Cablevision Posts Flat 2Q Profit But Tops Street

By Features FOXBusiness

Cablevision Systems (CVC) reported a flat second-quarter profit slightly above Wall Street expectations on Tuesday, led by the acquisition of more voice and Internet customers.

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The Bethpage, N.Y.-based cable provider posted net income of $63.8 million, or 24 cents a share, compared with a year-earlier $88.1 million, or 25 cents, topping average analyst estimates of 20 cents in a Thomson Reuters poll.

Revenue for the three months ended June 30 was $1.69 billion, flat from a year ago and matching the Street’s view.

Slight gains in Cablevision’s television, telecom and Optimum groups were offset by slight declines in Newsday, Clearview Cinemas, News 12 Networks and MSG Varsity.

"We are continuing to invest in our operations to ensure that we are offering the best products and service to our customers,” Cablevision CEO James Dolan said in a statement. “These actions are generating a positive response as evidenced by the 24,000 net new customers we have added during the first half of 2012.”

Cablevision added about 23,000 and 25,000 voice and high-speed data customers. Average monthly revenue per basic video customers increased by 1.7% to $155.12, while cable advertising revenue climbed by 8.3%.