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News Release

Charter Fourth Quarter 2001 Earnings

ST. LOUIS, Feb 11, 2002 (BUSINESS WIRE) -- Charter Communications, Inc. (Nasdaq: CHTR) today reported revenue growth that exceeded its guidance, and cash flow growth at the top of its estimated range for the year 2001. These results were highlighted by the addition of a near record number of new cable modem customers during the fourth quarter.

During a conference call this morning, Charter President and CEO Carl Vogel will provide an overview of his first 100 days at the helm of the nation's fourth largest broadband communications company, financial results for the year 2001, and guidance for the year 2002.

"Charter will maintain its decentralized operating philosophy; take a responsible approach to internal customer growth, placing additional focus on the sale of advanced services; maintain a strong emphasis on revenue generating units (RGU's) given our multiple product offerings; and maintain leadership in the continuing rollout of interactive services and advanced set top devices over our robust broadband platform," Mr. Vogel said.

    Demand for Advanced Services Remains Strong
Mr. Vogel said that at the close of 2001, Charter had almost 645,000 data customers, exceeding previously stated guidance of 630,000. "We narrowly missed having the largest increase ever in cable modem customers during the fourth quarter, adding some 100,000 Charter Pipeline customers, no matter that our marketing efforts were impacted by the @Home bankruptcy. We're confident in continued consumer demand for this product. I believe we could double the number of cable modem customers in 2002."

During the fourth quarter of 2001, the Company successfully converted about 145,000 cable modem customers from service with the bankrupt ISP @Home to Charter Pipeline. Mr. Vogel said the transition process was quick and handled internally, with virtually no churn as a result of customer service issues or the inconvenience of changing e-mail addresses.

As of December 31, 2001, Charter Digital Cable(TM) customers totaled 2,144,800, with fourth quarter weekly additions averaging approximately 15,000 installations per week. "Charter continues to experience strong demand for its digital video service, resulting in industry leading penetration. As we continue to add interactive products like video on demand (VOD), and personal interactive channels, we see enhanced customer satisfaction, reduced digital churn, and improved retention levels," Mr. Vogel said.

Mr. Vogel said Charter's marketing efforts are directed to attract new advanced services customers by selling a Charter bundle. "This is our triple play of digital video, data, and interactivity, which we'll price in a good-better-best scenario because of our unique ability within the industry to sell Internet access at varying speed levels. It will serve us well in today's highly competitive marketplace against satellite, with its limited, single dimension product offerings."

    Fourth Quarter Financial Highlights
Revenue during the fourth quarter of 2001 increased 13.6% to $1.1 billion, and operating cash flow increased 11.0% to $502.6 million compared to pro forma results for the fourth quarter of 2000, before a special charge including the @Home conversion of $17.6 million. Year-end 2001 pro forma revenue was over $4.1 billion, up 14.0% from pro forma 2000 revenue of $3.6 billion. Pro forma operating cash flow increased 10.9% from $1.65 billion to $1.83 billion for 2001, before a special charge including the @Home conversion of $17.6 million.

    New Accounting Standard
Effective January 1, 2002, Charter will adopt Statement of Financial Accounting Standard No. 142, "Goodwill and Other Intangible Assets," a new accounting standard that addresses the accounting for intangible assets, including franchises. As of December 31, 2001, Charter's balance sheet reflects franchises with a net book value of $17.1 billion that are amortized over a 15 year period. We believe that substantially all franchises will qualify for indefinite life treatment under the new standard. While our analysis, including the impairment testing of franchises required under the new standard, is not complete, we expect to stop amortizing franchise intangible assets that meet the indefinite life treatment beginning January 1, 2002. If the new standard had been in effect for 2001, amortization expense would have been reduced by approximately $1.2 to $1.3 billion.

    Looking Ahead
In 2002, Charter expects revenue to grow between 12.0% and 14.0% compared to pro forma 2001 results. Operating cash flow growth is expected to range between 11% and 13%.

Charter expects to add approximately 1,100,000 to 1,200,000 RGU's in 2002. These RGUs will be comprised of basic, digital and cable modem customers. While the Company expects no meaningful increase in basic customers in 2002, Mr. Vogel said they expect to add 550,000 to 600,000 Charter Digital Cable customers. Cable modem marketing efforts will increase in 2002 as more plant miles are upgraded to two-way interactivity. Charter Pipeline customers are anticipated to increase by 550,000 to 600,000, nearly doubling that customer base. VOD launches are planned for 17 additional markets in 2002. Mr. Vogel said he expects about half of Charter's digital customers will have access to VOD technology by the end of 2002.

