Cable Technology Feature Article
Cablevision Systems Triples Net Income over 2009
By Alice Straight, TMCnet Web Editor
Despite net income tripling over last year Cablevisions Systems fell short of analysts' forecasts.
Cablevision earned $74.2 million, or 24 cents a share, in the first three months of the year, up from $21.2 million, or 7 cents a share, a year earlier. Analysts were looking for net income of 33 cents a share.
Revenue rose 5 percent, to $1.75 billion, with a 35 percent increase in cable advertising revenue. Revenue in the same period last year was $1.67 billion.
Among basic video customers, 12,000 signed up for new digital cable service during the first quarter this year, up from 9,400 a year ago. Cablevision also added 42,600 high-speed Internet subscribers, better than the 29,800 gained a year ago. However the 42,300 phone subscribers added in the recent quarter was lower than the 51,400 a year ago.
Revenue from the company's programming segment grew 6 percent to $265 million. The channels brought in higher revenue from the fees they charge other cable TV providers as well as from advertising sales. However, publishing unit, Newsday, narrowed its operating loss to $4.7 million, from $7.2 million in the same period a year ago. But revenue fell more than 10 percent to $74.7