Cablevision Systems (News - Alert) Corporation, an American telecommunications, media and entertainment company, has declared its financial results for the first quarter that ended on March 31, 2010.

The first quarter consolidated net revenues grew 5.2 percent to $1.752 billion compared to the prior year period, reflecting solid revenue growth in Telecommunications Services and Rainbow, offset by a decline at Newsday. Consolidated adjusted operating cash flow grew 7.6 percent to $610.4 million and consolidated operating income grew 21.6 percent to $355.1 million, both compared to the prior year period.

The operating highlights for the first quarter 2010 are as follows:

• Free Cash Flow from Continuing Operations of $240.5 million.
• Revenue Generating Units additions of 97,900 for the first quarter.
• Average Monthly Revenue per Basic Video Customer of $146.15 in the first quarter of 2010
• Cable advertising revenue growth of 35.1 percent in the first quarter of 2010, compared to the prior year period.

James L. Dolan, president and CEO, commented that Cablevision had a strong start to 2010 and subscriber increases across all of our consumer services, including basic video, fueled our growth in cable, and continued our industry-leading penetration rates for yet another quarter.

He adds that Rainbow National Services has achieved strong revenue growth and double-digit AOCF growth, driven largely by significant increases in both advertising and affiliate revenue and the company has also generated $240 million in free cash flow for the first quarter. Rainbow net revenues for the first quarter of 2010 increased 6.3 percent to $265.1 million, AOCF rose 7.3 percent to $76.7 million, and operating income grew 12.6 percent to $43.6 million, all compared to the prior year period.

Telecommunications Services net revenues for the first quarter 2010 rose 5.9 percent to $1.406 billion, AOCF grew 8.4 percent to $564.8 million and operating income increased 20.6 percent to $354.7 million, all compared to the prior year period. Cable Television first quarter 2010 net revenues increased 5.6 percent to $1.343 billion, AOCF rose 7.8 percent to $539.0 million and operating income increased 19.6 percent to $349.7 million, each compared to the prior year period.

In the Newsday segment, Newsday's first quarter 2010 net revenues decreased 10.4 percent to $74.7 million, AOCF improved $1.1 million to $1.2 million and operating loss improved $2.5 million to a loss of $4.7 million, all compared to the prior year period. The decline in revenue was primarily due to a 12.7 percent decrease in advertising revenue.

The board of directors of Cablevision has announced a quarterly dividend of $0.125 per share on each outstanding share of both its Cablevision NY Group Class A Stock and its Cablevision NY Group Class B Stock.