BETHPAGE, New York: Dolan family-controlled Cablevision Systems posted a loss in the fourth quarter despite gains in its core cable TV business. The company, whose interests include Madison Square Garden and two professional sports teams, reported a loss of $23.9 million (€18m; £12m) compared with earnings of $64.6m in the same period a year ago.
Higher interest expenses and a loss taken from discontinued businesses weighed on the results.
Revenues rose 13% to $1.69 billion from $1.49bn. Cable TV profits rose 12% on an 18% gain in revenues.
Cablevision, which has been very successful in selling its 'triple play' bundle of video, high-speed internet and telephone services, added 16,000 basic video customers, 75,000 data customers and 109,000 voice customers in Q4.
Data sourced from Wall Street Journal Online; additional content by WARC staff