Cablevision (CVC) posted a narrower-than-expected second quarter loss and reaffirmed full-year guidance.
The company also filed restated financials for previous periods, fixing accounting errors tied to stock option expenses. The company said last month that regulators and prosecutors were looking at its stock option practices. Cablevision had been under pressure from some lenders to file by tomorrow in order to avoid a default declaration.
For the second quarter ended June 30, Cablevision lost $26 million, or 9 cents a share, compared with a year-ago continuing operations loss of $27 million, or 9 cents a share. Revenue rose 16% from a year ago to $1.42 billion.
Analysts surveyed by Thomson Financial were looking for a 12-cent loss on sales of $1.41 billion.
Revenue generating units rose 4.9% sequentially and 22.3% from a year ago. Cable TV revenue rose 18% from a year ago to $1 billion, as the company added 35,328 basic video subscribers and 143,499 digital video subscribers. Cablevision also added 84,819 high-speed data users and 122,234 voice users.
The company said it expects to see high teens revenue growth and adjusted operating cash flow growth for its cable television unit for the year, in line with previous estimates.