(RTTNews) - Thursday, Cablevision Systems Corp.
(CVC), an entertainment and telecommunications company, reported that its net loss widened in the first quarter. However, on a continuing basis, loss narrowed over last year. Revenues for the quarter grew 10.1% year-over-year.
Net loss for the quarter widened to $31.6 million or $0.11 per share from $26.3 million or $0.09 per share a year ago.
Loss from continuing operations was $31.1 million or $0.11 per share, narrower than $33.4 million or $0.12 per share last year.
Net revenue for the quarter grew 10.1% to $1.72 billion from $1.56 billion last year, reflecting solid revenue growth in Telecommunications Services, Rainbow and Madison Square Garden.
On average, analysts expected the company to earn $0.02 per share, on revenue of $1.70 billion for the quarter.
Segment-wise, Telecommunications Services net revenues rose 10.6% to $1.262 billion and operating income increased 38.7% to $257.3 million. Rainbow net revenues grew 15.8% to $225.2 million, and operating income rose 103.5% to $27.7 million. Madison Square Garden net revenue increased 7.0% to $265.1 million, while operating loss widened to $19.7 million from $4.6 million last year.
Total operating income for the quarter was $245.5 million, up from $170.3 million a year ago.
Loss on derivative contracts for the quarter was $104.9 million, compared to a gain of $65.1 million last year, while gain on investments was $21.6 million, compared to a loss of $73 million a year ago. Net interest expense decreased to $207 million from $230.2 million in the prior year quarter.
Cablevision Systems closed Wednesday’s regular trading session at $23.75.
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