Superstorm Sandy wreaked havoc on Cablevision’s fourth quarter results. Sales...
Superstorm Sandy wreaked havoc on Cablevision’s fourth quarter results. Sales dropped 2.2 percent from a year earlier to $1.5 billion, in part because of the storm’s effects, it said. It gave out $33.2 million in credits to customers during the…
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quarter and spent nearly $110 million on repairs and operations related to the storm. The storm also pushed back work on some of the company’s other capital projects by about two months, Chairman James Dolan said during the company’s Q3 earnings call Thursday. The company’s labs were under water during the storm and unusable for about three weeks, Chief Marketing Officer Kristin Dolan said. And December had passed before Cablevision “really got back to working” on new initiatives, James Dolan said. “From the storm through the end of the year, we lost that time,” he said. The storm hurt Cablevision results more sharply than analysts had expected, Wells Fargo analyst Marci Ryvicker wrote in a note to investors. The company lost 65,000 customer accounts during the quarter, when Ryvicker had estimated it would add 18,000. It lost 50,000 basic video subscribers, far more than the 12,000 average analysts expected, she wrote. Profit nearly doubled from a year earlier on a lower loss associated with paying off debt, it said. Its shares fell 9.5 percent to $14.00.