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NEW YORK, Feb. 26, 2013 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (Nasdaq:AMCX) today reported financial results for the full year and fourth quarter ended December 31, 2012.
President and Chief Executive Officer Josh Sapan said: "2012 was a successful year for AMC Networks. Our continued strategy of investing in original programming while developing strong brands with consumers resulted in record ratings, most notably for AMC's ratings juggernaut 'The Walking Dead.' We resolved our legal dispute with DISH Network, completed new carriage agreements with a number of leading distributors, and expanded our relationships with key advertisers. All of which, contributed to strong financial results for the full year and gives us confidence that we are well-positioned for continued success in the year ahead."
Fourth Quarter Results
Fourth quarter net revenues increased $28 million, or 8.2%, to $367 million over the fourth quarter of 2011, led by 10.8% growth at National Networks which more than offset a decline of $7 million at International and Other. Adjusted Operating Cash Flow ("AOCF")
1 totaled $103 million, a decrease of 4.0% or $4 million versus the prior year period. As discussed in the "Other Matters" section of this release, AOCF reflected the impact of the litigation and associated temporary carriage termination with DISH Network. National Networks AOCF increased 5.6% and International and Other AOCF declined $11 million versus the prior year period. Operating income was $81 million, an increase of 2.0% or $2 million versus the prior year period. The operating income increase resulted from 15.5% growth at National Networks partially offset by a $12 million decrease in operating income at International and Other.
Fourth quarter net income from continuing operations was $15 million ($0.21 per diluted share), compared with $29 million ($0.40 per diluted share) in the fourth quarter of 2011. The decrease resulted from costs related to the repayment of the term loan B facility partially offset by growth in operating income.