Cablevision Systems Corp.
) reported strong financial results for the second quarter of 2014
with both the top and the bottom line surpassing the respective
Zacks Consensus Estimate. Notably, average revenue per user (ARPU)
increased significantly. Cablevision Systems currently has a Zacks
Rank #3 (Hold).
Quarterly GAAP net income from continuing operations was $91
million or 34 cents per share compared with $28.2 million or 11
cents per share in the prior-year quarter. Second-quarter adjusted
earnings per share of 25 cents were well above the Zacks Consensus
Estimate of 15 cents.
Cablevision Systems Corporation - Earnings
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Total revenue, in the second quarter of 2014, came in at
$1,628.1 million, up 3.7% year over year and also outpaced the
Zacks Consensus Estimate of $1,598 million.
Quarterly operating income was $255.9 million against $197.8
million in the comparable quarter of last year. Operating margin
was 8.4% compared with 12.6% in the prior-year quarter. Quarterly
average monthly cable revenue per customer stood at $152.72
compared with $144.74 in the year-ago quarter. Meanwhile, average
monthly cable revenue per video customer was $174.14 against
$162.42 in the prior-year quarter.
In the second quarter of 2014, Cablevision generated
approximately $487.3 million of cash from operations against $439
million in the year-ago quarter. Free cash flow, in the reported
quarter was $248.2 million against $180.5 million in the prior-year
quarter. As of Jun 30, 2014, the company had $906.8 million of cash
and cash equivalents and $9,875.6 million of debt outstanding.
Segment Wise Revenues
segment's revenues stood at $1,454.9 million, up 3.7% year over
year. Within this segment, Video revenues totaled $806 million, up
1.6% year over year. High-Speed data revenues were $354 million, up
4.7% year over year. Voice revenues were $227 million, up 7.6% year
over year. Advertising revenues totaled $41 million, up 7.9% year
over year. Other revenues were $27 million, up 17.4% year over
segment's revenues came in at $88 million, up 6.7% year over year.
revenues were $94.9 million, up 0.4% year over year.
As of Jun 30, 2014, Cablevision had 2.771 million video
subscribers, 2.779 million high-speed data subscribers and 2.273
million voice subscribers. In the reported quarter, the company
lost 28,000 video subscribers, 9,000 high-speed data subscribers
and 7,000 voice subscribers.
The second quarter of any year generally remains seasonally weak
for the pay-TV industry. In the reported quarter, major cable TV
operators including Comcast Corp. (
), Time Warner cable Inc. (
) and Charter Communications Inc. (
) witnessed loss of significant number of video
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CABLEVISION SYS (CVC): Free Stock Analysis
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