include, but are not limited to, uncertainties
 relating to general economic and business conditions, acquisitions and
 divestitures, the availability and cost of capital, government and regulatory
 policies, the pricing and availability of equipment, materials, inventories
 and programming, product acceptance, the Company's ability to execute on its
 business plans and to construct, expand and upgrade its networks, reliance on
 vendors, technological developments and changes in the competitive environment
 in which the Company operates.  Additional information regarding factors that
 may affect the business and financial results of Adelphia can be found in the
 Company's most recent Quarterly Report on Form 10-Q filed with the Securities
 Exchange Commission and the Company's Form 10-K for the year ended
 December 31, 2000, as well as in the prospectus and most recent prospectus
 supplement filed under Registration Statement No. 333-78027, under the section
 entitled "Risk Factors" contained therein.  The Company does not undertake to
 update any forward-looking statements in this press release or with respect to
 matters described herein.
 
     Adelphia will hold its quarterly conference call with investors on Monday,
 April 2, 2001 at 1:00 PM Eastern Daylight Time (EDT).  The conference call can
 be accessed by dialing 1-303-224-6997 (passcode 980818).  A telephone replay
 of the conference call will be available immediately following the call and
 through April 6, 2001.  To access the replay, please dial 1-800-625-5288
 (passcode 980818).  In addition, the call will be broadcast live via the
 Internet at www.adelphia.com .  A recording of the conference call will be
 available on the Company's website from April 2, 2001 through April 13, 2001.
 
 
     Table 1: Selected Annual Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 2
                                                        Actual Results
                                                    Year Ended December 31,
                                                  1999         2000  % Change
     Cable Television
          Basic Services                      $858,614   $1,881,972    119.2%
          Digital & Premium Services           105,084      253,926    141.6%
          Advertising Sales                     53,609      133,701    149.4%
          Consumer Equipment                    36,995       73,361     98.3%
          Off Net Operations                    23,681       53,072    124.1%
          Data  Services                         7,210       30,841    327.8%
          Pay Per View                          12,569       30,786    144.9%
          Other                                 28,028       82,689    195.0%
          Shopping                               7,605       17,030    123.9%
     Gross Revenue                           1,133,394    2,557,377    125.6%
 
          Programming                          263,717      656,214    148.8%
          Direct & System                      110,369      230,819    109.1%
          Administrative                       176,244      383,016    117.3%
          Marketing                             21,722       89,397    311.6%
     Operating Expenses                        572,052    1,359,446    137.6%
 
          Programming                            23.3%        25.7%        *
          Direct & System                         9.7%         9.0%        *
          Administrative                         15.6%        15.0%        *
          Marketing                               1.9%         3.5%        *
     Operating Expenses                          50.5%        53.2%        *
 
     EBITDA                                    561,342    1,197,931    113.4%
     EBITDA Margin                               49.5%        46.8%     -2.7%
 
     EBITDA Before Marketing                   583,064    1,287,328    120.8%
     EBITDA Margin Before Marketing              51.4%        50.3%     -1.1%
 
     Telephony
          Original Markets, Consolidated      $143,886     $282,591     96.4%
          Expansion Markets, Consolidated       10,689       69,383    549.1%
     Gross Revenue                             154,575      351,974    127.7%
 
          Original Markets, Consolidated       120,570      240,909     99.8%
          Expansion Markets, Consolidated       78,139      217,297    178.1%
     Operating Expenses                        198,709      458,206    130.6%
 
          Original Markets, Consolidated        23,316       41,682     78.8%
          Expansion Markets, Consolidated      (67,450)    (147,914)   119.3%
     EBITDA                                    (44,134)    (106,232)   140.7%
 
     Cable & Original Markets Telephony
     Gross Revenue                          $1,277,280   $2,839,968    122.3%
     EBITDA                                    584,658    1,239,613    112.0%
 
 
                                                    Pro Forma Results (1)
                                                    Year Ended December 31,
                                                  1999         2000  % Change
     Cable Television
          Basic Services                    $1,909,870   $2,005,171      5.0%
          Digital & Premium Services           253,605      297,912     17.5%
          Advertising Sales                    120,299      139,536     16.0%
          Consumer Equipment                    89,937       83,844     -6.8%
          Off Net Operations                    47,880       54,563     14.0%
          Data  Services                        11,236       31,281    178.4%
          Pay Per View                          41,677       36,008    -13.6%
          Other                                 65,143       86,132     32.2%
          Shopping                              15,372       18,459     20.1%
     Gross Revenue                           2,555,019    2,752,907      7.7%
 
          Programming                          623,677      697,167     11.8%
          Direct & System                      276,197      267,725     -3.1%
          Administrative                       466,470      413,821    -11.3%
          Marketing                             52,959       95,641     80.6%
     Operating Expenses                      1,419,303    1,474,354      3.9%
 
          Programming                            24.4%        25.3%        *
          Direct & System                        10.8%         9.7%        *
          Administrative                         18.3%        15.0%        *
          Marketing                               2.1%         3.5%        *
     Operating Expenses                          55.5%        53.6%        *
 
     EBITDA                                  1,135,715    1,278,553     12.6%
     EBITDA Margin                               44.5%        46.4%      2.0%
 
