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

Stocks in this article: CVC

Second quarter 2012 total revenue increased by 0.5% as compared with the second quarter of 2011. AOCF declined 7.2% versus the prior year period, primarily reflecting lower margins in our core cable business. As expected, capital expenditures increased significantly in the second quarter. This increased level of investment negatively impacted free cash flow, which was $59 million for the quarter.

We continued to be committed to our return of capital initiatives. We repurchased 5.6 million shares of stock in the second quarter and last week the board declared a $0.15 per share quarterly dividend which is payable next month.

Turning to operations, product service and operational improvements and enhancements are all continuing as we strive to provide our customers with more value from their Optimum relationship. Our data network augmentation project, which was completed during the first quarter, significantly improved the Optimum Online experience. Our investment also enhanced our ability to monitor our network’s performance. As a result, we were not surprised when our product performance improvements were validated by the FCC’s latest Measurement Broadband America report, which was released on July 19.

According to the report, customers of our core Optimum Online and Optimum Online Boost Plus services received more than 100% of advertised speeds on average across a 24 hour day. In addition, the report highlighted that Optimum Online customers received 128% of advertised speeds during peak weekday hours and Optimum Online Boost Plus customers received 113% of advertised speeds during peak hours.

Another area in which we provide our customers with great value is through our continued investment in WiFi. Our WiFi network has more access points than any other WiFi network in the country and this product is becoming increasingly attractive to our customers who are seeking to contact to content outside of their homes.

During the second quarter, we expanded our network by adding nearly 5,000 additional hotspots in our Optimum East territories. In addition to adding coverage, we continued to invest to enhance the speed, capacity and connectivity of the network.

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