Boston, MA 08/06/2014 (wallstreetpr) – Media and telecommunications company Cablevision Systems Corporation (NYSE:CVC) announced a loss of 21K customers during the second quarter compared to its first quarter. However, the uptick in the average monthly revenue per customer or RPC and the cable advertising revenue has compensated the loss it suffered in the June quarter.
Customer Loss
Cablevision Systems Corporation (NYSE:CVC) disclosed that it had total customers of 3.165 million compared to 3.186 million in the March quarter indicating a loss of 21K customers. The loss of customers was across the board in all its divisions except serviceable Passings.
While the subscriber base of video segment dipped to 2.77 million from 2.799 million, High-Speed division subscriber base slipped to 2.779 million from 2.788 million in the first quarter. Similarly, voice segment’s customer base fell to 2.27 million from 2.28 million in the March quarter. The drop in these three divisions indicated that the company had lost 28K, 9K and 7K customers in Video, High-Speed Data, and Voice segments respectively.
However, Cablevision’s average monthly RPC advanced 5.5% to $152.72 over the year-ago quarter while cable revenue per video customer was $174.14 in the second quarter. As a result, its cable advertising revenue witnessed an upside of 12.2% from the last year quarter period.
2Q Results
Cablevision Systems Corporation (NYSE:CVC) reported net income of $94.21 million, down 30.4% from $135.36 million and the earnings fell 32.7% to 35 cents a share from 52 cents a share in the same quarter last year. However, income from continuing operations surged to $91.03 million or 34 cents a share from $28.22 million or 11 cents a share in the previous year quarter. On average, Wall Street analysts’ estimated the company to report earnings of 19 cents a share.
Cablevision’s top line grew 3.8% to $1.63 billion from $1.57 billion in the year-ago quarter, which was well ahead of the Street analysts’ predictions of $1.60 billion. Its operating income advanced 29.4% to $255.9 million while adjusted operating cash flow grew 11% to $487.3 million.
Cablevision Systems Corporation (NYSE:CVC) had paid a quarterly dividend of 15 cents a share on July 29.
