More Internet and phone consumers at Cablevision Systems helped the company maintain its revenue levels in its first quarter of 2012 versus the same period a year ago. But Wall Street still wasn’t happy.
The first quarter gained just 0.2% to $1.659 billion in revenue, a total under Wall Street analysts’ estimates. Tougher news also came with operating income, which slipped 16% to $250.1 million. Net income was cut in half -- $57.1 million from $104.0 million.
All that took the wind out of Cablevision’s stock earning -- losing more than 8% on the day to close at $13.54.
Cablevision gained 41,800 broadband and 42,400 voice customers in the period.
The company said there was a bit of a silver lining. It reversed a long trend, which has been industry-wide, of losing basic video customers. Although a small number, Cablevision made 7,000 additions -- the largest quarterly increase in four years. As other cable operators have reported, Cablevision says its average monthly revenue per basic video customer continues to improve -- almost 2% to $152.53.
Cablevision’s other businesses -- Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, and Cablevision Media Sales Corporation -- slipped 0.6% to $101.0 million, with operating losses narrowing to now $72.5 million compared with the prior-year period.
The group witnessed declines in advertising revenues at Newsday.