Cablevision Ends 2015 With First Customer Growth Since Crisis
February 25 2016 - 10:10AM
Dow Jones News
Cablevision Systems Corp. said 2015 marked its first
year-over-year growth in customers since 2008, though the cable
operator's fourth-quarter revenue was slightly below
expectations.
As of Dec. 31, Cablevision reported 3.1 million total
customers—businesses or households that use at least one of its
services—an increase of 2,000 customers from a year earlier.
Cablevision, which expects its pending $10 billion acquisition
by Altice NV to close in the second quarter, also reported its
lowest level of what it called "competitive voluntary churn" in
more than six years in the final quarter of last year.
Like other pay-television companies, Cablevision has faced
challenges as a shift toward streaming video and rising cable TV
costs have prompted more consumers to either cut the cord entirely
or move to "skinny" bundles of channels.
During the quarter, Cablevision lost about 10,000 video
customers, but added roughly 25,000 high-speed Internet customers
and 5 million voice customers.
Over all, Cablevision reported a profit of $32.1 million, or 12
cents a share, down from $56 million, or 20 cents a share, a year
earlier. The latest period included $14.2 million in negative
one-time items. Revenue edged down by $2.1 million to $1.63
billion.
Analysts polled by Thomson Reuters expected per-share profit of
15 cents and revenue of $1.64 billion.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 25, 2016 10:55 ET (15:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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