Cablevision Reports Solid Q2

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Cablevision Systems reported second-quarter results generally in-line with analyst estimates, with cable revenue up 5% and adjusted operating cash flow up about 6% for the period.

The Bethpage, N.Y.-based MSO lost about 8,700 basic customers in the period, a bit higher than some analyst expectations that the company would shed about 5,000 basic customers.

Telecommunications revenue for the period was $1.4 billion (up 5%) and AOCF was $553.3 million, a 6% increase. Analyst consensus estimates were for a 3% revenue increase and for AOCF to rise 6%. Consolidated revenue for the period was $1.9 billion, up 9.8% and AOCF for the full company was $636.3 million, up 6.8%.

Offsetting the basic-subscriber losses were 56,000 additional digital cable customers, boosting penetration to 93.8%; and 17,900 additional high-speed data customers, raising penetration to 52.3% of homes passed. The company added 37,600 voice customers in the period, ending the second quarter with 1.97 million customers, or 41.1% of homes passed.

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