     EBITDA Before Marketing                 1,188,675    1,374,194     15.6%
     EBITDA Margin Before Marketing              46.5%        49.9%      3.4%
 
     Telephony
          Original Markets, Consolidated       143,886      282,591     96.4%
          Expansion Markets, Consolidated       10,689       69,383    549.1%
     Gross Revenue                             154,575      351,974    127.7%
 
          Original Markets, Consolidated       120,570      240,909     99.8%
          Expansion Markets, Consolidated       78,139      217,297    178.1%
     Operating Expenses                        198,709      458,206    130.6%
 
          Original Markets, Consolidated        23,316       41,682     78.8%
          Expansion Markets, Consolidated      (67,450)    (147,914)   119.3%
     EBITDA                                    (44,134)    (106,232)   140.7%
 
     Cable & Original Markets Telephony
     Gross Revenue                           2,698,905    3,035,498     12.5%
     EBITDA                                  1,159,031    1,320,235     13.9%
 
 
     Table 1: Selected Annual Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 2 of 2
                                                       Actual Results
                                                   Year Ended December 31,
                                                  1999        2000  % Change
 
 
     EBITDA, Cable                           $561,342   $1,197,931     113.4%
     Interest Expense, Net - Cable            313,687      844,471     169.2%
     Other Expense, Net - Cable               333,253      610,455      83.2%
 
     Net Loss - Cable                         (85,598)    (256,995)    200.2%
 
     EBITDA, Telephony                        (44,134)    (106,232)    140.7%
     Interest Expense, Net - ABIZ              45,898       78,394      70.8%
     Other Expense, Net - ABIZ                107,052      160,863      50.3%
 
     Net Loss - ABIZ                         (197,084)    (345,489)     75.3%
 
     Net Loss - Total                        (282,682)    (602,484)    113.1%
 
     Capital Expenditures - Cable (2)         365,991    1,390,197         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                         72,824      135,515      86.1%
      Fully Converted                               *            *         *
 
     Per Share Data
     Cable Operations                           (1.18)       (1.90)     61.3%
     Total                                      (3.88)       (4.45)     14.5%
 
 
                                                      Pro Forma Results (1)
                                                    Year Ended December 31,
                                                 1999        2000    % Change
 
     EBITDA, Cable                         $1,135,715  $1,278,553      12.6%
     Interest Expense, Net - Cable            928,800     928,800       0.0%
     Other Expense, Net - Cable               750,752     743,780      -0.9%
 
     Net Loss - Cable                        (543,837)   (394,027)    -27.5%
 
     EBITDA, Telephony                        (44,134)   (106,232)    140.7%
     Interest Expense, Net - ABIZ              45,898      78,394      70.8%
     Other Expense, Net - ABIZ                107,052     160,863      50.3%
 
     Net Loss - ABIZ                         (197,084)   (345,489)     75.3%
 
     Net Loss - Total                        (740,921)   (739,516)     -0.2%
 
     Capital Expenditures - Cable (2)         825,000   1,496,475         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                              *           *         *
      Fully Converted                         176,100     176,100       0.0%
 
     Per Share Data
     Cable Operations                           (3.09)      (2.24)    -27.5%
     Total                                      (4.21)      (4.20)     -0.2%
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Capital expenditures, cable excludes digital converter inventories
           on hand at December 31, 2000.
 
      * -  Item has no meaning.
 
 
     Table 2: Selected Quarterly Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 2
 
                                                Actual Results
                                              Three Months Ended
                                                  December 31,
                                                1999        2000    % Change
     Cable Television
          Basic Services                     $437,145    $499,842      14.3%
          Digital & Premium Services           50,729      79,312      56.3%
          Advertising Sales                    34,322      40,022      16.6%
          Consumer Equipment                   17,004      18,504       8.8%
          Off Net Operations                   10,548      14,256      35.2%
          Data  Services                        3,227      11,029     241.7%
          Pay Per View                          6,023       9,511      57.9%
          Other                                17,150      18,502       7.9%
          Shopping                              3,549       4,762      34.2%
     Gross Revenue                            579,698     695,741      20.0%
 
          Programming                         138,413     182,416      31.8%
          Direct & System                      52,158      59,930      14.9%
          Administrative                       95,642     106,684      11.5%
          Marketing                             9,911      34,918     252.3%
     Operating Expenses                       296,124     383,947      29.7%
 
          Programming                           23.9%       26.2%         *
          Direct & System                        9.0%        8.6%         *
          Administrative                        16.5%       15.3%         *
          Marketing                              1.7%        5.0%         *
     Operating Expenses                         51.1%       55.2%         *
 
     EBITDA                                   283,574     311,793      10.0%
     EBITDA Margin                              48.9%       44.8%         *
 
     EBITDA Before Marketing                  293,485     346,711      18.1%
     EBITDA Margin Before Marketing             50.6%       49.8%         *
 
     Telephony
          Original Markets, Consolidated      $49,111     $84,628      72.3%
          Expansion Markets, Consolidated       6,464      24,280     275.6%
     Gross Revenue                             55,575     108,908      96.0%
 
