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AMC Networks Inc. Reports Second Quarter 2012 Results

Second Quarter 2012 Highlights :
  • Net revenues increased 12.2% to $328 million
  • Operating income increased 19.4% to $98 million
  • AOCF 1 increased 13.6% to $127 million

NEW YORK, Aug. 9, 2012 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (Nasdaq:AMCX) today reported financial results for the second quarter ended June 30, 2012.

President and Chief Executive Officer Josh Sapan said: "In the second quarter, AMC Networks delivered solid financial results with double-digit percentage increases in net revenues, AOCF and operating income. The results were driven by continued advertiser demand and renewals with distributors, most recently AT&T, with whom we reached a new, long-term agreement. Last month, the Company received 36 Emmy Award nominations, more than any other basic cable television group. This critical reception helps drive the growth of our business and our financial performance. As has been widely reported, DISH Network dropped our networks to gain leverage in an unrelated lawsuit. The trial is scheduled to begin September 18 in New York State Supreme Court."

Second quarter net revenues increased $36 million, or 12.2%, to $328 million over the second quarter of 2011, led by 14.4% growth at National Networks which more than offset a decline of $4 million in International and Other. Adjusted Operating Cash Flow ("AOCF") 1 totaled $127 million, an increase of 13.6% or $15 million versus the prior year period. The AOCF increase resulted from 16.0% growth at National Networks partially offset by a $5 million decline in AOCF at International and Other. Operating income was $98 million, an increase of 19.4% or $16 million versus the prior year period. The operating income increase resulted from 21.6% growth at National Networks partially offset by a $5 million increase in the operating loss at International and Other.

For the six months ended June 30, 2012, net revenues increased $89 million, or 15.7%, to $654 million, AOCF increased $41 million, or 19.5%, to $253 million, and operating income increased $42 million, or 27.7%, to $195 million, all compared to the prior year period.

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