SBJ/March 1 - 7, 1999/No Topic Name
Cablevision puts lockout tab at $14M
Published March 1, 1999
Cablevision Systems Corp. revealed last week that it lost
$14 million in the fourth quarter because of the NBA lockout.
Cablevision, which owns Madison Square Garden, MSG Network and the New York Knicks, cited the results in its earnings statement. The company had declined to comment on its lockout losses in the past.
The Knicks were scheduled to play 13 home games in November and December.
MSG's cash flow declined 16 percent in the fourth quarter ended Dec. 31 to $54 million from $61 million in 1997. The setback helped contribute to a larger-than-expected loss at the cable company.
Cablevision, one of the 10 largest U.S. cable TV operators, posted a fourth-quarter loss of $184.7 million, or $1.22 a share, compared with the $182.1 million, or $1.53, gain in the year-earlier same period.
Analysts surveyed by First Call Corp. expected a loss of $1.20 for the company.
The company's MSG unit includes the arena, Fox Sports New York, the Knicks, New York Rangers, MSG Network and Radio City Entertainment.