Video services

Cablevision Revenues, Profits Pop in Q1

Cablevision Systems Corp. (NYSE: CVC) reported a 40 percent rise in profits this quarter thanks to cable services growth and gains at its Rainbow Media Holdings LLC video networks division.

The MSO posted net income of $104.1 million or 36 cents per share on revenues of $1.92 billion. That's up from the profit of $74.2 million or 24 cents per share it reported a year earlier. Analysts polled by Thomson Reuters expected a profit of $123.8 billion or 41 cents per share on revenues of $1.93 billion.

Cablevision's first-quarter results included the $1.36 billion acquisition of Bresnan Communications late last year. (See Cablevision Goes Country With Bresnan Buy.)

Cablevision lost 8,000 video subscribers in the quarter, giving it a total of 3.3 million, but added 32,000 high-speed data customers and 40,000 voice lines during the quarter.

Cablevision shares were down $0.57 (1.62%) to $34.70 in morning trading on Thursday.

— Jeff Baumgartner, Site Editor, Light Reading Cable

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