          Original Markets, Consolidated       39,794      74,428      87.0%
          Expansion Markets, Consolidated      29,963      68,678     129.2%
     Operating Expenses                        69,757     143,106     105.1%
 
          Original Markets, Consolidated        9,317      10,200       9.5%
          Expansion Markets, Consolidated     (23,499)    (44,398)     88.9%
     EBITDA                                   (14,182)    (34,198)    141.1%
 
     Cable & Original Markets Telephony
     Gross Revenue                           $628,809    $780,369      24.1%
     EBITDA                                   292,891     321,993       9.9%
 
 
                                               Pro Forma Results (1)
                                                Three Months Ended
                                                   December 31,
                                                1999         2000    % Change
     Cable Television
          Basic Services                    $494,097     $509,268        3.1%
          Digital & Premium Services          64,592       82,379       27.5%
          Advertising Sales                   34,038       40,394       18.7%
          Consumer Equipment                  22,048       19,399      -12.0%
          Off Net Operations                  11,609       14,335       23.5%
          Data  Services                       3,276       11,029      236.6%
          Pay Per View                         8,625        9,894       14.7%
          Other                               18,914       18,710       -1.1%
          Shopping                             3,880        4,901       26.3%
     Gross Revenue                           661,080      710,309        7.4%
 
          Programming                        164,990      186,668       13.1%
          Direct & System                     65,267       65,489        0.3%
          Administrative                     114,106      104,163       -8.7%
          Marketing                           11,491       36,386      216.6%
     Operating Expenses                      355,854      392,705       10.4%
 
          Programming                          25.0%        26.3%          *
          Direct & System                       9.9%         9.2%          *
          Administrative                       17.3%        14.7%          *
          Marketing                             1.7%         5.1%          *
     Operating Expenses                        53.8%        55.3%          *
 
     EBITDA                                  305,226      317,604        4.1%
     EBITDA Margin                             46.2%        44.7%          *
 
     EBITDA Before Marketing                 316,717      353,990       11.8%
     EBITDA Margin Before Marketing            47.9%        49.8%          *
 
     Telephony
          Original Markets, Consolidated     $49,111      $84,628       72.3%
          Expansion Markets,
           Consolidated                        6,464       24,280      275.6%
     Gross Revenue                            55,575      108,908       96.0%
 
          Original Markets, Consolidated      39,794       74,428       87.0%
          Expansion Markets,
           Consolidated                       29,963       68,678      129.2%
     Operating Expenses                       69,757      143,106      105.1%
 
          Original Markets, Consolidated       9,317       10,200        9.5%
          Expansion Markets,
           Consolidated                      (23,499)     (44,398)      88.9%
     EBITDA                                  (14,182)     (34,198)     141.1%
 
     Cable & Original Markets Telephony
     Gross Revenue                          $710,191     $794,937       11.9%
     EBITDA                                  314,543      327,804        4.2%
 
 
     Table 2: Selected Quarterly Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 2 of 2
 
                                                    Actual Results
                                                 Three Months Ended
                                                      December 31,
                                                  1999         2000   % Change
 
     EBITDA, Cable                            $283,574     $311,793      10.0%
     Interest Expense, Net - Cable             171,842      246,370      43.4%
     Other Expense, Net - Cable                178,990      183,981       2.8%
 
     Net Loss - Cable                          (67,258)    (118,558)     76.3%
 
     EBITDA, Telephony                         (14,182)     (34,198)    141.1%
     Interest Expense, Net - ABIZ               16,103       42,405     163.3%
     Other Expense, Net - ABIZ                  30,548       60,657      98.6%
 
     Net Loss - ABIZ                           (60,833)    (137,260)    125.6%
 
     Net Loss - Total                         (128,091)    (255,818)     99.7%
 
     Capital Expenditures - Cable (2)          194,400      536,156         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                         121,769      148,167      21.7%
      Fully Converted                                *            *         *
 
     Per Share Data
     Cable Operations                            (0.55)       (0.80)     44.9%
     Total                                       (1.05)       (1.73)     64.1%
 
                                                Pro Forma Results (1)
                                                 Three Months Ended
                                                     December 31,
                                                  1999         2000   % Change
 
     EBITDA, Cable                            $305,226     $317,604       4.1%
     Interest Expense, Net - Cable             238,700      238,700       0.0%
     Other Expense, Net - Cable                204,117      187,834      -8.0%
 
     Net Loss - Cable                         (137,591)    (108,930)    -20.8%
 
     EBITDA, Telephony                         (14,182)     (34,198)    141.1%
     Interest Expense, Net - ABIZ               16,103       42,405     163.3%
     Other Expense, Net - ABIZ                  30,548       60,657      98.6%
 
     Net Loss - ABIZ                           (60,833)    (137,260)    125.6%
 
     Net Loss - Total                         (198,424)    (246,190)     24.1%
 
     Capital Expenditures - Cable (2)          221,630      547,403         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                               *            *         *
      Fully Converted                          176,100      176,100       0.0%
 
     Per Share Data
     Cable Operations                            (0.78)       (0.62)    -20.8%
     Total                                       (1.13)       (1.40)     24.1%
 
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Capital expenditures, cable excludes digital converter inventories
           on hand at December 31, 2000.
 
