UPDATE 1-Cablevision quarterly profit beats expectations - News

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UPDATE 1-Cablevision quarterly profit beats expectations

By: AFX | 03 Nov 2009 | 09:09 AM ET

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NEW YORK, Nov 3 (Reuters) - New York cable operator Cablevision Systems Corp posted better-than-expected quarterly results as an increase in Internet and phone subscribers overshadowed a decline in basic cable customers. The company, which plans to spin off its Madison Square Garden unit by the end of the year, said its net profit rose to $98.9 million, or 33 cents a share, from $30.9 million, or 11 cents per share, a year ago. Revenue grew 5.3 percent to $1.84 billion. Analysts on average had been expecting profit of 26 cents a share on revenue of $1.82 billion, according to according to Thomson Reuters I/B/E/S. During the quarter, Cablevision, which faces fierce competition from Verizon Communication's FiOS TV digital service, lost 27,300 basic video subscribers and 14,300 digital subscribers. But compared to one year ago, its digital customers were up 2.6 percent. (Reporting by Franklin Paul) (To read more about our Media news, visit out MediaFile blog online at http://blogs.reuters.com/mediafile ) Keywords: CABLEVISION/ (Email: Franklin.Paul@thomsonreuters.com; +1 646 223 6195; Reuters Messaging: Franklin.Paul.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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