Cablevision’s Loss Widens

Cablevision Systems reported a wider loss than expected Thursday. For the third-quarter, the company had a net loss of $79.34 million ($0.27/share) compared to a loss of $59.16 million ($0.21/share) last year. Revenue increased 9.4% to $1.51 billion. Analysts forecasted a loss $0.05/share on $1.54 billion of revenue. CEO James Dolan said the company's revenue increase was "fueled by the continuing growth of our digital video, voice and high-speed data customers." Though the company enjoyed the growth in revenue, the report showed Cablevision lost about 16,000 customers in the quarter, as competition was able to steal market share. The company also re-affirmed its 2007 full-year sales growth outlook of 11%. Shares of the cable television operator fell 1.7% to $26.53 in Wednesday's session, before the announcement. CVC is down 17% since the Dolan Family's $36.26 takeover bid was rejected by shareholders on October 24th (full story).

Sources: Press release, RTT News, Reuters
Commentary: Cablevision Buyout Looks Dead In The Water • Cable vs. Satellite TV Slugfest – But Watch Out for Fiber Optic
Stocks to watch: CVC. Competitors: DISH, DTV, VZ. ETFs: PRFS, XLY
Earnings call transcript: Cablevision Q2 2007

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