The results aren’t thrilling, but they aren’t bad either considering the challenges that the Long Island-based cable operator faces — and the Street’s expectations. Cablevision reported net income of $63.8M, -27.6% vs last year’s Q2, on revenues of $1.7B, +5.1%. The revenue number is on target with the consensus forecast. But earnings per share for continuing operations, at 24 cents, tops predictions of 19 cents. Many investors have wondered about Cablevision’s growth prospects as Verizon and AT&T heavily promote their video, Internet and phone services in the New York tri-state area. So it’s a surprise to see that Cablevision didn’t lose video subscriptions in Q2; they held steady at 3.3M vs the end of March. Meanwhile the number of high speed data customers was up 25,000 to 3.0M, while phone users grew 23,000 to 2.4M. The company doesn’t break out numbers for its Clearview Cinemas unit but said that lower revenue there was “more than offset by lower corporate costs”. The company said in May that it plans to sell the local chain, which includes Manhattan’s famed Ziegfield Theater. “We are continuing to invest in our operations to ensure that we are offering the best products and service to our customers”, CEO Jim Dolan said. “Our focus on transforming the way we operate has never been stronger”.
By DAVID LIEBERMAN, Financial Editor | Tuesday August 7, 2012 @ 9:05am EDTTags: Cablevision Earnings
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