Cablevision Systems Corp. - It's Time To Sell The Bonds
Downtown Investment Advisory • 10 Comments
Downtown Investment Advisory • 10 Comments
Cablevision Continues Its Battle For Relevance
Cablevision Is In Decline
Thu, May 5, 1:48 PM
- Cablevision Systems (NYSE:CVC) beat profit expectations handily with its Q1 earnings, though the stock reaction is more about FCC approval of its takeover by Dutch firm Altice (OTCPK:ATCEY).
- Shares are up 0.1% to $34.48, just about 1% off the $34.90 acquisition price that Altice is paying. The deal's last major hurdle comes later this month when New York's Public Services Commission meets to consider it.
- Revenue by segment: Cable, $1.48B (up 2%); Lightpath, $91.8M (up 0.7%); other, $78.1M (down 4.5%). Cable broke down with video revenues at $785M (down 2%), high-speed data revenues at $402M (up 10.7%), voice revenues at $224M (down 3.4%) and advertising at $30M (down 3.2%).
- Net customer relationship adds came to 9,000. High-speed data adds were 19,000, while video customers fell by 15,000 and voice customers dropped by 8,000.
- Serviceable passings increased by a net 10,000. Quarterly churn dropped to an eight-year low.
- Average monthly cable revenue per customer rose to $157.91 (what Cablevision says is an industry high) from a year-ago $155.34.
- Press Release
Thu, May 5, 8:39 AM
Wed, May 4, 5:30 PM
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Thu, Feb. 25, 12:28 PM
- Cablevision Systems (NYSE:CVC) is up 0.5% after a Q4 report that fell a bit short on top and bottom lines but saw added customers on a Y/Y and sequential basis.
- Revenue breakout: Cable, $1.46B (up 0.1%); Lightpath, $91M (up 0.8%); Other (including Newsday and News 12 Networks), $91.1M (down 5.4%).
- Total customers rose to 3.12M, up 2,000 from the prior year and up 13,000 from Q3; it was the first year of organic growth in total relationships since 2008. Video and voice line customers declined Y/Y (by 87,000 and 36,000 respectively), but high-speed data customers grew by 49,000 from the prior year. In penetration, total customers to serviceable passings came to 61.4%, down from 2014's 61.8%, but up from Q3's 61.2%.
- Average monthly cable revenue per customer rose to $155.88 (vs. prior year's $155.20), which Cablevision says leads the industry.
- It's discontinued conference calls due to the pending acquisition by Altice (OTCPK:ATCEY).
- Press Release
Thu, Feb. 25, 8:33 AM
Wed, Feb. 24, 5:30 PM
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Nov. 3, 2015, 5:32 PM
- Cablevision Systems (NYSE:CVC) is off 0.7% after hours following Q3 results that showed revenues that missed expectations and consolidated operating income that fell 27.5%.
- Income was affected by $33.8M in unfavorable items tied to a reserve for a class action settlement and an inventory valuation adjustment; excluding that, revenues would have fallen 0.6% and operating income would have declined 14.1%.
- Revenue by segment: Cable, $1.45B (down 0.8%); Lightpath, $91.2M (up 3.8%); other, $83.6M (down 5.6%).
- Cable total customers (number of households/businesses) came to 3.11M (down 0.7%); video customers were 2.6M (down 4.1%); high-speed data customers were 2.78M (up 1%); voice customers of 2.19M (down 2.3%).
- Shares closed today at $32.44 -- vs. Altice's acquisition price of $34.90/share. The acquisition is expected to close in the first half of 2016.
- Cablevision is discontinuing conference calls and suspending stock repurchases due to the pending acquisition, and doesn't anticipate declaring or paying any dividends.
Nov. 3, 2015, 4:36 PM
- Cablevision Systems (NYSE:CVC): Q3 EPS of $0.08 may not be comparable to consensus of $0.23.
- Revenue of $1.61B (-1.2% Y/Y) misses by $30M.
Nov. 2, 2015, 5:35 PM
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Aug. 7, 2015, 3:58 PM
- Cablevision Systems (NYSE:CVC) spent the afternoon regaining ground from a decline after its Q2 earnings report. Shares are now down just 2.8% after declining as much as 7.8% in the morning.
- On the company's earnings call today, CEO James Dolan says despite an avalanche of recent cord-cutting press, there won't be a "landslide" of customers dropping the traditional bundle in the near term. "I don't think the sky is falling quite yet."
- But eventually more online content will become more appealing to customers as the traditional bundle increases in price, he said, putting a timeline to it: "My own prediction is it will be at least five years for 10% of the [pay TV] market to move, and 10 years for 30% of the market to move."
- He also took a shot at Verizon, whose FiOS footprint has pressed Cablevision's territory: “The Verizon FiOS effect, if there ever was one, is, in our opinion, over ... To the extent that we’ve lost customers to FiOS, we believe they are usually promotional shoppers." He says Cablevision serves 3.1M customers, down from 3.3M in 2008, during which time Verizon has invested billions into building FiOS in greater New York.
- Asked about repurchase resumption, CFO Brian Sweeney said the company sees the dividend as the primary return of capital, though they would look at opportunistic buyback in the future.
- Previously: Cablevision -2% after report with solid Internet service growth (Aug. 07 2015)
- Related: Cablevision Systems (CVC) James Lawrence Dolan on Q2 2015 Results - Earnings Call Transcript (Aug. 07 2015)
Aug. 7, 2015, 11:05 AM
- Cablevision (NYSE:CVC) is 2% lower coming out of an earnings report where it beat profit expectations and added high-speed data customers at its fastest pace in years.
- Operating income was down 4.5%, however, to $244.5M, and adjusted operating cash flow fell 2.7%.
- Revenues by segment: Cable, $1.48B (up 1.8%); Lightpath, $91M (up 3.4%); Other, $91.3M (down 3.7%).
- In Cable, the company logged net subscriber adds of 5,000 to end up with 3.117M at quarter's end. Among services: It shed 16,000 net video subs and 7,000 net voice subs, but added 14,000 high-speed data customers, most in more than two years, to end the quarter with 2.78M. Serviceable passings were 5.07M.
- Monthly cable revenue per customer rose 3.8%, to $158.52.
Aug. 7, 2015, 7:31 AM
- Cablevision Systems (NYSE:CVC): Q2 EPS of $0.27 beats by $0.02.
- Revenue of $1.65B (+1.2% Y/Y) in-line.
Aug. 6, 2015, 5:30 PM
May 4, 2015, 7:32 AM
- Cablevision Systems (NYSE:CVC): Q1 EPS of $0.20 beats by $0.03.
- Revenue of $1.62B (+2.5% Y/Y) beats by $20M.
May 3, 2015, 5:30 PM
Cablevision Systems Corp. is a telecommunications and media company, which includes a full suite of advanced digital television, voice and high-speed Internet services, local media and programming properties. It operates through three reportable segments: Cable, Lightpath and Other. The Cable... More
Industry: CATV Systems
Country: United States
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