Cablevision Posts Higher Q1 Revenue

reported a rise in its revenue for the first quarter on Monday. The Bethpage, New York-based company posted quarterly net income of $44.6 million, or $0.16 per share, compared to $89.8 million, or $0.33 per share, in the year-ago quarter. Its income from continuing operations came in at $0.20 per share. Its revenue climbed 2.5 percent to $1.615 billion. However, analysts were expecting a profit of $0.17 per share on revenue of $1.60 billion. The average estimate among 4 Estimize users was for earnings of $0.16 per share and revenue of $1.62 billion. Average monthly cable revenue per customer surged 4.8 percent year-over-year to $155.34. Cable net revenue gained 2.4 percent year-over-year to $1.452 billion for the first quarter, while Lightpath net revenue rose 5.0 percent to $91.1 million. The company lost around 28,000 video subscribers in the quarter, versus a loss of 14,000 subscribers, in the year-ago quarter. Consolidated adjusted operating cash flow rose 4.5 percent to $454.0 million, while consolidated operating income climbed 8.0 percent to $223.8 million in the quarter. During the first quarter, there were no stock repurchases. Cablevision CEO James L. Dolan said, "Cablevision had a solid start to 2015 with growth in net revenue, AOCF and revenue per customer. As we move through the year, we will continue to address evolving consumer demand by expanding our product offerings to provide greater value and flexibility. Connectivity is the wave of the future, and we plan to leverage our industry-leading position to be the preferred choice for consumers in our market." Cablevision shares gained 2.05 percent to close at $20.39 on Friday.