Dallas, Texas 05/013/2014 (FINANCIALSTRENDS) – Cablevision Systems Corporation (NYSE:CVC) reported its first quarter 2014 financial and operational results, showing revenues of $1.58 billion, a 4.3% increase as compared to the revenue reported for the same quarter last year.
The $0.33 EPS reported for the quarter beat the analyst consensus estimate of $0.03 by a mile, or 30 cents to be specific. The $1.58 billion in revenue also beat the consensus estimate of $1.56 billion.
The quarter’s profit of $89.8 million also compares very well against the loss of $16.1 million, or $0.06 EPS, which the company reported in the same quarter in 2013.
The main driver for the company’s growth was cable advertising, where revenue jumped 16.8%. Cable net revenues for the first quarter rose 4.5% to $1.417 billion.
Statement by Cablevision CEO Jim Dolan
Cablevision CEO Jim Dolan said that, “In the first quarter, Cablevision generated strong year-over-year financial results as well as solid growth in our high speed data and voice subscriber metrics. We continued to enhance the customer experience with industry leading products and our relentless focus on providing better service for our customers. We are pleased with our first quarter performance and look forward to building on this success.”
Bottomline Casts a Glow to Cover Up Cablevision Issues
The revenue growth and swing back to profitability will likely mask the fact that Cablevision actually ended up with 2,000 less customers over the duration of the quarter. They had 3.188 million customers as of Dec 31, 2013, and ended up with 3.186 million as of March 31, 2014.
Also, the profitability puts to sleep the controversy surrounding the appointment of family members to top leadership positions. Cablevision CEO Jim Dolan has been raked over the coals for promoting his wife Kristin as COO and brother-in-law Brian Sweeney as President.