      * -  Item has no meaning.
 
 
     Table 3: Selected Balance Sheet Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 1
 
                                                  Actual Results
                                                 As of December 31,
                                                 1999         2000   % Change
 
     Balance Sheet Data - Cable
          Total Debt                       $8,446,554  $11,212,957       *
          Cash                                184,741      121,091       *
          Total Net Debt                    8,261,813   11,091,866       *
          Total Net Senior Debt             8,261,813   11,091,866       *
          Net Senior Debt: EBITDA                7.28         8.89       *
 
 
     Statistical Data
          Homes Passed                      7,722,933    8,757,938     13.4%
          Basic Subscribers                 4,990,092    5,547,690     11.2%
          Digital Subscribers                 233,949      904,263    286.5%
          High Speed Data Subscribers          37,495      148,504    255.9%
          Central Office Collocations             167          299     79.0%
 
 
                                                         Price as of   Market
                                               Shares       Mar 30,    Value
     Investment Data (1)
          ABIZ Shares Owned                   105,466         4.75  $500,964
          UCOMA Shares Owned                    2,558       13.125    33,574
          ATHM Warrants Owned                   3,843         4.48    17,217
          Interactive TV Investments (2)                              78,000
     Total Investments                                               629,754
 
 
                                                 Pro Forma Results (1)
                                                   As of December 31,
                                                  1999          2000   % Change
 
     Balance Sheet Data - Cable
          Total Debt                                 *   $10,660,133       *
          Cash                                       *       121,091       *
          Total Net Debt                             *    10,539,042       *
          Total Net Senior Debt                      *     9,513,742       *
          Net Senior Debt: EBITDA                    *          7.49       *
 
 
     Statistical Data
          Homes Passed                       8,611,621     8,757,938      1.7%
          Basic Subscribers                  5,475,326     5,547,690      1.3%
          Digital Subscribers                  233,949       904,263    286.5%
          High Speed Data Subscribers           37,495       148,504    296.1%
          Central Office Collocations              167           299     79.0%
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Interactive TV investments include investments in the following
           companies:  Across Media Networks, LLC, ICTV, Inc., INTO Networks,
           ReplayTV, Inc., Wink Communications, Inc. and WorldGate
           Communications, Inc.  The investment total is based on Company
           estimates of fair market value as of March 30, 2001.
 
      * -  Item has no meaning.
 
 

SOURCE Adelphia Communications Corporation
    COUDERSPORT, Pa., April 2 /PRNewswire/ -- John J. Rigas, Chairman and CEO
 of Adelphia Communications Corporation ("Adelphia"), (Nasdaq:   ADLAC) reported
 the results of operations for the fourth quarter ended December 31, 2000.
 Fourth quarter results saw record revenues of $804.6 million compared with
 $635.3 million for the quarter ended December 31, 1999 while EBITDA grew to
 $275.9 million compared with $267.7 million for the quarter ended
 December 31, 1999.  Adelphia's net loss applicable to common stockholders for
 the fourth quarter totaled $255.8 million, or $1.73 per share, compared with
 $128.1 million, or $1.05 per share, for the same period in the prior year.
     On a pro forma basis, as if all acquisitions and divestitures which have
 closed as of December 31, 2000 had occurred on January 1, 1999, basic cable
 subscribers grew 1.3% to 5,547,690 during the twelve-month period ended
 December 31, 2000.  Adelphia's digital subscribers grew 286.5% from 233,949 to
 904,263 and its high speed data subscribers grew 296.1% from 37,495 to
 148,504 on this same basis.  As a result of this growth and operating
 synergies associated with acquisitions that closed in the prior year
 Adelphia's cable operations achieved pro forma annual revenue and EBITDA
 growth rates of 7.7% and 12.6%, respectively, compared to the December 31,
 1999 year.
     Adelphia's subsidiary, Adelphia Business Solutions (Nasdaq:   ABIZ),
 continued to make significant contributions to the Company's overall financial
 performance.  During the twelve months ended December 31, 2000, Adelphia
 Business Solutions' consolidated operating results included revenue growth of
 127.7% to $352.0 million from $154.6 million and consolidated EBITDA losses of
 $106.2 million compared to $44.1 million in the prior period.  The twenty-two
 original markets in which Adelphia Business Solutions has operated since it
 went public in 1998 ("the original markets") delivered impressive annual
 results with revenue increasing 96.4% to $282.6 million and EBITDA increasing
 78.8% to $41.7 million, for the twelve months ended December 31, 2000.
     Timothy Rigas, CFO of Adelphia commented, "The year 2000 demonstrated
 continued success in both our cable and telephone subsidiaries.  The combined
 financial results of our cable operations and Adelphia Business Solutions'
 original markets were impressive.  Together these operations delivered pro
 forma revenue and EBITDA growth of 12.5% and 13.9%, respectively."
     "We were pleased with the dramatic acceleration of our new cable product
 rollouts.  During the December quarter, we added over 380,000 digital cable
 subscribers, averaging approximately 32,000 adds per week, bringing our total
 at quarter end to over 900,000 customers.  This significantly exceeded our
 previously stated goal of ending the year with 800,000 digital cable
 subscribers.  We are happy with the current incremental revenues generated by
 the digital video services.  We are even more excited about the long-term
 revenue opportunities for interactive television and video-on-demand services
 afforded Adelphia through its extensive and growing digital deployment.  We
 also succeeded in achieving our annual goals for deployment of high-speed data
 services.  As we gain additional experience with the high-speed data product
 and continue to open new plant for the services, our weekly sales rate is
 ramping significantly.  In recent weeks we have been adding up to 4,500 new
 high-speed data customers per week which puts us slightly ahead of our goals
 for 2001.  The huge gains in the digital deployment and data ramp rates were
 driven in part by higher than typical marketing expenditures during the
 December 2000 quarter.  These extra marketing expenditures depressed margins
 for the fourth quarter."
     "Looking ahead to 2001, we expect to increase data subscribers by 225,000
 and to end the year 2001 with at least 1,600,000 digital subscribers.  We also
 expect to increase basic subscribers by 1.5% to 1.9% for the year.  While we
 expect full year EBITDA margins to equal full year 2000 EBITDA margins,
 programming price increases during the first quarter of 2001 combined with
 marketing and other expenses associated with the new product rollouts may keep
 our EBITDA margins under pressure during the first quarter of the year.
 Achieving these goals, combined with price increases scheduled to take place
 primarily during the second quarter of 2001, is expected to result in revenue
 and EBITDA growth in the range of 11% to 12.5% for the full year 2001."
 
