Earnings: Cablevision Q2 Loss Widens To $299 Million; Revenues Gain 9.2

This story was written by David Kaplan.
Just a day after completing the purchase of its 97 percent stake in Long Island's NY Newsday, Cablevision (NYSE: CVC) saw its operating income loss expand to $299 million in Q2 from last year's $208.4 million. Revenues were up 9.2 percent in the quarter, rising to $1.7 billion from $1.5 billion. Highlights from the Q2 report included:

-- Telecom Services' revenues rose 9.2 percent to $1.291 billion and operating income increased 33.4 percent to $284.7 million, both year-over-year.  Within that segment, cable TV revenues climbed 9 percent to $1.242 billion. Also, operating income increased 30.3 percent to $284.5 million. The positive numbers were attributed to gains in digital video, high-speed data, and voice customers as well as
higher rates.

-- The company's Interactive Optimum digital video customers grew 120,000, or 4.5 percent from March 2008 and 239,000 or 9.4 percent from June 2007.

--Optimum Online high-speed data customers were up 52,000 or 2.2 percent from March 2008 and 227,000 or 10.5 percent from June 2007.

-- Revenue Generating Units gained 260,000, or 2.6 percent from March 2008 and 826,000 or 8.9 percent from June 2007.

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By David Kaplan
  • CBSNews

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