Updated: Thursday, 28 Feb 2013, 11:36 AM EST
Published : Thursday, 28 Feb 2013, 11:36 AM EST
BETHPAGE, N.Y. (AP) — Cablevision Systems Corp., cable company for the New York area, posted higher fourth-quarter earnings on Thursday thanks to a lawsuit settlement, but its revenue slipped, hurt by Superstorm Sandy.
"The enormous challenges of Superstorm Sandy had a strong negative impact on our fourth quarter results," said James Dolan, president and CEO, in a statement. The damage resulted in credits to customers who lost service.
Cablevision earned $116.5 million, or 45 cents per share, in the October-December period. That's up from $60.6 million, or 22 cents per share, in the same period a year earlier.
The latest quarter's results included a gain of 78 cents per share from a lawsuit settlement with Dish Network.
Revenue slipped 2 percent to $1.66 billion from $1.69 billion.
Analysts, on average, were expecting revenue of $1.7 billion, according to a poll by FactSet.
Cablevision had 3.6 million total customers at the end of December, down by 39,000 from the end of September. This included a loss of about 11,000 customers located in areas most affected by Sandy, the company said.
For the year, its net income fell to $233.5 million, or 87 cents per share, from $291.9 million, or $1.02 per share, a year ago. Annual revenue was almost steady at $6.7 billion.
The company's shares fell $1.50, or 9.7 percent, to $13.97 in midday trading Thursday. The stock has traded in the 52-week range of $10.76 and $18.86.
Ground rules for posting comments: No profanity or personal attacks. No racially charged comments. If it's not something you would say to someone's face, it's most likely inappropriate. Please comment on the subject of the story itself. If you do not follow these rules, we will remove your post. Repeat offenders will be banned from making future comments. Keep it civil, folks! WANE is not responsible for the content posted in this comment section.