The Long Island, NY-based cable operator overall revenues grew by 3.7% to $1.6 billion with cable revenues up the same 3.7% to $1.5 billion. It had a net loss of 28,000 video customers to now total 2.77 million.
Cablevision’s average monthly cable revenue per customer rose 5.5% to $152.72. Some of this came from a sports surcharge for its video customers. Cablevision’s cable revenues include video, high-speed data and voice customers. While Cablevision has been generally losing cable customers over some time, it also lost 9,000 broadband customers (now at 2.779 million) and 7,000 voice customers (to 2.27 million).
Midday trading of Cablevision’s stock was down almost 5% to $18.50 on Tuesday.
Overall company net income dropped to $94.5 million from $135.7 in the second quarter of 2013. But $107.5 million of its second quarter 2013 results came from discontinued operations. Net income from continued operations in the second quarter 2014 was triple its level in the second quarter 2013 -- to $91 million from $28.2 million.
Cablevision’s local advertising sales grew 12% to $41 million.
Cablevision’s other businesses -- which include its newspaper Newsday and its local TV news channel group, News 12 Networks, had essentially flat revenues at 0.4% to $94.9 million.
Cablevision continues to build up its broadband and WiFi areas. James Dolan, president/chief executive officer of Cablevision Systems, said, in an earnings call: “It’s connectivity that consumers really wants.”