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Cable Operators

Cablevision Adds 7,500 Basic Subs

8/09/2004 3:20 PM Eastern

Cablevision Systems Corp. bucked the trend of basic-subscriber losses in the second quarter, adding 7,500 during the period.

All of the major MSOs reported basic-subscriber losses in the second quarter, ranging from 96,000 to 15,500.
For the quarter, cable-television revenue rose 17%, to $730.4 million, and adjusted operating cash flow was
up 24% to $292.7 million, mainly on strong additions in digital cable, high-speed data and voice subscribers.
Digital customers were up by 110,000, high-speed data by 50,100 and voice by 44,000.
At its Rainbow Media Holdings networks (AMC, Independent Film Channel and WE: Women’s Entertainment), revenue was up 18% to $130 million and adjusted operating cash flow increased 29% to $58 million, primarily because of strong advertising revenue, ratings increases and affiliate revenue increases.
Cablevision said its planned spin-off of Rainbow Media Enterprises — which will include the national programming networks, regional sports networks and Rainbow DBS — is on track to be completed by the end of the third quarter.
Rainbow DBS added about 17,000 new customers in the period, finishing the quarter with 25,000 subscribers.
The strong performance forced Cablevision to increase its guidance for the full year. Revenue now is expected to increase between 13% and 15% (instead of 12% to 14%) and adjusted operating cash flow should rise 14% to 16% instead of 13% to 15%.

September