    About Charter Communications
Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies, currently serving some 7 million customers in 40 states. Charter provides a full range of advanced broadband services to the home, including cable television on an advanced digital video programming platform marketed under the Charter Digital Cable(TM) brand and high-speed Internet access via Charter Pipeline(TM). Commercial high-speed data, video and Internet solutions are provided under the Charter Business Networks(TM) brand. Advertising sales and production services are sold under the Charter Media(TM) brand.

A Fortune 500 and NASDAQ 100 Company, Charter was the 2001 recipient of the Outstanding Corporate Growth Award from the Association for Corporate Growth, the 2001 R.E. "Ted" Turner Innovator of the Year Award from the Southern Cable Telecommunications Association, and the 2001 Fast 50 Award for Growth from the St. Louis Regional Chamber and Growth Association.

More information about Charter can be found at www.charter.com.

Detailed financial information is included in the attached addendum.

Charter will conduct a conference call to discuss their operating results on Monday, February 11, 2002, at 11:00 AM Eastern Time. The call will be available live via webcast at www.charter.com. The call will be available on the "Investor Center" portion of the website, via "About Us." Participants should go to the call link at least 10 minutes prior to the start time to register. The call will be archived on the website.

Statements in this press release regarding Charter Communications' business that are not historical facts may be "forward-looking statements." Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents Charter files from time to time with the U.S. Securities and Exchange Commission.

