A day after Cablevision (NYSE: CVC) accepted the $10.6 billion bid to take the company private by its founders, the Dolan family, the company looked back a little further, and reported narrowing its net loss to $26.3 million, or 9 cents a share, compared with a loss of $58 million, or 20 cents a share, a year earlier. Revenues were up 12.5 percent to $1.6 billion, as the company cited growth in telecom services, its Rainbow and Madison Square Garden businesses. Other highlights:
— Consolidated adjusted operating cash flow increased 21.4 percent to $481.6 million and consolidated operating income grew 69.7 percent to $176.0 million.
— Cable TV net revenue grew 15.4 percent. More to come. Earnings release (PDF) | Webcast| Transcript (SeekingAlpha.com)
Update: During the conference call with the media and investors, Cablevision executives declined to provide further details on the acceptance of the Dolans’ bid, sticking closely to 1Q earnings (according to the SeekingAlpha transcript). In response to a question by Merrill Lynch media analyst Jessica Reif Cohen on where the company plans to focus its interactive advertising initiatives, Tom Rutledge, Cablevision’s COO, said efforts will be concentrated on classified ads for autos and homes. Rutledge added that it is also devoting efforts to marketing its VOD services to a variety of advertisers. “And while we are not breaking that out separately in our financials, we have expectations in the long run that it can be a positive contributor to our business.”
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