Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the fourth quarter and full year ended December 31, 2011.
Fourth quarter consolidated net revenues grew 7.3% to $1.691 billion, consolidated adjusted operating cash flow (“AOCF”) 1 grew 21.0% to $626.2 million and consolidated operating income grew 28.3% to $346.2 million, all compared to the prior year period. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2011 and 2010. Excluding these items, consolidated net revenues, AOCF and operating income would have increased 1.0%, 0.8% and 3.6%, respectively, all compared to the prior year period.
For full year 2011, consolidated net revenues increased 8.5% to $6.701 billion, consolidated AOCF grew 8.1% to $2.295 billion and consolidated operating income grew 3.6% to $1.229 billion, all compared to 2010. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2011 and 2010. Excluding these items, net revenue would have grown 1.2%, consolidated AOCF would have been essentially flat and operating income would have increased 2.1%, compared to the prior full year period.
Operating highlights for the fourth quarter and full year 2011 include:
- Combined Average Monthly Revenue per Basic Video Customer (“RPS”) of $154.10 in the fourth quarter of 2011 (including Bresnan), up $2.39 or 1.6% in quarter.
- High-Speed Data and Voice customer additions of 20,300 and 30,500, respectively, in the fourth quarter of 2011.
- Year to date Consolidated Free Cash Flow from Continuing Operations 1 of $582.9 million.