Tele-Communications Inc., the nation's largest cable systems operator, is blaming a 77 percent decline in second-quarter profits on new federal regulations on cable rates.
For the quarter that ended June 30, TCI had earnings of $6 million, or 1 cent a share, on revenues of $1.1 billion. In the same quarter of 1993, TCI had net income of $26 million, or 6 cents a share, on revenues of $1 billion.For the first six months, TCI profits totaled $38 million, or 8 cents a share, on revenues of $2.1 billion. A year earlier, profits were $79 million, or 17 cents a share, on $2 billion in revenues.
The company said its basic service subscribers totaled 10.9 million on June 30, up 4 percent from a year earlier.
Brendan Clouston, an executive vice president, said the company has complied with Federal Communications Commission rate provisions and has limited its exposure to the uncertainties of cost-of-service methodologies.