Cablevision profit falls by almost half

Cablevision's net income plunged by nearly half in the fourth quarter absent contributions from AMC Networks, which was spun off last year. Revenue for the NY area company rose 7.3% to $1.7 billion, including the acquisition of smaller cabler Bresnan during the year. Core revenue from cable operations grew 8.3% to $1.51 billion as a slight dip in video subscribers was offset by growth in data and voice. Shares were up 2.1% at $15.97 in early trading. Cablevision profit fell to $60 million from $113 million. Earnings from continuing operations excluding AMC fell 18%. Operating income rose 28% to $346 million Chairman James Dolan called 2011 ''an important year for Cablevision as it marked the culmination of several multi-year initiatives -- spinning off MSG and AMC, completing the Bresnan acquisition, paying quarterly dividends and actively buying back stock. Dolan noted during a conference call that Cablevision hasn't raised its rates for 2012 but is eliminating some low-priced packages. Cablevision ended the year with 3.62 million customers. Video subs dipped by 11,000 own from third quarter but high-speed data and voice were up by 21,000 and 30,000 respectively. Commercial biz Optimum Lightpath saw revenue rise 9.7% to $79 million and operating income more than double to $16 million. Cablevision's other assets include Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas and Cablevision Media Sales (formerly Rainbow Advertising Sales). Revenue fell 5.5% to $117 million, mostly on advertising declines at Newsday. Losses narrowed to $81 million. Contact the Variety newsroom at news@variety.com