Cablevision 1Q profit up 40 percent

Cablevision Systems Corp. said Thursday its first-quarter profit rose by 40 percent from a year earlier.

The rise came despite a drop in video subscribers and a widened loss at the unit that includes Newsday, which experienced a decline in newspaper advertising.

Cablevision's net income increased to $104.1 million, or 36 cents a share, from $74.2 million, or 24 cents, a year ago.

The corporation, which is based in Bethpage and also owns News 12 Networks, said net revenue in the quarter ended March 31 rose by 9.7 percent over the same period a year earlier to $1.9 billion. The quarterly results reflect the acquisition in December of Bres-nan Communications Co., which added customers in Colorado, Montana, Wyoming and Utah as well as an $8-million cost related to the planned spinoff of its Rainbow division.

Net revenue for the quarter for telecommunications services, which includes cable television and Optimum Lightpath, rose 10.9 percent to $1.6 billion, accounting for most of the corporation's $1.9-billion revenue. Cable Television revenue increased 10.7 percent to $1.49 billion, and its operating income increased 6.4 percent to $372.1 million, both due primarily to the addition of Bresnan.

For the category that includes Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, Rainbow Advertising Sales Corp. and certain corporate general and administrative costs, net revenue decreased by 7.4 percent to $101.6 million, and the operating loss widened by 27.4 percent to $77.9 million.

"The revenue decline was primarily driven by decreases in advertising revenues at Newsday," the company announcement said.