Cablevision quarterly profit rises to $355M

Cablevision Systems Corp., Bethpage

Cable TV and Internet provider; Newsday owner

Quarter: Ended March 31

Net income: Profit of $355 million, compared with profit of $292 million in the same quarter last year.

Net revenue: $1.75 billion, compared with $1.66 billion in the same quarter last year.

Company statement: James Dolan, Cablevision president and chief executive, said: "Cablevision had a strong start to 2010. Subscriber increases across all of our consumer services, including basic video, fueled our growth in cable, and continued our industry-leading penetration rates for yet another quarter."

Dolan said, "For the first quarter, Cablevision also generated $240 million in free cash flow. Given our strong performance, we have increased our dividend by 25 percent, enabling us to provide even more value to our shareholders."

Cablevision's Newsday segment also includes amNewYork, a free daily serving New York City; Internet properties including Newsday.com; and Star Community Publishing, a group of weekly shopper publications.

Newsday's first-quarter 2010 net revenue was $74.7 million, down from $83.4 million in the first quarter of 2009. The newspaper lost $4.7 million, compared with a loss of $7.2 million in the first quarter of 2009. Newsday's adjusted operating cash flow was $1.2 million, compared with $73,000 in the first quarter of 2009.

Newsday's 2010 quarterly revenue decline was primarily due to a 12.7 percent decrease in advertising revenue, Cablevision said. The 2010 quarter's improved adjusted operating cash flow was a result of expense reductions in newsprint and compensation, which more than offset the decline in revenue, the company said.