Cablevision Reports Mixed Q2 Results

Cable AOCF Up 6.2%, Sub Losses Rise
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Cablevision Systems reported mixed second-quarter results Tuesday, with financial metrics beating analysts' expectations but subscriber losses finishing below estimates. 

Overall revenue rose 3.7% and adjusted operating cash flow increased 11%.

At its cable operations, revenue was up 3.7% and AOCF rose 6.2%. But subscriber losses continued to plague the New York metro area operator, which has the greatest exposure to Verizon Communications' FiOS than any other cable company.

Cablevision said it lost 28,000 basic video customers in the period. That is up from the 20,000 lost in the second quarter last year and more than the 18,000 most analysts' expected them to lose.

It also shed 9,000 high-speed data customers in the period (compared to a gain of 1,000 last year and analysts expectations for a 3,900 gain) and lost 7,000 voice customers (compared to a gain of 3,000 in the same period of 2013).

"Cablevision generated solid financial results in the second quarter, including year-over-year growth in AOCF and free cash flow," CEO James Dolan said in a statement. "We extended our track record of deploying product enhancements and measurably improving the Optimum customer experience.  We look forward to continuing our progress in the second half of the year and creating shareholder value over the long term."

Cablevision is scheduled to hold a conference call with analysts to discuss Q2 results at 10 a.m. today.

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