by Christopher Freeburn | August 7, 2012 2:21 pm
Cablevision (NYSE:CVC) said on Tuesday that it earned $63.5 million during the second quarter, down 28% from $87.8 million in the same period last year.
EPS was 24 cents for the quarter. That beat Wall Street, which was looking for 19 cents a share, Bloomberg noted.
Revenue increased slighly to $1.7 billion, up fractionally from 2011, and matching the prediction of analysts.
Shares of Cablevision remained mostly flat in Tuesday afternoon trading.
Year-over-year earnings were dented by last year’s spin off of AMC Networks (NASDAQ:AMCX).
The company said it added 25,000 new subscribers to its high-speed Internet service and 23,000 new subscribers to its telephone service during the quarter. The number of cable TV subscribers remained flat, which beat a 10,000 subscriber loss estimated by analysts.
Company officials noted capital expenditures of $296.4 million during the quarter, a 38% boost over last year. The company is investing in new services and technology to compete with rivals like Verizon (NYSE:VZ).
Analysts cited by Bloomberg said that Cablevision was in an “investment mode.”
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