AMC Networks Inc. Reports Second Quarter 2012 Results

National Networks revenues for the second quarter 2012 increased 14.4% to $305 million, AOCF rose 16.0% to $136 million, and operating income grew 21.6% to $111 million, all compared to the prior year period.

National Networks revenues for the six months ended June 30, 2012 increased 17.5% to $609 million, AOCF rose 20.5% to $269 million, and operating income grew 27.2% to $221 million, all compared to the prior year period.

Second quarter growth in revenues was led by a 13.4% increase in advertising revenues to $130 million. The increase in advertising revenues was led by AMC. Affiliate and other revenues increased 15.2% to $176 million. The growth in affiliate and other revenues was primarily attributable to increases in affiliate fees as well as increased digital distribution, home video and international revenues from the licensing of our programming.

Second quarter AOCF increased 16.0% to $136 million reflecting the increase in revenues partially offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher programming and marketing expenses partially offset by a decrease in corporate expenses compared to the prior year period. The operating income increase reflected the growth in AOCF as well as a reduction in amortization expense.

International and Other

International and Other primarily consists of AMC/Sundance Channel Global, the Company's international programming business; IFC Films, the Company's independent film distribution business; AMC Networks Broadcasting & Technology, the Company's network technical services business; and VOOM HD.

International and Other revenues for the second quarter of 2012 declined $4 million to $26 million, AOCF declined $5 million to a deficit of $9 million, and operating loss increased $5 million to $14 million, all compared to the prior year period.

2. See definition of Free Cash Flow included in the discussion of non-GAAP financial measures on page 3 of this earnings release.

International and Other revenues for the six months ended June 30, 2012 declined $3 million to $53 million, AOCF declined $6 million to a deficit of $18 million, and operating loss increased $6 million to $27 million, all compared to the prior year period.

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