                     Charter Communications, Inc.
            Unaudited Consolidated Statements of Operations
                        (Dollars in thousands)
                               Three Months Ended December 31,
                               --------------------------------
                                      Actual      Pro Forma
                                     2001 (a)      2000 (a)     % Change
                                    ----------   ----------     --------
Revenues:
  Analog video                       $  741,784   $  702,396
  Digital video                          97,231       44,848
  Cable modem                            52,469       21,931
  Advertising sales                     108,566       98,914
  Other                                 106,966      105,969
                                      ----------   ----------
    Total revenues                    1,107,016      974,058     13.6%
                                      ----------   ----------
Operating Expenses:
  General, administrative
   and service                          244,327      204,543
  Analog video programming              243,295      230,724
  Digital video                          35,316       13,409
  Cable modem                            33,008       17,036
  Advertising sales                      17,918       18,611
  Marketing                              16,316       19,615
  Corporate expenses                     14,203       17,420
                                      ----------   ----------
    Operating expenses                  604,383      521,358     15.9%
                                      ----------   ----------
    Operating cash flow
     before special charges             502,633      452,700     11.0%
                                      ----------   ----------
    Special charges                     17,629 (b)        --
                                      ----------   ----------
    Operating cash flow              $  485,004   $  452,700
                                      ==========   ==========
	   (a) The pro forma results reflect all significant acquisitions and
dispositions of cable systems closed during 2001 and 2000, as if the
transactions closed on January 1, 2000. Pro forma revenues exceed
actual revenues for the three months ended December 31, 2000 by $80.2
million. Pro forma operating cash flow before special charges exceed
actual operating cash flow before special charges for three months
ended December 31, 2000 by $19.5 million. The unaudited pro forma
financial information has been presented for comparative purposes and
does not purport to be indicative of the consolidated results of
operations had these transactions been completed as of the assumed
date or which may be obtained in the future.
	   (b) Reflects charges incurred during the fourth quarter associated
with the transition of approximately 145,000 data customers from
Excite@Home Internet service to Charter Pipeline, as well as certain
employee severance costs.
                     Charter Communications, Inc.
            Unaudited Consolidated Statements of Operations
                        (Dollars in thousands)
                                    Year Ended December 31,
                                 ----------------------------
                                     Pro Forma    Pro Forma
                                      2001 (a)     2000 (a)    % Change
                                    -----------  -----------  ----------
Revenues:
  Analog video                       $2,912,954    $2,782,062
  Digital video                         314,464       104,996
  Cable modem                           158,657        68,173
  Advertising sales                     332,879       261,874
  Other                                 395,813       393,734
                                     ----------    ----------
     Total revenues                   4,114,767     3,610,839    14.0%
                                     ----------    ----------
Operating Expenses:
  General, administrative
   and service                          905,244       816,402
  Analog video programming              951,458       836,871
  Digital video                         113,707        36,173
  Cable modem                           103,618        57,723
  Advertising sales                      68,178        71,656
  Marketing                              72,427        69,823
  Corporate expenses                     66,486        68,038
                                     ----------    ----------
     Operating expenses               2,281,118     1,956,686    16.6%
                                     ----------    ----------
     Operating cash flow
      before special charges          1,833,649     1,654,153    10.9%
     Special charges                     17,629(b)         --
                                     ----------    ----------
     Operating cash flow             $1,816,020    $1,654,153
                                     ==========    ==========
	   (a) The pro forma results reflect all significant acquisitions and
dispositions of cable systems closed during 2001 and 2000, as if the
transactions closed on January 1, 2000. Pro forma revenues exceed
actual revenues for the years ended December 31, 2001 and 2000 by
$161.6 million and $361.6 million, respectively. Pro forma operating
cash flow before special charges exceed actual operating cash flow
before special charges for the years ended December 31, 2001 and 2000
by $47.5 million and $111.5 million, respectively. The unaudited pro
forma financial information has been presented for comparative
purposes and does not purport to be indicative of the consolidated
results of operations had these transactions been completed as of the
assumed date or which may be obtained in the future.
	   (b) Reflects charges incurred during the fourth quarter associated
with the transition of approximately 145,000 data customers from
Excite@Home Internet service to Charter Pipeline, as well as certain
employee severance costs.
                     Charter Communications, Inc.
            Unaudited Consolidated Statements of Operations
               (Dollars in thousands, except share data)
                                   Periods Ended December 31, 2001
                                 -----------------------------------
                                  Three Months       Twelve Months
                                 --------------     ---------------
Revenues:
  Analog video                   $     741,784       $   2,787,632
  Digital video                         97,231             307,240
  Cable modem                           52,469             154,402
  Advertising sales                    108,566             312,554
  Other                                106,966             391,304
                                 -------------       -------------
       Total revenues                1,107,016           3,953,132
                                 -------------       -------------
Operating Expenses:
  General, administrative
   and service                         244,327             861,722
  Analog video programming             243,295             902,837
  Digital video                         35,316             111,167
  Cable modem                           33,008              99,956
  Advertising sales                     17,918              64,026
  Marketing                             16,316              70,335
  Corporate expenses                    14,203              56,930
                                 -------------       -------------
       Operating expenses              604,383           2,166,973
                                 -------------       -------------
       Operating cash flow
        before special charges         502,633           1,786,159
Depreciation                           470,855           1,662,549
Amortization                           346,929           1,347,519
Option compensation expense                511             (45,683)(a)
Interest expense, net                  345,830           1,311,788
Special charges                         17,629 (b)          17,629 (b)
Other expense, net                     (24,552)(c)         148,273 (d)
                                 -------------       -------------
                                      (654,569)         (2,655,916)
Minority interest                      348,882           1,478,239
                                 -------------       -------------
Net loss                              (305,687)         (1,177,677)
Accretion of preferred
 stock dividends                          (727)               (969)
                                 -------------       -------------
Net loss applicable to
 common stock                    $    (306,414)      $  (1,178,646)
                                 =============       =============
Basic and diluted loss
 per share                       $       (1.04)      $       (4.37)
                                 =============       =============
Weighted average common
 shares outstanding                294,384,003         269,594,386
                                 =============       =============
	   (a) Reflects the reversal of $66.6 million of expense previously
