Good Evening
Good Evening

Cablevision reports quarterly loss

Cablevision is introducing a new service, the Optimum

Cablevision is introducing a new service, the Optimum Program Guide, which will be available to all Long Island Cablevision customers by the end of October 2012. Company executives said it is designed to integrate an individual subscriber's various program choices, habits and preferences onto one navigable screen. Credit: Bloomberg News, 2010

Cablevision Systems Corp. said Tuesday it lost $3.9 million in the quarter ending Sept. 30,  despite reporting higher revenues compared with the same period last year.

The Bethpage-based telecommunications and media company, which owns Newsday, reported sales of $ 1.69 billion -- 1.4 percent higher than the year-earlier quarter in 2011. The increase in revenue was countered by losses incurred from paying off debt and from equity derivative contracts.

Cablevision said in a news release that the earnings reflect lower revenue from Newsday and Clearview Cinemas -- which the company put up for sale in May -- and higher operating costs at Newsday.

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.

A year earlier, the company earned $39.6 million.

Cablevision's stock fell almost 5 percent in midday trading.

In the news release, chief executive James Dolan primarily addressed the cable outage issues in New York as a result of superstorm Sandy, saying: "As we report our third quarter results today, Cablevision crews continue to work around the clock to restore service to our customers as quickly as possible."

More news