Cablevision Beats Third-Quarter Expectations
Telecommunications and entertainment giant
Cablevision Systems
(CVC)
posted narrower-than-expected third-quarter losses amid continued strength in its cable operations, its telephone subsidiary,
Lightpath
, and its
Rainbow Media Holdings
TheStreet Recommends
businesses.
The company, which also owns New York's
Madison Square Garden
, the New York Knicks basketball team and the New York Rangers hockey team, posted a third-quarter loss of $40.14 million, or 23 cents a share, compared with $178.1 million, or $1.17 in the year-ago period. Two analysts on
First Call/Thomson Financial
expected the company to lose 92 cents a share for the quarter.
Revenue was $1.04 billion, up from $902.3 million last year.
Cablevision said it expects to market its cable modem service to about 2 million homes by year-end and serve more than 200,000 subscribers. The company also affirmed its full-year 2000 pro forma cash flow and revenue guidance. Analysts, on average, expect the company to post a loss of $3.30 for 2000, compared with a loss of $5.12 in 1999.
