Cablevision Post 2Q Gains

Cablevision Systems Corp., which owns Madison Square Garden in New York City, announced second quarter earnings are up to about $222 million, or 77 cents per share, owing to gains related to the restructuring of several regional cable sports networks.

That compares with a loss of $187.1 million in the same period last year.

However, excluding the gains from the restructuring, Cablevision had a loss from continuing operations of 6 cents per share – only about half the loss expected by Wall Street analysts.

Revenues were off 3 percent at Madison Square Garden, where the National Hockey League’s Rangers play.

The decline is due in part to the NHL lockout that forced cancellation of the entire hockey season.