Cablevision Systems, a New York-area cable TV provider, swung to a profit 
in the fourth quarter from a loss a year ago as it added more Internet and phone customers.
Cablevision earned US$6.6 million in the quarter, or 2 cents per share, compared with a loss of $23.9 million, or 8 cents per share, a year ago, the company reported Thursday.
Revenues rose 10.8 percent to $1.84 billion from $1.66 billion, beating the $1.79 billion estimate of analysts surveyed by Thomson Financial.
Shares Rise on News
Cablevision's bottom line also was affected by gains and losses from investments in both periods as well as a swing in tax expenses.
Excluding those items as well as interest expenses from its large debt load, operating income jumped 62.9 percent to $330.3 million from $202.8 million, ahead of analysts' expectations of $279 million.
In early trading, Cablevision shares rose 4 cents to $26.94.
Cablevision added 62,000 high-speed Internet customers in the quarter and 102,000 digital phone customers.
Fighting Off Verizon
Its count of basic video subscribers edged up 1,000 -- a number that is closely watched by investors because of competition in Cablevision's home turf of Long Island from new video services being offered by Verizon Communications 
.
Cablevision has about 3 million cable TV customers in the New York City area and also owns Madison Square Garden, the New York Knicks and the New York Rangers and three cable TV channels, IFC, AMC and WE.
Like many cable companies, Cablevision carries a relatively large amount of debt due to investments and upgrades it makes in its cable infrastructure, which it is able to support with consistent cash flows from its subscriber base. As of the end of 2007, its net debt was $10.4 billion, or 4.6 times cash flow.
© 2008 Associated Press. All rights reserved.
© 2008 ECT News Network. All rights reserved.
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