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Tuesday, November 03, 2009
Cablevision's 3Q Profits Triple
FOXBusiness
Cablevision Systems (CVC) profits tripled in the company’s third quarter, thanks to robust sales in its phone and high-speed Internet divisions, which were up 9.7% and 3.9%, respectively.
The company’s plans to spin off its Madison Square Garden arm into a publicly traded separate company are still on track to happen before the end of the year.
The company's operating cash flow rose 14.7% to $667.7 million, even though the company lost subscribers to its cable television services during the quarter. Video subscribers were down 1.5% from the year prior, while digital video subscribers were up 2.6%. The company’s Long Island-based newspaper, Newsday, lost $800,000 for the quarter, while revenue rose 8.7% to $79.9 million.
Earnings totaled $98.9 million, or 33 cents a share, up from $30.9 million, or 10 cents per share in the year prior.
Revenue rose 5.3% to $1.84 billion, which was in line with company predictions.
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