Cablevision Posts 13% Cash-Flow Bump


Woodbury, N.Y. -- Cablevision Systems Corp. released
preliminary first-quarter results for its cable operations and its Long Island, N.Y.,
commercial-telephony business last Friday, showing that its cash flow rose 13.1 percent on
a pro forma basis versus the same period a year ago.

Cash flow rose to $160 million from $124.1 million,
including a 12.3 percent increase in cable cash flow. Net revenue rose 13.7 percent on a
pro forma basis, to $393.3 million from $300.8 million, adjusting for various system
purchases and sales. The cable operation added 27,000 subscribers from internal growth.
Over the past 12 months, internal subscriber growth amounted to 2.7 percent.

Overall, adjusted operating cash flow rose 28.9 percent in
the three months ended March 31, while net revenue rose 30.7 percent.

Cablevision released this preliminary report 11 days before
it planned to issue full first-quarter numbers, so that it would have more current figures
to discuss with analysts at the National Show.

Results from "developing new-media businesses"
were excluded, but the company said those businesses had negative adjusted operating
income of about $9.3 million in the quarter. Those start-ups include cable modem,
residential telephony and commercial telephony outside of Long Island.