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Cablevision annual report: Profit up 26%

Bethpage-based Cablevision Systems Corp. has filed its annual report for 2010, which showed a 26 percent increase in profit compared to the previous year.

On annual revenue of $7.23 billion in 2010, the media and entertainment company had a profit of $361 million, or $1.20 per share.

That compared with $6.85 billion in revenue and $285 million in profits, or 96 cents per share, in 2009.

Operating highlights for the full-year 2010 include consolidated free cash flow from continuing operations of $855.3 million.

For full-year 2010, a consolidated net revenue increase of 5.6 percent, to $7.231 billion, reflected revenue growth in telecommunications services and Cablevision's Rainbow division. The unit consists mostly of the national networks AMC, WE tv, IFC and the Sundance Channel.

Cablevision has more than 3 million customers in New York State, New Jersey, Connecticut and parts of Pennsylvania. It owns Newsday, News12 and MSG Varsity.

The company's "growth continued in the fourth quarter and contributed to solid full-year increases in revenue and AOCF [adjusted operating cash flow]," James L. Dolan, Cablevision's president and chief executive, said in a prepared statement.

Cablevision generated more than $855 million in free cash flow in 2010, representing a 13 percent increase compared with the previous year, Dolan said.

Cablevision did not separate financial information for Newsday in its annual report issued this week, instead placing the newspaper's operations in a category titled "Other." This category mostly consists of Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, Rainbow Advertising Sales Corp. and "unallocated corporate general and administrative costs."

In the "Other" category, full-year 2010 net revenues fell 5.7 percent to $466 million, the consolidated adjusted operating cash flow deficit rose 20.9 percent to a deficit of $180.1 million and operating loss rose 11 percent to $253.3 million.

Cablevision shares closed at $36.76 Wednesday, down 66 cents.

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