     Certain statements in this press release are forward-looking statements
 that are subject to material risks and uncertainties.  Investors are cautioned
 that any such forward-looking statements are not guarantees of future
 performance or results and involve risks and uncertainties, and that actual
 results or developments may differ materially from those in the
 forward-looking statements as a result of various factors which are discussed
 in the Company's filings with the Securities and Exchange Commission.  These
 risks and uncertainties include, but are not limited to, uncertainties
 relating to general economic and business conditions, acquisitions and
 divestitures, the availability and cost of capital, government and regulatory
 policies, the pricing and availability of equipment, materials, inventories
 and programming, product acceptance, the Company's ability to execute on its
 business plans and to construct, expand and upgrade its networks, reliance on
 vendors, technological developments and changes in the competitive environment
 in which the Company operates.  Additional information regarding factors that
 may affect the business and financial results of Adelphia can be found in the
 Company's most recent Quarterly Report on Form 10-Q filed with the Securities
 Exchange Commission and the Company's Form 10-K for the year ended
 December 31, 2000, as well as in the prospectus and most recent prospectus
 supplement filed under Registration Statement No. 333-78027, under the section
 entitled "Risk Factors" contained therein.  The Company does not undertake to
 update any forward-looking statements in this press release or with respect to
 matters described herein.
 
     Adelphia will hold its quarterly conference call with investors on Monday,
 April 2, 2001 at 1:00 PM Eastern Daylight Time (EDT).  The conference call can
 be accessed by dialing 1-303-224-6997 (passcode 980818).  A telephone replay
 of the conference call will be available immediately following the call and
 through April 6, 2001.  To access the replay, please dial 1-800-625-5288
 (passcode 980818).  In addition, the call will be broadcast live via the
 Internet at www.adelphia.com .  A recording of the conference call will be
 available on the Company's website from April 2, 2001 through April 13, 2001.
 
 
     Table 1: Selected Annual Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 2
                                                        Actual Results
                                                    Year Ended December 31,
                                                  1999         2000  % Change
     Cable Television
          Basic Services                      $858,614   $1,881,972    119.2%
          Digital & Premium Services           105,084      253,926    141.6%
          Advertising Sales                     53,609      133,701    149.4%
          Consumer Equipment                    36,995       73,361     98.3%
          Off Net Operations                    23,681       53,072    124.1%
          Data  Services                         7,210       30,841    327.8%
          Pay Per View                          12,569       30,786    144.9%
          Other                                 28,028       82,689    195.0%
          Shopping                               7,605       17,030    123.9%
     Gross Revenue                           1,133,394    2,557,377    125.6%
 
          Programming                          263,717      656,214    148.8%
          Direct & System                      110,369      230,819    109.1%
          Administrative                       176,244      383,016    117.3%
          Marketing                             21,722       89,397    311.6%
     Operating Expenses                        572,052    1,359,446    137.6%
 
          Programming                            23.3%        25.7%        *
          Direct & System                         9.7%         9.0%        *
          Administrative                         15.6%        15.0%        *
          Marketing                               1.9%         3.5%        *
     Operating Expenses                          50.5%        53.2%        *
 
     EBITDA                                    561,342    1,197,931    113.4%
     EBITDA Margin                               49.5%        46.8%     -2.7%
 
     EBITDA Before Marketing                   583,064    1,287,328    120.8%
     EBITDA Margin Before Marketing              51.4%        50.3%     -1.1%
 
     Telephony
          Original Markets, Consolidated      $143,886     $282,591     96.4%
          Expansion Markets, Consolidated       10,689       69,383    549.1%
     Gross Revenue                             154,575      351,974    127.7%
 
          Original Markets, Consolidated       120,570      240,909     99.8%
          Expansion Markets, Consolidated       78,139      217,297    178.1%
     Operating Expenses                        198,709      458,206    130.6%
 
