Advanced services boost cablers
Cablevision, Charter report improvement in Q3NEW YORK -- Cablevision Systems and Charter Communications on Thursday reported improved bottom lines for the third quarter as both continued to sign up advanced services subscribers but lost basic users.
However, Cablevision's user gain momentum slowed from the year-ago period.
Charter narrowed its quarterly loss from $408 million to $322 million as revenue rose 7.8% to $1.6 billion.
The company reported a net loss of 25,900 basic cable customers. It added about 70,900 broadband users, 32% more than in the year-ago quarter. Charter also added about 61,600 digital video customers.
Cablevision's third-quarter profit of $27.1 million meant a swing from a year-ago loss of $79.3 million.
Revenue grew 15.4% to $1.7 billion, partly because of the acquisitions of Newsday and Sundance Channel. Cable TV revenue rose 9.8%, and cable network unit revenue increased 20.7%.
Cablevision lost 19,100 basic video customers but added 25,100 digital video users and 31,600 broadband subs.
President and CEO James Dolan lauded the firm's performance despite a weakening economy. "With our businesses performing well, we will continue to focus on the fundamentals of the company and on ensuring that our financial position remains strong," he said.