Cablevision Posts Narrowed Q1 Loss

May 5, 2005  •  Post A Comment

Cablevision Systems posted a slightly narrower loss in the first quarter as the company reported subscriber gains in basic cable, digital cable and high-speed data.

The Bethpage, N.Y.-based company reported a loss of $118.9 million compared with red ink of nearly $120 million a year ago. Revenue jumped 6 percent to more than $1.2 billion.

Cablevision added 21,800 new basic-cable subscribers and nearly 140,000 digital-cable customers. The company also added more than 88,000 high-speed data subscribers and nearly 92,000 telephony customers. Those improvements led Cablevision’s cable operation to report a 15 percent revenue gain for the quarter to $813.5 million and a 29 percent jump in operating income to $120.5 million.

At its Rainbow Media unit, which includes cable channels AMC, IFC and WE: Women’s Entertainment, revenue fell 10 percent to $200.5 million, while operating income tumbled 41 percent to $4.7 million. The company blamed the results on higher marketing and product expenses, which offset higher advertising revenue booked in the quarter.

Meanwhile, the company’s other programming channels, which include regional sports networks, 21 high-definition channels and the MetroChannels, reported a 32 percent decline in revenue to $72.3 million and a widened operating loss of $43.1 million.