          Original Markets, Consolidated        23,316       41,682     78.8%
          Expansion Markets, Consolidated      (67,450)    (147,914)   119.3%
     EBITDA                                    (44,134)    (106,232)   140.7%
 
     Cable & Original Markets Telephony
     Gross Revenue                          $1,277,280   $2,839,968    122.3%
     EBITDA                                    584,658    1,239,613    112.0%
 
 
                                                    Pro Forma Results (1)
                                                    Year Ended December 31,
                                                  1999         2000  % Change
     Cable Television
          Basic Services                    $1,909,870   $2,005,171      5.0%
          Digital & Premium Services           253,605      297,912     17.5%
          Advertising Sales                    120,299      139,536     16.0%
          Consumer Equipment                    89,937       83,844     -6.8%
          Off Net Operations                    47,880       54,563     14.0%
          Data  Services                        11,236       31,281    178.4%
          Pay Per View                          41,677       36,008    -13.6%
          Other                                 65,143       86,132     32.2%
          Shopping                              15,372       18,459     20.1%
     Gross Revenue                           2,555,019    2,752,907      7.7%
 
          Programming                          623,677      697,167     11.8%
          Direct & System                      276,197      267,725     -3.1%
          Administrative                       466,470      413,821    -11.3%
          Marketing                             52,959       95,641     80.6%
     Operating Expenses                      1,419,303    1,474,354      3.9%
 
          Programming                            24.4%        25.3%        *
          Direct & System                        10.8%         9.7%        *
          Administrative                         18.3%        15.0%        *
          Marketing                               2.1%         3.5%        *
     Operating Expenses                          55.5%        53.6%        *
 
     EBITDA                                  1,135,715    1,278,553     12.6%
     EBITDA Margin                               44.5%        46.4%      2.0%
 
     EBITDA Before Marketing                 1,188,675    1,374,194     15.6%
     EBITDA Margin Before Marketing              46.5%        49.9%      3.4%
 
     Telephony
          Original Markets, Consolidated       143,886      282,591     96.4%
          Expansion Markets, Consolidated       10,689       69,383    549.1%
     Gross Revenue                             154,575      351,974    127.7%
 
          Original Markets, Consolidated       120,570      240,909     99.8%
          Expansion Markets, Consolidated       78,139      217,297    178.1%
     Operating Expenses                        198,709      458,206    130.6%
 
          Original Markets, Consolidated        23,316       41,682     78.8%
          Expansion Markets, Consolidated      (67,450)    (147,914)   119.3%
     EBITDA                                    (44,134)    (106,232)   140.7%
 
     Cable & Original Markets Telephony
     Gross Revenue                           2,698,905    3,035,498     12.5%
     EBITDA                                  1,159,031    1,320,235     13.9%
 
 
     Table 1: Selected Annual Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 2 of 2
                                                       Actual Results
                                                   Year Ended December 31,
                                                  1999        2000  % Change
 
 
     EBITDA, Cable                           $561,342   $1,197,931     113.4%
     Interest Expense, Net - Cable            313,687      844,471     169.2%
     Other Expense, Net - Cable               333,253      610,455      83.2%
 
     Net Loss - Cable                         (85,598)    (256,995)    200.2%
 
     EBITDA, Telephony                        (44,134)    (106,232)    140.7%
     Interest Expense, Net - ABIZ              45,898       78,394      70.8%
     Other Expense, Net - ABIZ                107,052      160,863      50.3%
 
     Net Loss - ABIZ                         (197,084)    (345,489)     75.3%
 
     Net Loss - Total                        (282,682)    (602,484)    113.1%
 
     Capital Expenditures - Cable (2)         365,991    1,390,197         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                         72,824      135,515      86.1%
      Fully Converted                               *            *         *
 
     Per Share Data
     Cable Operations                           (1.18)       (1.90)     61.3%
     Total                                      (3.88)       (4.45)     14.5%
 
 
                                                      Pro Forma Results (1)
                                                    Year Ended December 31,
                                                 1999        2000    % Change
 
     EBITDA, Cable                         $1,135,715  $1,278,553      12.6%
     Interest Expense, Net - Cable            928,800     928,800       0.0%
     Other Expense, Net - Cable               750,752     743,780      -0.9%
 
     Net Loss - Cable                        (543,837)   (394,027)    -27.5%
 
     EBITDA, Telephony                        (44,134)   (106,232)    140.7%
     Interest Expense, Net - ABIZ              45,898      78,394      70.8%
     Other Expense, Net - ABIZ                107,052     160,863      50.3%
 
     Net Loss - ABIZ                         (197,084)   (345,489)     75.3%
 
     Net Loss - Total                        (740,921)   (739,516)     -0.2%
 
     Capital Expenditures - Cable (2)         825,000   1,496,475         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                              *           *         *
      Fully Converted                         176,100     176,100       0.0%
 
     Per Share Data
     Cable Operations                           (3.09)      (2.24)    -27.5%
     Total                                      (4.21)      (4.20)     -0.2%
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Capital expenditures, cable excludes digital converter inventories
           on hand at December 31, 2000.
 
      * -  Item has no meaning.
 
