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AMC Networks Inc. Reports First Quarter 2013 Results

Stocks in this article: AMCX

First Quarter 2013 Highlights :

  • Net revenues increased 17.1% to $382 million
  • Operating income increased 31.4% to $127 million
  • AOCF 1 increased 19.5% to $150 million

NEW YORK, May 9, 2013 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (Nasdaq:AMCX) today reported financial results for the first quarter ended March 31, 2013.

President and Chief Executive Officer Josh Sapan said: "AMC Networks is off to a strong start in 2013, with double digit increases in net revenues, AOCF and operating income driven by our popular original programming that is resonating with an increasing number of viewers and advertisers. Sundance Channel's two new original scripted shows, Rectify and Top of the Lake, have been met with wide critical and popular acclaim, and Portlandia, which has become IFC's signature show and one of the most unique comedies on television, completed its third season and continues to perform well. WE tv's successful series Braxton Family Values and Mary Mary out-delivered prior year averages, making WE tv a top three women's network on Thursday nights, and at AMC,  The Walking Dead became the number one show for the broadcast season for adults 18-49 for all of television, a first for any cable series, up 55% from the prior season."

First quarter net revenues increased $56 million, or 17.1%, to $382 million over the first quarter of 2012, led by 18.2% growth at National Networks. Adjusted Operating Cash Flow ("AOCF") 1 totaled $150 million, an increase of 19.5% or $24 million versus the prior year period. The AOCF increase resulted from 19.3% growth at National Networks partially offset by a $2 million decline in AOCF at International and Other. Operating income was $127 million, an increase of 31.4% or $30 million versus the prior year period. The operating income increase resulted from 29.5% growth at National Networks partially offset by a $2 million increase in the operating loss at International and Other.

First quarter net income from continuing operations was $62 million ($0.85 per diluted share), compared with $43 million ($0.60 per diluted share) in the first quarter of 2012. The increase resulted primarily from the growth in operating income.

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