Cablevision Reports Higher Profit, Revenue
05 Mai 2016 - 5:00PM
Dow Jones News
Cablevision Systems Corp. said profit more than doubled in the
latest quarter, helped by a large gain on investment income, though
the firm continued to lose TV subscribers.
Like other pay-television companies, Cablevision has faced
challenges as a shift toward streaming video and rising cable TV
costs have prompted more consumers to either cut the cord entirely
or move to smaller bundles of channels.
Cablevision, which expects its pending $10 billion acquisition
by Altice NV to close in the second quarter, posted a net loss of
15,000 video customers in the quarter. It gained a net 19,000
high-speed data subscribers.
The company also lost 8,000 voice subscribers. It ended the
quarter with a total 3.1 million customers, an overall net gain of
9,000 across all its services. The company reported its lowest
level of what it called "competitive voluntary churn" in more than
eight years in the final quarter of the year.
Over all, Cablevision reported a profit of $94.4 million, or 34
cents a share, up from $44.6 million, or 16 cents a share, a year
earlier. The latest period included $14.2 million in negative
one-time items. Revenue increased 1.6% to $1.64 billion.
Analysts polled by Thomson Reuters expected per-share profit of
18 cents and revenue of $1.64 billion.
The company reported a $100 million gain on investments in the
period compared with a $33 million loss a year ago.
Shares, up 69% in the past year, edged down 0.1% to $34.40 in
early trading in New York.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
May 05, 2016 10:45 ET (14:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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