CORRECTED-UPDATE 1-Cablevision posts quarterly loss As costs up
(Corrects to read $39.3 million in paragraph 2, not $39.3)
* Q3 Shr loss $0.01 vs year-ago profit $0.14
* Q3 revenue $1.69 bln in line with Street view
* Internet net adds 28,000 vs Street view 23,000
Nov 6 (Reuters) - Cablevision Systems Corp reported a third-quarter loss due to higher costs and losing video customers even as it gained Internet customers faster than analysts expected.
The cable service provider on Tuesday posted a loss of $3.8 million or 1 cent per share compared with a profit of $39.3 million or 14 cents per share in the year-earlier quarter. Included in the latest quarter was $61.1 million of debt refinancing costs.
Cablevision lost 10,000 video customers in the quarter compared with analyst expectations for a loss of 9,000, but its addition of 28,000 Internet customers was ahead of Wall Street expectations for 23,000, according to StreetAccount.
The company said that it is working to restore service to customers affected by Hurricane Sandy, which hit the northeastern United States coastline on Oct. 29. Its biggest challenge is power outages suffered by Cablevision customers.
Revenue rose to $1.69 billion from $1.67 billion, meeting Wall Street expectations, according to Thomson Reuters I/B/E/S.
Cablevision shares closed at $16.53 on the New York Stock Exchange on Monday.
(Reporting By Sinead Carew; Editing by Gerald E. McCormick and Grant McCool)