Cablevision Revenue Higher - TheStreet

Entertainment and telecommunications company

Cablevision Systems

(CVC)

said its consolidated revenue for the first quarter grew by 5%, primarily because of strong results in its cable and telecommunications services.

The company posted net revenue of $1.1 billion, up from $1.05 billion a year ago and ahead of analyst estimates of $964.5 million. Cablevision said its telecommunications revenue was $593.1 million, a 13% increase from a year ago; its Rainbow Media Group, which includes the cable channels AMC, Bravo, IFC, WE and others, posted a 15% increase in revenue for the quarter.

Cablevision said its net loss for the quarter was $249.6 million, or $1.45 a share, including investment losses, reversing a year-ago profit of $1.13 billion, or $6.32 a share, which included the sale of some of its cable assets to

AT&T

(T) - Get Report

.

The Cablevision NY Group, which includes the company's cable operations, sports teams, movie theaters and The Wiz electronics stores, posted a loss of $255 million, compared with a year-ago profit of $1.137 billion.

Shares of Cablevision closed Wednesday at $25.80.