said second-quarter revenue and cash flow rose from a year ago and affirmed its full-year financial guidance for the total company, but again lowered its outlook for its telecommunications segment.
For the second quarter ended June 30, revenue rose 8% to $973.3 million from $900.2 million in the prior-year period. Operating income totaled $33 million, down 68% from last year.
Consolidated adjusted operating cash flow grew 5% to $300.5 million from $286.9 million a year ago. Adjusted operating cash flow is defined as operating income before depreciation and amortization, excluding charges or credits related to Cablevision's employee stock plan and restructuring items.
Cablevision earned $162.1 million, or 56 cents a share, in the second quarter, compared with a loss of $98.2 million, or 34 cents a share, last year.
The cable company, which also operates Madison Square Garden and Radio City Music Hall in New York, said it added 196,200 digital video customers in the quarter, taking its total to 597,600. The company gained 68,300 high-speed data customers to 921,100 and signed up 12,200 new basic video customers.
Cablevision's telecommunications-services revenue rose 10% to $665 million as a result of digital video and high-speed data customer growth and strength in commercial telephone operations. The telecommunications unit comprises the company's cable and telecom offerings. Rainbow Media's core networks saw revenue climb 33% to $152.7 million.
The company affirmed its overall revenue and operating cash flow targets for 2003, but said it now expects adjusted operating cash flow for the telecommunications business to rise 14% to 16% this year, down from its previous guidance of 16% to 18% growth. Cablevision also reduced its cash flow guidance for the division at the end of the first quarter.
Cablevision now expects to finish the year with between 1.025 million and 1.05 million high-speed data customers, up from a prior forecast of 1 million to 1.05 million, and said the number of digital video customers should reach 875,000 to 900,000, vs. previous estimates of 800,000 to 825,000.