Cablevision Earnings, Pay TV Subscribers Drop in First Quarter
The cable firm, led by CEO James Dolan, saw video subscriber losses double.
Cablevision Systems on Monday reported first-quarter results, including the loss of 28,000 video subscribers to end March with a total of 2.65 million.
First-quarter earnings of $44.6 million, or 17 cents per share, were down from $89.8 million, or 34 cents. Revenues rose 2.5 percent to $1.62 billion, consolidated adjusted operating cash flow increased 4.5 percent to $454.0 million and consolidated operating income rose 8.0 percent to $223.8 million.
The company added 7,000 broadband users, but lost 14,000 telephony customers. In the year-ago quarter, Cablevision had lost 14,000 video subscribers, but added 8,000 broadband and telephony users each.
Said Cablevision CEO James Dolan: "Cablevision had a solid start to 2015 with growth in net revenue, adjusted operating cash flow and revenue per customer. As we move through the year, we will continue to address evolving consumer demand by expanding our product offerings to provide greater value and flexibility."
He added: "Connectivity is the wave of the future, and we plan to leverage our industry-leading position to be the preferred choice for consumers in our market."