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Cablevision Q3 VOOM Sales At $6 Mil., Subs At 26K

11/09/2004 08:34:00 AM Eastern

Bethpage, N.Y. — Cablevision’s Rainbow DBS-VOOM satellite TV services provider reported net revenue of $5.9 million in the third quarter, primarily due to programming service and equipment rental fees and equipment sales. The new segment did not record revenue for the third quarter last year, since it had not yet been launched.

Operating loss for Rainbow DBS-VOOM in the third quarter, ended Sept. 30, more than doubled, hitting $75.3 million, compared with an operating loss of $29.5 million in the year-ago period. This loss is primarily attributable to content development costs for the VOOM high-definition channels, marketing and subscriber acquisition costs, and costs associated with operating the uplink and broadcast facility and customer call center.

Rainbow DBS registered about 26,000 activated VOOM subscribers in the third quarter.

Adjusted operating cash flow for Rainbow DBS-VOOM in the third quarter came in at a loss of $60.4 million, compared with a year-on-year loss of $29.4 million. This figure excludes restructuring charges and stock plan expense, but includes long-term incentive plan expenses.

For the nine months, Rainbow DBS-VOOM revenue totaled $9.6 million. The segment’s operating loss for this period climbed to $211.6 million, up from a year-earlier loss of $34.8 million.

The nine month adjusted operating cash flow reached a loss of $177.2 million, compared with a loss of $34.6 million in the same time frame in 2003.

Rainbow DBS-VOOM capital expenditures in the third quarter reached $22 million, compared with a year-over-year $23.7 million. For the nine months, segment capital expenditures were $44 million, up from $41.6 million in the same period in 2003.

Cablevision consolidated revenue in the third quarter increased 20 percent, hitting $1.2 billion, up from a year-ago $975.8 million. The company reduced its third-quarter net loss to $63.2 million from the $107 million loss recorded in the same period last year, but consolidated operating income rose to $70.1 million from $20 million year-on-year.

For the nine months, consolidated Cablevision revenue hit $3.6 billion, up from a year-earlier $2.9 billion. Net loss for the period reached $370.3 million, up from a loss of $99.9 million in the same period last year, while operating income rose to $219.6 million from $77.7 million the previous year.

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