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AMC Networks Inc. Reports Second Quarter 2012 Results

Second quarter net income from continuing operations was $41 million ($0.57 per diluted share), compared with $27 million ($0.39 per diluted share) in the second quarter of 2011. The increase resulted from the growth in operating income and the absence of costs related to the redemption of debt in connection with the spin-off from Cablevision partially offset by an increase in interest expense.

Net income from continuing operations for the six months ended June 30, 2012 was $84 million ($1.17 per diluted share), compared with $57 million ($0.82 per diluted share) in the prior year period.

1. See definition of Adjusted Operating Cash Flow ("AOCF") included in the discussion of non-GAAP financial measures on page 3 of this earnings release.

Net cash provided by operating activities was $166 million for the six months ended June 30, 2012, an increase of $46 million from the prior year period. The increase was primarily the result of the improved operating performance. Free Cash Flow 2 for the six months ended June 30, 2012 was $159 million, an increase of $44 million from the prior year period. The results reflect the increase in net cash provided by operating activities partially offset by an increase in capital expenditures over the prior year period.
Segment Results            
(dollars in thousands) Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 Change 2012 2011 Change
Net revenues:            
National Networks $ 305,184 $ 266,728 14.4% $ 609,407 $ 518,573 17.5%
International and Other 26,269 30,226 (13.1%) 52,615 55,607 (5.4%)
Inter-segment eliminations (3,883) (4,989) 22.1% (8,213) (9,312) (11.8%)
Total net revenues $ 327,570 $ 291,965 12.2% $ 653,809 $ 564,868 15.7%
National Networks $ 135,623 $ 116,892 16.0% $ 268,995 $ 223,248 20.5%
International and Other (9,414) (4,758)  n/m (17,621) (11,862) 48.5%
Inter-segment eliminations 1,035 (103)   n/m 1,540 193  n/m
Total AOCF $ 127,244 $ 112,031 13.6% $ 252,914 $ 211,579 19.5%

National Networks

National Networks consists of the Company's four nationally distributed programming networks, AMC, WE tv, IFC and Sundance Channel.

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