Cablevision Systems Corp. (CVC) on Tuesday reported a 28 percent decline in profit for the second quarter from last year, when results included income from discontinued operations related to AMC Networks Inc. However, earnings per share from continuing operations remained flat with last year and beat analysts' estimates.
Following the spin off of AMC Networks in June 2011, Cablevision's results are mainly driven by its telecommunications operations, which include Cable Television, offering video, high-speed data as well as voice residential and commercial services, and Optimum Lightpath branded commercial data and voice services.
Telecommunications Services net revenues for the quarter rose 0.9 percent to $1.59 billion, while operating income decreased 14.3 percent to $328.7 million.
Cable Television net revenues increased 0.7 percent to $1.52 billion, mainly due to growth of high-speed data and voice customers.
Cablevision did not make any net additions of video customers during the quarter compared to the preceding first quarter. However, average monthly revenue per basic video customer increased $2.59 to $155.12. The company added 25,000 high speed data customers and 23,000 voice customers compared to the prior quarter.
Optimum Lightpath net revenues grew 5.2 percent from last year to $81.1 million, driven by a 12.3 percent increase in revenue from Ethernet services, partly offset by higher operating expenses.
Net revenues at the company's Other segment decreased 4.6 percent from the year-ago period to $111 million, mainly impacted by the continued decline of advertising revenues at Newsday and lower revenue at Clearview Cinemas.
Bethpage, New York-based Cablevision's second-quarter net income was $63.53 million or $0.24 per share, down from $87.84 million or $0.31 per share in the year-ago period. The prior-year quarter's results include income from discontinued operations of $18.59 million or $0.06 per share.
Income from continuing operations declined to $63.79 million from $69.54 million in the same period last year. Earnings per share remained flat with the prior-year period at $0.24.
On average, twenty analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter edged up 0.5 percent to $1.70 billion from $1.69 billion in the prior-year period. Analysts had a consensus revenue estimate of $1.69 billion.
In Tuesday's regular session, CVC is trading at $16.00, up $0.17 or 1.07 percent on a volume of 1.60 million shares.
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