As Cablevision Systems
For the quarter, Cablevision, which is a true multimedia company -- with more than 3 million cable subscribers in the New York metropolitan area, the Rainbow Media channels, its Madison Square Garden holdings, professional sports teams, and now daily newspaper Newsday -- managed to accomplish a moderately impressive turnaround. It earned $27.1 million, or $0.09 per share, compared to a year-ago loss of $79.3 million, or $0.27 per share.
However, the dart-throwers who follow the company on Wall Street weren't completely impressed. They'd been looking for the latest per-share line to come in at about $0.14, so the switch from red to black ink failed to thoroughly wow them.
Cablevision also was likely tarred with the things-are-about-to-worsen brush waved earlier by both of its larger cable brethren, Comcast
It bears mentioning that Newsday, which Cablevision bought in May, managed to post $4.2 million in operating income on revenue of $73.5 million in the quarter. For perspective, neighboring New York Times
As to Cablevision as an investment, I'm inclined to give it a pass for now. The controlling Dolan family has created a media hodgepodge, at a time when media companies of any stripe aren't faring especially well. And while I continue to think that the company could be a takeover candidate at some point, takeover candidates aren't shining much more brightly than media companies these days.
Cablevision has just one star hanging from its neck in the Motley Fool CAPS beauty contest. Does that include your vote?