Cablevision Swings to a Loss

Cablevision ( CVC ) Tuesday reported a fourth-quarter loss and missed analysts' expectations.

The company had a net loss of $197.4 million, or 69 cents a share, compared with a profit of $529.8 million, or $1.66 a share a year ago, which reflected a $2.15 a share gain from discontinued operations, including the sale of its Bravo TV network. Analysts had forecast a loss of 45 cents a share, according to Thomson One Analytics.

Revenue rose to $1.23 billion from $1.09 billion a year ago. Operating income fell to a $46.2 million loss from a $70.6 million gain in the year-ago quarter, primarily because of "costs associated with the company's direct broadcast satellite service."

Telecommunications services net revenue rose 17% to $723 million during the period. The company said the quarter included continued strong customer demand for its high-speed data service and digital video service. Fourth-quarter net revenue increased 16% to $679 million at the consumer services unit, which includes cable TV and video.

Cablevision also said an internal investigation of improper recognition of expenses at its Rainbow Media unit was almost complete and that federal authorities were continuing their investigations.

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