Copyright 2004

TheStreet.com

May 10, 2004 Monday

Cablevision Monday reported a narrower first-quarter loss, thanks to higher sales in its telecommunications and cable TV operations.

The company lost $120 million, or 42 cents a share, versus $151.3 million, or 54 cents, a year ago.

Revenue rose about 18 percent to $1.19 billion from $1 billion. Based on continuing operations, the company lost $111.7 million compared with $13.4 million. On an EPS basis, that's a loss of 39 cents versus 47 cents in 2003.

The consensus estimate of analysts was for a loss of $98.1 million, or 37 cents a share, on revenue of $1.12 billion, according to Thomson First Call.

Revenue at its telecommunications unit rose 17 percent to $740.1 million. Revenue at its Madison Square Garden unit, which includes the MSG TV channel and professional sports teams, declined 2 percent to $204.5 Its consumer network, which includes cable TV and Internet service, saw a 17 percent jump in revenue to $697.3 million. Total revenue per basic video customer rose 18 percent to $79.02 from a year ago.

The company's loss on an operating basis in fell to $9.6 million from $31.6 million a year ago.

Shares closed at $21.62 Friday.