Cablevision posted its fourth-quarter and full-year 2008 results Thursday, showing a loss of $321 million translating to $1.11 a share, with most of the results attributable to "impairment charges" on the company's purchase of Newsday ($402 million) and writing off VOOM HD ($41 million).
For the fourth quarter, the company brought in more than $2 billion in consolidated net revenues and net revenue growth in cable television, despite a decline in subscribers. Cable TV revenues rose 7.4 percent in the fourth quarter and rose a total of 10 percent for the year. Basic subscribers for cable TV were down by 3,800 for the quarter.
Life was better in broadband and digital phone subscribers. Broadband subs were up by 28,200 in comparison to last quarter, for a gain of 1.2 percent. Digital phone customers continue to clip along, as the company added 53,400 subs for a 3 percent increase from last quarter. On the business data services side, Optimium Lightpath brought in $65 million, a gain of 16 percent compared to last quarter.
- Cablevision announced financial results. Release.
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