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Cablevision Systems' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CVC

Please take note of the following. Today’s discussion may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ.

Please refer to the company’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties. The company disclaims any obligation to update the forward-looking statements that may be discussed during this call. Let me point out that on page five of today’s earnings release, we provide consolidated operations data and a reconciliation of adjusted operating cash flow, or AOCF, to operating income.

I would now like to introduce Jim Dolan, President and CEO of Cablevision.

Jim Dolan

Thank you, Bret, and good morning. During the second quarter of 2012, we continued to improve the overall Optimum experience for our customers. As we have stated before, we are changing the way we approach our business and we believe that our initiatives are positioning the company for long-term success. We added nearly 7000 total Optimum customer relationship in the second quarter. Net basic video subscribers were essentially flat company-wide. Both of these metrics reflect a significant improvement as compared with our performance during the second quarter 2011.

Optimum East experienced positive video growth as well as substantial increases in the number of Optimum Online and Optimum Voice subscribers. Optimum West felt the effects of a seasonally slow quarter which impacted all of its customer metrics.

We continue to focus on all aspects of our relationships with our customers including our products, pricing, customer service, network quality and performance. Our second quarter financial performance reflects the near-term impact of the operating and capital investments that we are in the process of making.

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