Cablevision rides Q1 revenue back to profit

Cable TV firm Cablevision Systems reported an 11 percent revenue increase to $1.9 billion for the first quarter, up from $1.7 billion for the same period last year. Net income was about $20.2 million, which reversed a net loss of more than $31 million posted in the first quarter of 2008. Some service growth metrics did not meet analyst expectations, yet Cablevision continued to have a strong and growing monthly average revenue per user of $136.55.

Among subscriber news for broadband Internet and telephony, Cablevision added 141,700 new Internet customers, and about 244,500 new telephony customers, the latter figure representing an increase of more than 14 percent from last year's first quarter. The broad analyst perception, reported by the Associated Press and others, was that these figures didn't show the same level of strength as first-quarter subscriber additions reported previously by Comcast and Time Warner Cable.

Cablevision's Optimum Lightpath business communications group reported first-quarter revenue growth of 8 percent to $64.2 million.

The company, which has a much more diverse set of properties than most telecom companies, said it will consider spinning off its Madison Square Garden properties, which include the MSG arena, the NBA's New York Knicks, the NHL's New York Rangers and Radio City Music Hall. Cablevision also owns programming firm Rainbow Media and newspaper Newsday.

For more:
- The Associated Press has this report

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