Cablevision is set fair for a profitable future with several stormy years behind it.

And a lack of damage by the weather, coupled with a possibly settled ownership dispute, has seen the company record a $1.2 million net profit in the past financial year.

When shareholders meet tomorrow they will hear of the deal which it is hoped will settle ownership of the company.

And they will also be told of plans for the future, which directors reportedly believe are now looking rosy.

Director David Lines said the profit was a "modest improvement'' on last year, adding that they hoped to do much better in the years to come.

He said the lack of structural disorder caused by high winds and an ability to control many expenses had helped the profit level, together with a period without legal costs.

Increased subscriptions also helped the results.

"There has been no windstorm damage this year, no unnecessary administration costs, the cost of programming has maintained itself,'' said Mr. Lines.

"We have had no legal expenses this year. The company is not fighting with the shareholders, that is in the process of being resolved.'' In addition, Mr. Lines said a staff dispute over payments had been settled satisfactorily.

The ownership deal, which involves the two large share holding stakes Bermuda Telephone Company and McDonald Group, will be outlined to shareholders tomorrow.

It followed a Privy Council decision in 1997, after it was revealed that two Americans, Allan and Bill McDonald, owned 28 percent of the company and were in breach of Island business laws.

The groups have decided to combine their holdings into a company, Bermuda Cablevision Holdings. They will control 80 percent of the shares, with the remainder held by individual shareholders.

Cablevision reaches around 65 percent of Island households.