Asset sale sparks rise in Cablevision profits

US-based Cablevision Systems reported higher profits following an asset sale, but lowered its full-year revenue and profit estimates, an Associated Press report said.

The Associated Press report said the, which has 3 million cable subscribers in the New York area and owns Radio City Music Hall and Madison Square Garden, earned $317.4 million in the three months ending in June, compared with $14.6 million a year ago. Per-share earnings rose to $1.08.

In May Cablevision agreed to be taken private by its controlling shareholders, the Dolan family, but the company provided no updates Wednesday on the process. The next step will be to schedule a shareholder vote on the deal, which must be approved by a majority of the non-Dolan family public shareholders.

The report said the latest results for the company, which also owns the New York Knicks basketball team the New York Rangers hockey team, were boosted by the sale in June of Cablevision's stakes in two regional sports cable channels for a total purchase price of $570 million.

Excluding the gain, operating income rose 30% to $208.4 million from $159.7 million.

Cablevision's revenues rose 12.3% to $1.57 billion from $1.4 billion in the same period a year ago.

The report further said looking ahead, Cablevision, based in Bethpage, on New York's Long Island, now sees total revenue growth for 2007 of 11%, compared with its prior forecast for mid-teen percentage growth, citing a 'competitive environment.'