This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Conference Call Information

AMC Networks will host a conference call today at 10:00 a.m. ET to discuss its full year and fourth quarter 2012 results. To listen to the call, visit http://www.amcnetworks.com or dial 1-877-347-9170, using the following passcode: 91468440.

About AMC Networks Inc.

AMC Networks owns and operates several of cable television's most recognized brands delivering high quality content to audiences and a valuable platform to distributors and advertisers. The Company manages its business through two reportable operating segments: (i) National Networks, which includes AMC, WE tv, IFC and Sundance Channel; and (ii) International and Other, which includes AMC/Sundance Channel Global, our international programming business; IFC Films, the Company's independent film distribution business; and AMC Networks Broadcasting & Technology, the Company's network technical services business. For more information on AMC Networks, please visit the Company's website at http://www.amcnetworks.com .

AMC NETWORKS INC.
CONSOLIDATED STATEMENTS OF INCOME
Three and Twelve Months Ended December 31, 2012 and 2011
 (In thousands, except per share amounts)
(Unaudited)
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
Revenues, net  $ 366,712 $ 338,959 $ 1,352,577 $ 1,187,741
         
Operating expenses:        
Technical and operating (excluding depreciation and amortization)  158,530 143,247 507,436 425,961
Selling, general and administrative  109,624 91,942 396,926 335,656
Restructuring credit  -- -- (3) (240)
Depreciation and amortization  17,894 24,651 85,380 99,848
  286,048 259,840 989,739 861,225
         
Operating income  80,664 79,119 362,838 326,516
         
Other income (expense):        
Interest expense  (38,588) (30,378) (127,778) (95,870)
Interest income  195 136 502 1,074
Write-off of deferred financing costs  (1,216) (544) (1,862) (6,274)
Loss on extinguishment of debt  (10,774) (191) (10,774) (14,726)
Miscellaneous, net  (21) (17) (652) (137)
  (50,404) (30,994) (140,564) (115,906)
         
Income from continuing operations before income taxes  30,260 48,125 222,274 210,610
Income tax expense  (15,069) (18,860) (86,058) (84,248)
Income from continuing operations  15,191 29,265 136,216 126,362
Income from discontinued operations, net of income taxes -- 213 314 92
Net income  $ 15,191 $ 29,478 $ 136,530 $ 126,454
         
Basic net income per share:        
Income from continuing operations  $ 0.22 $ 0.42 $ 1.94 $ 1.82
         
Income from discontinued operations  $ 0.00 $ 0.00 $ 0.00 $ 0.00
         
Net income  $ 0.22 $ 0.42 $ 1.94 $ 1.83
         
Diluted net income per share:        
Income from continuing operations  $ 0.21 $ 0.40 $ 1.89 $ 1.79
         
Income from discontinued operations  $ 0.00 $ 0.00 $ 0.00 $ 0.00
         
Net income  $ 0.21 $ 0.41 $ 1.89 $ 1.79
         
Weighted average common shares:        
Basic weighted average common shares  70,636 69,521 70,374 69,283
         
Diluted weighted average common shares  72,347 72,281 72,236 70,731
 
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
           
  Three Months Ended December 31, 2012
  AOCF Depreciation and Amortization Share-Based Compensation Expense Restructuring Credit Operating Income (Loss)
           
National Networks $ 106,694 $ (14,155) $ (3,465) $ -- $ 89,074
International and Other (4,302) (3,739) (891)  -- (8,932)
Inter-segment eliminations 522 --  --  -- 522
Total  $ 102,914 $ (17,894) $ (4,356) $ -- $ 80,664
           
  Three Months Ended December 31, 2011
  AOCF Depreciation and Amortization Share-Based Compensation Expense Restructuring Credit Operating Income (Loss)
           
National Networks $ 101,079 $ (21,196) $ (2,744) $ --  $ 77,139
International and Other 6,907 (3,455) (658)  -- 2,794
Inter-segment eliminations (814) --   -- -- (814)
Total  $ 107,172 $ (24,651) $ (3,402) $ -- $ 79,119
           
  Twelve Months Ended December 31, 2012
  AOCF Depreciation and Amortization Share-Based Compensation Expense Restructuring Credit Operating Income (Loss)
           
National Networks $ 492,129 $ (70,436) $ (13,576) $ -- $ 408,117
International and Other (30,040) (14,944) (3,626) 3 (48,607)
Inter-segment eliminations 3,328 --  --  -- 3,328
Total  $ 465,417 $ (85,380) $ (17,202) $ 3 $ 362,838
           
  Twelve Months Ended December 31, 2011
  AOCF Depreciation and Amortization Share-Based Compensation Expense Restructuring Credit Operating Income (Loss)
           
National Networks $ 447,555 $ (85,701) $ (12,582) $ -- $ 349,272
International and Other (4,976) (14,147) (3,007) 240 (21,890)
Inter-segment eliminations (866) --  --  -- (866)
Total  $ 441,713 $ (99,848) $ (15,589) $ 240 $ 326,516
 
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
       
  December 31, 2012 September 30, 2012 December 31, 2011
       
National Networks Subscribers       
AMC (a) 98,900 84,300 96,300
WE tv (a) 81,500 66,600 76,100
IFC (a) 69,600 55,200 65,300
Sundance Channel (b) 50,200 40,600 42,100
       
(a)  Estimated U.S. subscribers as measured by Nielsen Media Research.    
(b)  Subscriber counts are based on internal management reports and represent viewing subscribers.  
Capitalization December 31, 2012
   
Cash and cash equivalents (a) $ 610,970
Less: preliminary VOOM HD lawsuit settlement disbursement  (350,049)
Cash and cash equivalents excluding preliminary VOOM HD lawsuit settlement disbursement   $ 260,921
Credit facility debt (b) $ 880,000
Senior notes (b) 1,300,000
Total debt  $ 2,180,000
   
Net debt  $ 1,919,079
   
Capital leases  15,662
Net debt and capital leases  $ 1,934,741
   
LTM AOCF (c) $ 465,417
   
Leverage ratio (d) 4.2 x
   
(a)  Includes $350,049 related to the preliminary VOOM HD lawsuit settlement disbursement (see the "Other Matters" section of this release for further details).
(b)  Represents the aggregate principal amount of the debt.  
(c)  Represents reported AOCF for the trailing twelve months.  
(d)  Represents net debt (excluding the $350,049 related to the preliminary VOOM HD lawsuit settlement disbursement) and capital leases divided by LTM AOCF. This ratio differs from the calculation contained in the Company's credit facilities.
   
Free Cash Flow Twelve Months Ended December 31,
  2012 2011
Net cash provided by operating activities  $ 569,132 $ 255,233
Less: preliminary VOOM HD lawsuit settlement disbursement  (350,049) -- 
Net cash provided by operating activities excluding the preliminary VOOM HD lawsuit settlement disbursement   $ 219,083  $ 255,233
Less: capital expenditures  (18,557) (15,371)
Free cash flow excluding the preliminary VOOM HD lawsuit settlement disbursement  $ 200,526 $ 239,862
CONTACT: Investor Relations
         Seth Zaslow (646) 273-3766
         szaslow@amcnetworks.com
         
         Corporate Communications
         Georgia Juvelis (917) 542-6390
         gjuvelis@amcnetworks.com

8 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs