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|Cable One's Gulf Coast Systems Suffer Hurricane Damage|
WASHINGTON, Sept. 2 /PRNewswire-FirstCall/ -- Shareholders of The Washington Post Company (NYSE: WPO) should know that among Cable One's 700,000 customers, 160,000 are in the state of Mississippi; of those, about 100,000 are on the Gulf Coast. Cable One is the cable franchise holder for Gulfport, Biloxi, Pascagoula and neighboring communities where storm damage was extraordinary. Revenues from all our Gulf Coast systems were $68 million in 2004.
More than 170 Washington Post Company people work in those systems. We have been in touch with many, but by no means all. We know of no deaths or major injuries, but a significant number of homes are totally lost.
Since these communities have no power, there is no cable service. It may be some time before most people return to their home towns. The Company's business will suffer; part of the loss is covered by insurance, but some will be borne by the Company. Headend facilities in Gulfport and Biloxi are largely intact. The Pascagoula headend suffered significant water damage. The extent of damage to cable lines and other facilities is unknown.
"Any financial losses are trivial compared to the human suffering on the Gulf Coast," said Donald E. Graham, chairman of The Washington Post Company. "Our first concern is for those who live in the region, including those who work for Cable One and their families. We've been part of the growth of the Mississippi Gulf Coast, and we look forward to being part of its rebuilding."
Headquartered in Phoenix, AZ, Cable One is the cable broadcasting division of The Washington Post Company.
SOURCE The Washington Post Company