 
     Table 2: Selected Quarterly Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 2
 
                                                Actual Results
                                              Three Months Ended
                                                  December 31,
                                                1999        2000    % Change
     Cable Television
          Basic Services                     $437,145    $499,842      14.3%
          Digital & Premium Services           50,729      79,312      56.3%
          Advertising Sales                    34,322      40,022      16.6%
          Consumer Equipment                   17,004      18,504       8.8%
          Off Net Operations                   10,548      14,256      35.2%
          Data  Services                        3,227      11,029     241.7%
          Pay Per View                          6,023       9,511      57.9%
          Other                                17,150      18,502       7.9%
          Shopping                              3,549       4,762      34.2%
     Gross Revenue                            579,698     695,741      20.0%
 
          Programming                         138,413     182,416      31.8%
          Direct & System                      52,158      59,930      14.9%
          Administrative                       95,642     106,684      11.5%
          Marketing                             9,911      34,918     252.3%
     Operating Expenses                       296,124     383,947      29.7%
 
          Programming                           23.9%       26.2%         *
          Direct & System                        9.0%        8.6%         *
          Administrative                        16.5%       15.3%         *
          Marketing                              1.7%        5.0%         *
     Operating Expenses                         51.1%       55.2%         *
 
     EBITDA                                   283,574     311,793      10.0%
     EBITDA Margin                              48.9%       44.8%         *
 
     EBITDA Before Marketing                  293,485     346,711      18.1%
     EBITDA Margin Before Marketing             50.6%       49.8%         *
 
     Telephony
          Original Markets, Consolidated      $49,111     $84,628      72.3%
          Expansion Markets, Consolidated       6,464      24,280     275.6%
     Gross Revenue                             55,575     108,908      96.0%
 
          Original Markets, Consolidated       39,794      74,428      87.0%
          Expansion Markets, Consolidated      29,963      68,678     129.2%
     Operating Expenses                        69,757     143,106     105.1%
 
          Original Markets, Consolidated        9,317      10,200       9.5%
          Expansion Markets, Consolidated     (23,499)    (44,398)     88.9%
     EBITDA                                   (14,182)    (34,198)    141.1%
 
     Cable & Original Markets Telephony
     Gross Revenue                           $628,809    $780,369      24.1%
     EBITDA                                   292,891     321,993       9.9%
 
 
                                               Pro Forma Results (1)
                                                Three Months Ended
                                                   December 31,
                                                1999         2000    % Change
     Cable Television
          Basic Services                    $494,097     $509,268        3.1%
          Digital & Premium Services          64,592       82,379       27.5%
          Advertising Sales                   34,038       40,394       18.7%
          Consumer Equipment                  22,048       19,399      -12.0%
          Off Net Operations                  11,609       14,335       23.5%
          Data  Services                       3,276       11,029      236.6%
          Pay Per View                         8,625        9,894       14.7%
          Other                               18,914       18,710       -1.1%
          Shopping                             3,880        4,901       26.3%
     Gross Revenue                           661,080      710,309        7.4%
 
          Programming                        164,990      186,668       13.1%
          Direct & System                     65,267       65,489        0.3%
          Administrative                     114,106      104,163       -8.7%
          Marketing                           11,491       36,386      216.6%
     Operating Expenses                      355,854      392,705       10.4%
 
          Programming                          25.0%        26.3%          *
          Direct & System                       9.9%         9.2%          *
          Administrative                       17.3%        14.7%          *
          Marketing                             1.7%         5.1%          *
     Operating Expenses                        53.8%        55.3%          *
 
     EBITDA                                  305,226      317,604        4.1%
     EBITDA Margin                             46.2%        44.7%          *
 
     EBITDA Before Marketing                 316,717      353,990       11.8%
     EBITDA Margin Before Marketing            47.9%        49.8%          *
 
     Telephony
          Original Markets, Consolidated     $49,111      $84,628       72.3%
          Expansion Markets,
           Consolidated                        6,464       24,280      275.6%
     Gross Revenue                            55,575      108,908       96.0%
 
          Original Markets, Consolidated      39,794       74,428       87.0%
          Expansion Markets,
           Consolidated                       29,963       68,678      129.2%
     Operating Expenses                       69,757      143,106      105.1%
 
          Original Markets, Consolidated       9,317       10,200        9.5%
          Expansion Markets,
           Consolidated                      (23,499)     (44,398)      88.9%
     EBITDA                                  (14,182)     (34,198)     141.1%
 
     Cable & Original Markets Telephony
     Gross Revenue                          $710,191     $794,937       11.9%
     EBITDA                                  314,543      327,804        4.2%
 
 
     Table 2: Selected Quarterly Financial and Other Data (Unaudited)
     (Dollars In Thousands)
     Page 2 of 2
 
                                                    Actual Results
                                                 Three Months Ended
                                                      December 31,
                                                  1999         2000   % Change
 
     EBITDA, Cable                            $283,574     $311,793      10.0%
     Interest Expense, Net - Cable             171,842      246,370      43.4%
     Other Expense, Net - Cable                178,990      183,981       2.8%
 
