Cablevision loses $3.9 million in quarter
Cablevision Systems Corp. said Tuesday it lost $3.9 million in the quarter ending Sept. 30, despite higher revenues.
A year earlier, the Bethpage-based telecommunications and media company, which owns Newsday, earned $39.6 million.
Cablevision's sales of $1.69 billion rose 1.4 percent from a year earlier. Earnings were hit by losses incurred from refinancing debts. The company also booked losses from equity derivative contracts. The company didn't comment about the contracts.
Cablevision said that the earnings also reflect lower revenue from Newsday and Clearview Cinemas and higher operating costs at Newsday. Cablevision put Clearview up for sale in May.
The loss to shareholders was 1 cent per share, falling below analyst estimates of net income of 16 cents a share in a poll by Bloomberg.
Most of the losses from superstorm Sandy will be reflected in the fourth quarter, chief executive James Dolan said in a conference call with analysts Tuesday.
Damages from Sandy will have a "substantially larger impact" than Tropical Storm Irene last year, which cost the company about $16 million, chief financial officer Gregg Seibert said during the conference call. Dolan declined to say how Cablevision would spend $350 million it recently received from a settlement with Dish Network Corp.
About 1.5 million Optimum customers lost service in New York, New Jersey and Connecticut after the superstorm. As of Tuesday afternoon, about 520,000 customers still remained without service, of whom 500,000 have no electrical power. The company said last week it will credit customers for lost service after the storm.
The company's stock fell over 6 percent to close at $15.49 Tuesday.