Cablevision faces challenges after Q1 results disappointed analysts,...
Cablevision faces challenges after Q1 results disappointed analysts, several said. After last quarter’s cash flow fell 23 percent from Q1 2012 instead of the 6.4 percent increase UBS expected, analyst John Hodulik said he expects a 15 percent decrease to…
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$1.7 billion in 2013. “More challenges ahead” was the headline of his note to investors. “Just when you think it hit bottom,” wrote Wachovia’s Marci Ryvicker, reducing estimates. The company “remains a tough one -- we really like the long-term focus on operations, the investment in the business,” but “this quarter in particular was a pretty significant financial miss -- although subscriber trends were actually okay,” she wrote. Q1 sales fell 0.8 percent to $1.52 billion as operating income fell 63 percent to $91.3 million, Cablevision said Thursday (http://bit.ly/14b390M). The company lost 31,000 customer relationships from Q1 2012, a 0.9 percent decline. “Cablevision started the year off delivering sequential growth in our customer relationship, high-speed data and voice subscriber metrics, all while continuing to recover from the impact of Superstorm Sandy,” CEO James Dolan said. “Investors now believe the odds of an eventual sale have increased,” wrote Citigroup’s Jason Bazinet, downgrading his rating on the stock to neutral from buy. “With the recent acceleration in programming costs, more investors seem to believe that consolidation may be the only way for pay TV firms to restore the balance of power between content and distribution."