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Altice USA loss widens on expenses from debt removal

Altice founder Patrick Drahi, center, is applauded as

Altice founder Patrick Drahi, center, is applauded as he rings a ceremonial bell when Altice USA's stock begins trading on the floor of the New York Stock Exchange, Thursday, June 22, 2017. Photo Credit: AP / Richard Drew

Altice USA Inc. reported Thursday that its loss widened in the April-June period compared with a year earlier because of the expense associated with removing debt from its balance sheet and other one-time items.

The Bethpage-based provider of cable, internet and telephone services said it lost $474.8 million in the three months ended June 30. That compares with a “pro forma,” or estimated, loss of $166 million in the three months ended June 30, 2016.

The 2016 data are estimated as if Altice’s parent, Altice N.V. of the Netherlands, had purchased the former Cablevision Systems Corp. of Bethpage on Jan. 1, 2016, instead of June 21, 2016.

Altice USA owns 25 percent of Newsday Media Group. The newspaper’s financial performance isn’t included in the Altice results.

Last month, Altice became a public company, with its stock traded on the New York Stock Exchange, and Thursday’s earnings announcement was its first.

Altice executives pointed to an alternative measure of earnings that excludes such large expenses as interest, income taxes, depreciation, one-time costs and other items as a measure of financial performance: a profit of $994 million in the three months ended June 30 compared with a profit of $816 million a year earlier.

Altice reported revenue of $2.33 billion for the quarter compared with $2.32 billion a year earlier.

CEO Dexter Goei said, “We are very pleased with our performance so far and look forward to continuing to build the company for the long-term.”

The earnings announcement came after the stock market closed. In after-hours trading, Altice shares fell 80 cents, or more than 2 percent, to $33.08.

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