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AMC Networks Inc. Reports Full Year And Fourth Quarter 2012 Results

Fourth Quarter Results

National Networks revenues for the fourth quarter 2012 increased 10.8% to $339 million, AOCF rose 5.6% to $107 million, and operating income grew 15.5% to $89 million, all compared to the prior year period.

Fourth quarter growth in revenues was led by a 16.0% increase in advertising revenues to $157 million. The increase in advertising revenues was due to strong demand for our original programming, primarily at AMC.  Distribution and other revenues increased 6.8% to $182 million. The increase in distribution and other revenues was attributable to growth in affiliate fees partially offset by a decline in digital distribution revenues.

2.  See definition of Free Cash Flow included in the discussion of non-GAAP financial measures on page 5 of this earnings release.

Fourth quarter AOCF increased 5.6% to $107 million reflecting the increase in revenues offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher programming and marketing expenses compared to the prior year period. As previously noted, AOCF was negatively impacted by the DISH Network temporary carriage termination. The operating income increase reflected the growth in AOCF and a reduction in amortization expense.

Full Year Results

National Networks revenues for the full year 2012 increased 15.9% to $1.254 billion, AOCF rose 10.0% to $492 million, and operating income grew 16.8% to $408 million, all compared to the prior year period.

Full year growth in revenues was led by a 16.9% increase in advertising revenues to $523 million. The increase in advertising revenues was led by AMC. Distribution and other revenues increased 15.2% to $731 million. The increase in distribution and other revenues was attributable to growth in digital and licensing distribution revenues as well as increases in affiliate fees.

Full year AOCF increased 10.0% to $492 million reflecting the increase in revenues offset by an increase in operating expenses. The increase in operating expenses was primarily attributable to higher programming and marketing expenses compared to the prior year period. As previously noted, AOCF was negatively impacted by the DISH Network temporary carriage termination. The operating income increase reflected the growth in AOCF and a reduction in amortization expense.

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