CVC Losses Blamed On DBS Launch
CableVision Systems Corp. [CVC] blames its fourth-quarter losses on the cost of launching its VOOM direct-broadcast satellite service in October 2003, with a bit of help from higher depreciation and amortization costs. The carrier reported net losses of $197.4 million (69 cents per share) compared to the same period in 2002, when it had a net income of $ 529.8 million ($1.66 per share). The new VOOM division had losses totaling $54.9 million, a distressing number when one considers the division only lost $1.8 million during the quarter a year earlier. No VOOM revenues have been reported as yet.