Cablevision Loses 53,000 Video Subs in Q428 Feb, 2013 By: Erik Gruenwedel
New York-based Cablevision Feb. 28 said it lost 53,000 video subscribers during the fourth quarter (ended Dec. 31) compared to the previous-year period. It ended the quarter with nearly 3.2 million video subscribers.
The cable operator attributed the video declines in large part due to Superstorm Sandy, which wiped out power, infrastructure and housing in many areas of Cablevision’s customer base.
Indeed, Cablevision said Sandy directly impacted 24,000 video, 23,000 high-speed data and 19,000 voice subscribers.
Quarterly revenue approached a flat $1.7 billion compared with the previous-year period. Net income fell 49% to $149.7 million from $292 million last year.
“The enormous challenges of Sandy had a strong negative impact on our fourth-quarter results,” CEO James Dolan said in a statement. “Our employees met those challenges, restored our system and now are focused on continuing to enhance our product portfolio to meet our customers’ evolving needs and expectations.”