Time Warner Cable profits jump to $564 mil

Time Warner Cable profits jumped to $564 million last quarter from $392 million the year before. Revenue grew 4% to $5 billion.The nation's second largest cabler said Friday it lost 129,000 video subscribers last but offset that by adding others in high-speed data and voice, making for a solid quarter ending the year with 14.5 million customers. CEO Glenn Britt said, "Time Warner Cable's 2011 results demonstrate the continued strength of our business amidst rapid change in technology and the consumer marketplace."Last quarter was marked by a carriage battle with NY's MSG Networks. As of the first of this year, Knicks, Rangers and Devils games have gone dark for TWC subs and the two companies remain in a standoff.Residential services revenues increased 2.6% year-over-year to $4.3 billion; Video revenue was flat, offset by growth in high-speed data and phone service.Business services revenues grew 37% to $409 million.Advertising revenue decreased 10% to $242 million primarily as a result of a year-over-year decline in political advertising revenues, the company said.Time Warner Cable returned $3.3 billion worth of stock to shareholders during the full year in stock repurchases and dividends. It said its board has replenished its share repurchase authorization to $4 billion effective today. Contact the Variety newsroom at news@variety.com