Mediacom Posts 1Q Profit, Higher Sales

MIDDLETOWN, N.Y. (AP) — Cable television company Mediacom Communications Corp. posted a first-quarter profit Monday, boosted by a gain on the sale of cable systems and higher revenue.

The company earned $22.4 million, or 27 cents per share, compared with a loss of $30.6 million, or 31 cents per share, a year earlier.

Revenue grew 6 percent to $360.4 million from $339.7 million.

Analysts, on average, were expecting a profit of 14 cents per share on sales of $358.4 million, according to a poll by Thomson Reuters.

"We had an unexpectedly good start to 2009, particularly given the continuing poor economic conditions," said Rocco B. Commisso, chairman and chief executive, in a statement.

The year-ago results were hurt by a loss of $24 million on derivatives. The latest quarter only saw $1.7 million in derivatives losses.

In addition, the company saw a gain of $13.8 million on the sale of cable systems in the latest quarter compared with a loss of $170,000 a year earlier.

Shares rose 3 cents to $5.49 in afternoon trading.