First-Quarter Profit Up at Cablevision; Newsday Loses Money

Cablevision Systems Corp. (CVC), the New York cable provider that also operates Newsday and amNewYork, today reported a first-quarter profit of $74.2 million, vs. a profit of $21 million a year ago.

The company’s Newsday segment, which includes Newsday, amNewYork and some weekly shoppers, saw revenue fall 10% year over year to $74.7 million; advertising revenue fell 13%. The unit registered an operating loss of $4.7 million, compared with $7.2 million a year ago.

Cablevision also announced a dividend $0.125 per share, payable on June 7, 2010 to shareholders of record at the close of business on May 17, 2010.

“Cablevision had a strong start to 2010. Subscriber increases across all of our consumer services, including basic video, fueled our growth in cable, and continued our industry-leading penetration rates for yet another quarter,” said CEO and president James Dolan in a statement.