Sandy Slams Cablevision Q1 ResultsAOCF dips 27% due to superstorm, higher costs 5/09/2013 02:30:32 PM Eastern
Cablevision Systems continued to feel the impact of Superstorm Sandy in the first quarter, as repair costs for the October weather event put a dent in the Bethpage, N.Y. company's operating results, helping to send adjusted operating cash flow down 27% in the period.
On a conference call with analysts, Cablevision CEO James Dolan said the company warned analysts that the company "expected to experience significant AOCF pressure in the first quarter, which is exactly what occurred."
Cablevision shares initially plunged on the news - shares dropped as much as 8.5% ($1.31 per share) in early trading Thursday to $14.16 each, but rebounded later in the day. By the afternoon, Cablevision shares had gained 40 cents each (2.6%) to $15.87 per share.