Cablevision adds RGUs, posts net loss in Q3
Cablevision Systems Corp. added 161,000 revenue-generating units (RGUs) in Q3, but the company posted a net loss of $79.3 million, an increase of more than $20 million year-over-year. For the nine months ended Sept. 30, though, the company reported a net income of $211.8 million.
Cablevision ended the third quarter with 3.1 million basic video subscribers, an increase of 11,000 compared with the year-ago quarter but a loss of 16,000 sequentially. iO digital video customers increased by 35,000 - to total 2.6 million.
Optimum Online high-speed data customers increased by 52,000 - to 2.2 million - and the total number of Optimum voice subscribers grew by 91,000 - to 1.5 million. Cablevision ended the quarter with 9.4 million RGUs.
Consolidated net revenue grew 9.4 percent, to $1.5 billion, compared with the year-ago quarter. The telecommunications services net revenues increased 9.6 percent year-over-year, to $1.2 million. Cable TV net revenues increased 9.7 percent compared with the year-ago quarter, to $1.1 million. Cablevision ended the quarter with $10.5 billion in net debt.
“For the third quarter, Cablevision experienced solid revenue and AOCF growth,” said James Dolan, Cablevision’s president and CEO. “This was primarily fueled by the continuing growth of our digital video, voice and high-speed data customers, which helped to maintain Cablevision's industry-leading penetration rates.”