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Cablevision Systems Corporation Reports Third Quarter 2012 Results

Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the third quarter ended September 30, 2012.

Third quarter consolidated net revenues grew 1.2% to $1.685 billion, consolidated adjusted operating cash flow (“AOCF”) 1 decreased 6.6% to $503.8 million and consolidated operating income declined 19.3% to $219.8 million, all compared with the prior year period. Third quarter 2012 results included a $12.9 million favorable settlement with a voice carrier while third quarter 2011 results included approximately $16 million of costs related to the impact of Hurricane Irene in our NY Metro service area. Excluding these items, consolidated net revenue would have increased 0.4% while AOCF and consolidated operating income would have declined 11.6% and 28.3%, respectively, all compared to the prior year period.

Operating highlights for the third quarter 2012 include:

  • Customer Relationship additions of approximately 5,000.
  • High-Speed Data and Voice customer additions of approximately 28,000 and 22,000, respectively.
  • Average Monthly Revenue per Basic Video Customer (“RPS”) of $154.83, an increase of $3.12 or 2.1%, compared to the prior year period.
  • Cable advertising revenue growth of 12.3%, compared to the prior year period.

Cablevision President and CEO James L. Dolan said, "The effects of last week's storm have had a devastating impact on residents in much of our service area. As we report our third quarter results today, Cablevision crews continue to work around the clock to restore service to our customers as quickly as possible. Our number one challenge continues to be Cablevision households without electrical power and we are moving quickly to restore our service once power returns. In addition, as of today, the vast majority of our Optimum WiFi hotspots are operational across the tri-state region and providing service to our customers.

“Looking ahead, we will continue to focus on our customers, improving the products we offer and enhancing the service we deliver both in the ordinary course of business as well as in times of crisis. We have already made substantial progress on several major initiatives, including the completion of our digital conversion and the further expansion of our Optimum WiFi network. We also strengthened our balance sheet and extended our debt maturity profile through a number of successful financing transactions, which together with our operational initiatives will help us to enhance shareholder value over the long term."

1.   See definition of AOCF and Consolidated Free Cash Flow from Continuing Operations included in the discussion of non-GAAP financial measures on page 4 of this earnings release.

Telecommunications Services – Cable Television and Lightpath

Telecommunications Services includes Cable Television – Cablevision’s video, high-speed data, and voice residential and commercial services offered over its cable infrastructure - and its “Optimum Lightpath” branded commercial data and voice services.

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