Cablevision’s Q1 Financial Growth Strong, But Subs Slow

Cablevision reported Q1 results that were “strong in financial growth but showed some weakness in subscriber-growth metrics, mainly because of the cable operator’s unusually high penetration rates,” according to Mike Farrell of MULTICHANNEL NEWS. Overall Q1 revenue grew 12% to $1.6B, and adjusted-operating-cash-flow (AOCF) grew 21% to $482M. For its cable systems, revenue rose 15.4% to $1.1B, and AOCF increased 12% to $414.1M. There was “better-than-expected results” for the MSG and Rainbow Media Holdings units. At MSG, revenue rose 5% to $235.6M, and AOCF “more than doubled to $18[M] driven by additional concert and sporting events and higher MSG Network revenue” (MULTICHANNEL.com, 5/3). At presstime, shares of Callaway were trading at $35.84, down $0.97 from yesterday’s close of $36.19 (THE DAILY).