Cablevision reports profit of $285M

Cablevision Systems Corp.,BethpageMedia and entertainment provider

Net income: Profit of $285 million in the year ended Dec. 31, compared with a loss of $228 million in 2008.

Net revenue: $7.77 billion, compared with $7.23 billion in 2008.

Outlook: "Cablevision performed exceptionally well in 2009, especially considering the overall challenging economic environment. The ongoing strength of our core businesses continued to drive the company's results, which included solid revenue growth and double-digit increases in (adjusted operating cash flow) for both the fourth quarter and full year," Cablevision president and chief executive James L. Dolan said in a news release.

Company statement: "The company also generated 63 percent more free cash flow in 2009, compared with 2008, and continued to maintain its industry-leading penetration rates for its video, voice and high-speed Internet services for yet another year. Earlier this month, Cablevision successfully completed the spinoff of Madison Square Garden, and we expect that having Cablevision and MSG move forward as two separate companies will be beneficial for shareholders," Dolan said.

Newsday, which is owned by Cablevision, had annual revenues of $342.3 million and an operating loss for 2009 of $12.6 million, including a $2-million fourth-quarter loss. Cablevision bought Newsday midyear in 2008; Newsday's five-month 2008 revenue was $180.6 million, with a reported loss - from July 30 to Dec. 31 - of $403.3 million, largely due to a write-down by Cablevision of $402 million. Such write-downs involve adjusting a company's market value, in this case to better reflect the tough advertising and circulation environment, as previously reported in Newsday.

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