Cablevision Systems 3Q Profit More Than Triples

DEBORAH YAO

Cablevision Systems Corp. on Tuesday said its third-quarter profit more than tripled as a sluggish economy didn't deter subscribers from signing up for its digital cable, Internet and phone plans in the face of aggressive competition from Verizon's fiber-optic FiOS TV service.

The cable TV operator's Madison Square Garden group, which had been a drag on earnings, made a profit on strong season ticket sales for the New York Knicks basketball team and Rangers hockey team as costs for the group fell. But its Newsday paper lost money, a situation Cablevision hopes to reverse with its move begun last week to charge some customers for online access.

Shares of Cablevision rose 75 cents, or 3.2 percent, to close Tuesday at $24.02.

Cablevision earned $98.9 million, or 33 cents per share, for the period ended Sept. 30. That's up from $30.9 million, or 10 cents per share, a year ago.

Revenue grew 5 percent to $1.84 billion from $1.75 billion in what is typically the slowest quarter of the year for Cablevision, helped by higher cable TV rates.