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Cablevision revenues grow 11 percent

Cablevision Systems Corp., a New York area cable TV provider which also owns Madison Square Garden, reported a $62.9 million loss in the third quarter on Tuesday even though revenues rose 11 percent as more customers signed up for high-speed Internet and other premium services.
/ Source: The Associated Press

Cablevision Systems Corp., a New York area cable TV provider which also owns Madison Square Garden, reported a $62.9 million loss in the third quarter on Tuesday even though revenues rose 11 percent as more customers signed up for high-speed Internet and other premium services.

The Long Island-based company said its loss amounted to 22 cents a share in the three months ended Sept. 30 versus a loss of $63.2 million, also 22 cents a share, a year earlier.

Cablevision's revenues rose to $1.24 billion to $1.12 billion in the quarter, driven by gains in cable TV services. Cablevision reported 26 percent growth in digital phone subscribers, 5 percent growth in high-speed Internet users and 6 percent more digital video customers _ all premium services that customers can add to their cable TV accounts.

Basic video subscribers edged up 0.1 percent.

Despite the higher revenues, the company still reported a loss as its interest expenses rose 8 percent to $186.9 million in the quarter. Its debt stands at $8.5 billion.