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Cablevision Systems Corporation (NYSE: CVC) today reported financial results for the fourth quarter and full year ended December 31, 2012.
Fourth quarter consolidated net revenues decreased 1.6% to $1.664 billion, consolidated adjusted operating cash flow (“AOCF”)
1 decreased 44.2% to $349.6 million and consolidated operating income decreased 91.5% to $29.3 million, all compared to the prior year period. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2012 and 2011. Excluding these items, consolidated net revenues would have increased 0.3% while AOCF and operating income would have decreased 18.4% and 48.7%, respectively, all compared to the prior year period.
For full year 2012, consolidated net revenues increased 0.1% to $6.705 billion, consolidated AOCF decreased 17.2% to $1.899 billion and consolidated operating income decreased 38.2% to $759.5 million, all compared to 2011. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2012 and 2011. Excluding these items, net revenue would have grown 0.4%, consolidated AOCF would have decreased 11.7% and operating income would have decreased 27.9%, compared to the prior full year period.
Operating highlights for the fourth quarter and full year 2012 include:
Fourth quarter cable advertising revenue growth of 17.6%, compared to the prior year period.
Improved full year combined Video, High-Speed Data and Voice customer net additions compared to 2011 despite impact of Superstorm Sandy in the fourth quarter.
Cablevision President and CEO James L. Dolan said, "2012 was a year of investment at Cablevision – investment in our network, in our products and services, and in our employees to ensure that we were providing our customers with the very best experience with their television, internet and phone services. The enormous challenges of Superstorm Sandy had a strong negative impact on our fourth quarter results. Ever resilient, our employees met those challenges, restored our system and now are focused on continuing to enhance our product portfolio to meet our customers’ evolving needs and expectations."