Time Warner sees jump in income from Internet
Time Warner Cable's high-speed Internet service overshadowed its core cable TV business as a boost in broadband subscribers contributed to a 52 percent increase in first-quarter net income.
The company is focusing more on developing technology around Web-delivered video, suggesting that it sees a future providing Internet access and supplanting fears that people could somehow avoid a monthly cable bill by watching shows online.
Combined with the idea that they could someday raise prices on those who use the most data, the company painted a picture of a business that would survive the transition from traditional cable video to the Internet.
"High-speed data is quickly becoming the anchor product in the eyes of our customers," Chief Executive Glenn Britt told analysts Thursday.
Net income rose 52 percent to $325 million, or 93 cents per share. Excluding one-time items, adjusted earnings came to $1.01 per share, beating the 97 cents per share expected by analysts polled by FactSet.
Revenue rose 5 percent to $4.83 billion, also surpassing expectations for revenue of $4.79 billion.
Retailers seek aid on crime
ALBANY (AP) -- New York retailers said Thursday they face an ongoing threat from organized criminals stealing and reselling goods, and they noted concerns about evolving online sales technology and boosted credit and gift card information.
At a conference attended by dozens of police and asset protection specialists in Albany, industry officials said it is already a $30 billion annual problem in the United States.
New York loses an estimated $70 million annually in sales taxes as a result, said James Sherin, president of the Retail Council of New York State. The group backs pending legislation that would ban the sale of items by itinerant vendors that are frequently stolen and fenced, including baby food, cosmetics, nonprescription drugs and batteries. The State Senate approved the bill in March.
Another proposed law would make it a felony to steal using so-called "booster bags" designed to shield their contents and security markings from anti-theft detectors, sometimes with crude aluminum foil linings.
Chrysler to pay bailout
DETROIT (AP) -- Chrysler will soon repay $7.5 billion in bailout money from the U.S. and Canadian governments, another sign that the company is recovering from its near collapse two years ago.
The company will pay back that government debt later this quarter using money from new bank loans and an upcoming bond sale.
Good grade for bridge panel
The operator of three Niagara River bridges has received a credit rating upgrade from A to A from Standard & Poor's.
The new rating represents the third-highest possible.
The Niagara Falls Bridge Commission operates the Lewiston-Queenston, Rainbow and Whirlpool bridges.
"The commission has worked hard over the years to operate the bridges as efficiently and as effectively as possible," said Chairman Patrick D. Brown in a release. "The S&P report is good news because it indicates that we are on solid footing and well positioned to continue planning for success well into the future."
S&P credit ratings reflect the organization's opinion of the ability of a corporation or other entity to satisfy its financial obligations.
"Going forward, if we needed to borrow, we would do it at a lower interest rate and a lower cost," Brown said. "It's also good for our existing bonds. It shows our investors holding them are holding good debt. It gives investors confidence."
Brown said the largest advantage is that future products would be able to be completed at a lower cost and that the savings would translate into cheaper use of the bridges.
Microsoft's earnings jump
Microsoft Corp.'s latest quarterly earnings rose 31 percent even as sales of its Windows operating system sagged.
The third-quarter results released Thursday exceeded analyst estimates.