     Net Loss - Cable                          (67,258)    (118,558)     76.3%
 
     EBITDA, Telephony                         (14,182)     (34,198)    141.1%
     Interest Expense, Net - ABIZ               16,103       42,405     163.3%
     Other Expense, Net - ABIZ                  30,548       60,657      98.6%
 
     Net Loss - ABIZ                           (60,833)    (137,260)    125.6%
 
     Net Loss - Total                         (128,091)    (255,818)     99.7%
 
     Capital Expenditures - Cable (2)          194,400      536,156         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                         121,769      148,167      21.7%
      Fully Converted                                *            *         *
 
     Per Share Data
     Cable Operations                            (0.55)       (0.80)     44.9%
     Total                                       (1.05)       (1.73)     64.1%
 
                                                Pro Forma Results (1)
                                                 Three Months Ended
                                                     December 31,
                                                  1999         2000   % Change
 
     EBITDA, Cable                            $305,226     $317,604       4.1%
     Interest Expense, Net - Cable             238,700      238,700       0.0%
     Other Expense, Net - Cable                204,117      187,834      -8.0%
 
     Net Loss - Cable                         (137,591)    (108,930)    -20.8%
 
     EBITDA, Telephony                         (14,182)     (34,198)    141.1%
     Interest Expense, Net - ABIZ               16,103       42,405     163.3%
     Other Expense, Net - ABIZ                  30,548       60,657      98.6%
 
     Net Loss - ABIZ                           (60,833)    (137,260)    125.6%
 
     Net Loss - Total                         (198,424)    (246,190)     24.1%
 
     Capital Expenditures - Cable (2)          221,630      547,403         *
 
     ADLAC Common Shares Outstanding
      Weighted Average                               *            *         *
      Fully Converted                          176,100      176,100       0.0%
 
     Per Share Data
     Cable Operations                            (0.78)       (0.62)    -20.8%
     Total                                       (1.13)       (1.40)     24.1%
 
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Capital expenditures, cable excludes digital converter inventories
           on hand at December 31, 2000.
 
      * -  Item has no meaning.
 
 
     Table 3: Selected Balance Sheet Data (Unaudited)
     (Dollars In Thousands)
     Page 1 of 1
 
                                                  Actual Results
                                                 As of December 31,
                                                 1999         2000   % Change
 
     Balance Sheet Data - Cable
          Total Debt                       $8,446,554  $11,212,957       *
          Cash                                184,741      121,091       *
          Total Net Debt                    8,261,813   11,091,866       *
          Total Net Senior Debt             8,261,813   11,091,866       *
          Net Senior Debt: EBITDA                7.28         8.89       *
 
 
     Statistical Data
          Homes Passed                      7,722,933    8,757,938     13.4%
          Basic Subscribers                 4,990,092    5,547,690     11.2%
          Digital Subscribers                 233,949      904,263    286.5%
          High Speed Data Subscribers          37,495      148,504    255.9%
          Central Office Collocations             167          299     79.0%
 
 
                                                         Price as of   Market
                                               Shares       Mar 30,    Value
     Investment Data (1)
          ABIZ Shares Owned                   105,466         4.75  $500,964
          UCOMA Shares Owned                    2,558       13.125    33,574
          ATHM Warrants Owned                   3,843         4.48    17,217
          Interactive TV Investments (2)                              78,000
     Total Investments                                               629,754
 
 
                                                 Pro Forma Results (1)
                                                   As of December 31,
                                                  1999          2000   % Change
 
     Balance Sheet Data - Cable
          Total Debt                                 *   $10,660,133       *
          Cash                                       *       121,091       *
          Total Net Debt                             *    10,539,042       *
          Total Net Senior Debt                      *     9,513,742       *
          Net Senior Debt: EBITDA                    *          7.49       *
 
 
     Statistical Data
          Homes Passed                       8,611,621     8,757,938      1.7%
          Basic Subscribers                  5,475,326     5,547,690      1.3%
          Digital Subscribers                  233,949       904,263    286.5%
          High Speed Data Subscribers           37,495       148,504    296.1%
          Central Office Collocations              167           299     79.0%
 
     (1) - The pro forma financial and other data is presented as if all
           acquisitions that closed prior to December 31, 2000 had occurred as
           of January 1, 1999 and includes programming and other cost savings
           expected to be achieved as a result of these acquisitions.
           Additionally, the pro forma results include the application of net
           proceeds of approximately $2.0 billion from the sales by Adelphia of
           Common Stock and 6% Convertible Subordinated Notes due 2006 and the
           purchase of 63,279,694 shares of Adelphia Business Solutions common
           stock on March 19, 2001, as if these transactions had occurred on
           January 1, 1999.  The pro forma information is not necessarily
           indicative of what the results would have been had the acquisitions
           occurred on January 1, 1999.  Reference is made to the Form 10-K
           for further information on the acquisitions and other pro forma
           transactions.
 
     (2) - Interactive TV investments include investments in the following
           companies:  Across Media Networks, LLC, ICTV, Inc., INTO Networks,
           ReplayTV, Inc., Wink Communications, Inc. and WorldGate
           Communications, Inc.  The investment total is based on Company
           estimates of fair market value as of March 30, 2001.
 
      * -  Item has no meaning.
 
 SOURCE  Adelphia Communications Corporation