Financial Accounting Blog

Monday, March 08, 2004

The Street reports that even though Cablevision had gains last year, now it is going through a loss. One of the aspects explaining this situation is that the last year gains considered the sale of one of the company assets, the Bravo Network, which is not related to the operating activities.
Cablevision Tuesday reported a fourth-quarter loss and missed analysts' expectations. The company had a net loss of $197.4 million, or 69 cents a share, compared with a profit of $529.8 million, or $1.66 a share a year ago, which reflected a $2.15 a share gain from discontinued operations, including the sale of its Bravo TV network. Analysts had forecast a loss of 45 cents a share, according to Thomson One Analytics. Revenue rose to $1.23 billion from $1.09 billion a year ago. Operating income fell to a $46.2 million loss from a $70.6 million gain in the year-ago quarter, primarily because of "costs associated with the company's direct broadcast satellite service.