(Reuters) - Cable networks company AMC Networks Inc posted a lower-than-expected fourth-quarter profit, as interest expense related to its spinoff from Cablevision Systems rose, sending AMC's shares down 10 percent in premarket trading on Thursday.
Net income for the company, which was spun off by Cablevision System Corp in June last year, rose to $29.5 million, or 41 cents per share, from $19.3 million or 28 cents, last year.
Revenue increased 14 percent to $339 million for the quarter.
Analysts, on average, were looking for fourth-quarter earnings of 59 cents per share on revenue of $327.9 million, according to Thomson Reuters I/B/E/S.
The company said net income fell on higher interest expense and costs related to the redemption of debt in connection with the spin-off from Cablevision.
Interest expense rose about 63 percent to $30.4 million in the quarter.
Shares of the company were trading at $41.88 on Thursday. They had closed at $46.04 on Wednesday on the Nasdaq. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Brenton Cordeiro)
Source: http://news.yahoo.com/amc-networks-4th-quarter-profit-misses-shares-fall-140936416.html
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