Cablevision, Without AMC, Reports 47% Profit Drop In 4Q |
| Wall Street Journal - Feb 28, 2012 |
Cablevision Systems Corp. (CVC) said Tuesday its fourth-quarter profit dropped 47% in the absence of its former cable-networks division and other assets, but the company was able to hold on to more customers than expected.
The Bethpage, N.Y.-based company lost 14,000 video customers from the third quarter, while adding 20,000 high-speed data customers and 31,000 voice subscribers. Total customer count in its telecommunications business totaled 3.61 million at the end of the year, down 11,000 from the end of the third quarter.
In recent trading, Cablevision shares declined 9.5% to $14.16, amid worries about the company's ability to gain additional market share and offset ongoing increases in programming costs. Concerns about Cablevision's operating business and leadership have also mounted in recent months, following the unexpected departure of its well-respected Chief Operating Officer Tom Rutledge late last year.
The stock is down around 45% over the past 12 months.
"It's hard not to think of Cablevision's steady 4Q result as akin to a rabbit-out-of-a-hat trick; impressive, but difficult to replicate," wrote Bernstein Research analyst Craig Moffett. "Investors had come to rely on Tom Rutledge's steady hand on the tiller."
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- Posted: 2012-02-28 14:35:03
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