Cablevision Numbers Rise

The cable operator shows progress on a number of fronts.
Author:
Publish date:

Cablevision (CVC) rose modestly early Tuesday after posting solid numbers and offering a firm outlook.

The Bethpage, N.Y., cable operator posted a second-quarter adjusted net loss of $18 million, or 6 cents a share, on sales of $1.2 billion. Those numbers, which reflect income from continuing operations, compare with a loss of $155.7 million, or 54 cents a share, on $1.16 billion in revenue in the year-ago period. Analysts were looking for a loss of 12 cents on $1.26 billion in sales.

Including discontinued operations, Cablevision swung to a profit of $222 million, or 77 cents a share, on sales of $1.2 billion. That is a significant improvement from the year-ago loss of $187.1 million, or 65 cents a share, on $1.16 billion in revenue.

The company added 20,000 new TV customers and sold a total of 332,000 new services such as video, Net access and calling plans.

"For the second quarter, ongoing consumer demand for Cablevision's products continued to drive industry-leading penetration rates across all of our consumer services," CEO Jim Dolan said in a press release Tuesday.

Looking ahead, the company reaffirmed guidance, saying it expects basic subscriber growth for the year to be somewhere between 1.5% and 2% and total sales growth to be in the midteens percentagewise.

In June, a group led by the founding Dolan family said it would pay $7.9 billion to take the company private. A buyout committee with three independent directors was formed to review the proposal.

Shares of the nation's No. 6 cable company rose 27 cents to $31.70 in premarket trading Tuesday.