recorded in connection with approximately seven million options
forfeited by our former President and Chief Executive Officer as part
of his September 2001 separation agreement.
	   (b) Reflects charges incurred during the fourth quarter associated
with the transition of approximately 145,000 data customers from
Excite@Home Internet service to Charter Pipeline, as well as certain
employee severance costs.
	   (c) Includes current period income of $33.8 million as a result of
the application of SFAS 133 "Accounting for Derivative Instruments and
Hedging Activities."
	   (d) Includes a $23.9 million cumulative effect of a change in
accounting principle and net expense of $51.2 million, as a result of
the implementation and application of SFAS 133 "Accounting for
Derivative Instruments and Hedging Activities."
                     Charter Communications, Inc.
               Unaudited Summary of Operating Statistics
                                         As of December 31,
                           -------------------------------------------
Cable Television                  Actual      Pro Forma      Actual
----------------                   2001        2000 (a)       2000
                                ----------   -----------   ----------
Homes Passed                    11,502,300    11,291,800    10,225,000
Basic Customers                  6,953,700     6,913,100     6,350,900
Basic Penetration                     60.5%         61.2%         62.1%
Average Monthly Revenue per
 Basic Customer (quarter)      $      53.07   $     46.97   $     46.92
                                         As of December 31,
                           -------------------------------------------
Digital Video                     Actual      Pro Forma      Actual
-------------                      2001        2000 (a)       2000
                                ----------   -----------   ----------
Digital Homes Passed            10,638,300     9,711,600     8,793,000
Digital Customers                2,144,800     1,177,500     1,069,500
Penetration of Digital
 Homes Passed                        20.2%         12.1%         12.2%
Penetration of Basic
 Customers                           30.8%         17.0%         16.8%
Digital Converters Deployed      2,951,400     1,470,500     1,336,900
                                         As of December 31,
                           -------------------------------------------
Data Services                     Actual      Pro Forma      Actual
-------------                      2001        2000 (a)       2000
                                ----------   -----------   ----------
Data Homes Passed               7,560,600      5,841,300     5,550,800
Cable Modem Customers             607,700        229,000       215,900
Dial-up Customers                  37,100         42,000        36,500
   Total Data Customers           644,800        271,000       252,400
Penetration                          8.5%           4.6%          4.5%
                                         As of December 31,
                           -------------------------------------------
Other Statistics                                               Actual
----------------                                                2001
                                                            -----------
Capital Expenditures (in 000's)
   For the three months ended                          $       870,459
   For the year ended                                  $     3,027,059
Book Value per Share                                   $          9.72
	   (a) The pro forma operating statistics reflect all significant
acquisitions and dispositions of cable systems closed during 2001 and
2000.
                     Charter Communications, Inc.
              Unaudited Consolidated Balance Sheet Data
                        (Dollars in thousands)
                                              Actual          Actual
                                           Dec. 31, 2001   Dec. 31, 2000
                                           -------------   -------------
ASSETS
Current Assets:
  Cash and cash equivalents                  $     1,679   $   130,702
  Accounts receivable, net of
   allowance for
   doubtful accounts                             290,504       217,667
  Receivable from related party                    4,634         6,480
  Prepaid expenses and other                      70,362        77,719
                                             -----------   -----------
   Total current assets                          367,179       432,568
                                             -----------   -----------
Investment in Cable Properties:
  Property, plant and equipment, net           7,149,483     5,267,519
  Franchises, net                             17,138,774    17,068,702
                                             -----------   -----------
   Total investment in cable properties       24,288,257    22,336,221
                                             -----------   -----------
Other assets                                     306,388       274,777
                                             -----------   -----------
                                             $24,961,824   $23,043,566
                                             ===========   ===========
LIABILITIES AND SHAREHOLDERS'
 EQUITY
Current Liabilities:
  Accounts payable and accrued expenses      $ 1,374,994   $ 1,367,234
                                             -----------   -----------
   Total current liabilities                   1,374,994     1,367,234
                                             -----------   -----------
Long-term debt                                16,342,873    13,060,455
Deferred management fees -
 related party                                    13,751        13,751
Other long-term liabilities                      341,057       285,266
Minority interest                              3,976,791     4,089,329
Redeemable securities                                 --     1,104,327
Preferred stock - redeemable                      50,566            --
Shareholders' equity                           2,861,792     3,123,204
                                             -----------   -----------
                                             $24,961,824   $23,043,566
                                             ===========   ===========
                     Charter Communications, Inc.
           (Dollars in thousands, except earnings per share)
                     2001 Pro Forma(a) Highlights
                                    Q1 2001      Q2 2001       Q3 2001
                                   ---------    ---------     ---------
Revenues                          $  953,081   $1,010,825   $1,043,845
Operating cash flow
   excluding special charges      $  411,358   $  452,116   $  467,542
Basic customers                    6,914,500    6,949,500    6,970,100
Digital customers                  1,455,900    1,701,500    1,951,200
Cable modem customers                324,600      405,300      507,700
                                               Q4 2001   Full Year 2001
                                              ---------  --------------
Revenues                                       $1,107,016   $4,114,767
Operating cash flow
 excluding special charges                     $  502,633   $1,833,649
Basic customers                                 6,953,700    6,953,700
Digital customers                               2,144,800    2,144,800
Cable modem customers                             607,700      607,700
                             2002 Guidance
                                                    Full Year 2002
                                                  -------------------
Growth rates over year-ago pro forma(a) period
Revenues                                                   12-14%
Operating cash flow                                        11-13%
Earnings per share                                 $(2.80) - $(3.00)
Revenue generating units (b)                     1,100,000 - 1,200,000
Capital expenditures                                   $ 2,475,000
	   (a) The pro forma results reflect all significant acquisitions and
dispositions of cable systems closed during 2001.
	   (b) Revenue generating units consist of basic customers, digital
customers, and cable modem customers.
Statements in this press release regarding Charter Communications' business that are not historical facts may be "forward-looking statements." These forward-looking statements include specific projections regarding Charter's revenues, EPS and operating cash flow for the year 2002, as well as projections regarding growth in basic, digital and data customers. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents Charter files from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

CONTACT:          Charter Communications, Inc., St. Louis
                  Media:
                  Andy Morgan, 314/543-2217
                  amorgan@chartercom.com
                  or
                  Analysts:
                  Colleen Hegarty, 314/543-5619
                  chegarty@chartercom.com

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