Bresnan Buy Boosts Cablevision

Q1 revenue, cash flow up strongly
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Cablevision Systems kept the momentum of strong cable operator results going in the first quarter, reporting strong financial growth, primarily fueled by its recent purchase of Bresnan Communications.

Cablevision reported consolidated revenue of $1.922 billion, a 9.7% increase over the prior year. Adjusted operating cash flow rose 8.3% to $661.1 million. In a statement, Cablevision said the strong results were boosted by the Bresnan acquisition, which was completed in December. Without the Bresnan results, Cablevision said revenue would have risen about 3.1% and adjusted operating cash flow would have grown 3.7% in the period.

Cablevision purchased Bresnan, which has about 300,000 customers in Utah, Colorado, Montana and Wyoming for $1.365 billion.

Cable operations continued their strong growth trajectory in the quarter. Telecommunications revenue, which includes cable and its business telephony business Optimum Lightpath, reported revenue of $1.6 billion (up 10.9%) and AOCF of $621.1 million (up 10%). Cablevision also lost 8,000 basic video customers in the period, but added 32,000 high-speed data customers and 40,000 telephone lines.

At Rainbow Media Holdings, which is slated to be spun off later in the year, net revenue increased 9.9% to $272.9 million and AOCF was up 8.3% to $99.5 million. Advertising revenue at the programming unit increased 14.9% in the period and affiliate revenue was up 5.5%.

Cablevision is scheduled to conduct a conference call with analysts at 10 a.m. today.

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