This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cablevision Systems Corporation Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: CVC

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.

Cablevision President and CEO James L. Dolan commented: "2011 was an important year for Cablevision as it marked the culmination of several multi-year initiatives to enhance shareholder value. Those efforts have included spinning off MSG and AMC, completing the Bresnan acquisition, paying quarterly cash dividends, and actively conducting a share buyback program. For the fourth quarter, despite modest video subscriber losses, our cable operations continued to report improved subscriber metrics in both high-speed data and voice customers. The company also generated healthy free cash flow. We remain confident in the strength of our underlying business and in our ability to deliver industry-leading products. Looking ahead, we will continue to improve on those offerings while we remain focused on enhancing shareholder returns and building the company for the long term," concluded Mr. Dolan.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs