Second Quarter 2013 Highlights :
- Net revenues increased 15.8% to $379 million
- Operating income increased 151.7% to $247 million
- AOCF 1 increased 8.7% to $138 million
NEW YORK, Aug. 8, 2013 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (Nasdaq:AMCX) today reported financial results for the second quarter ended June 30, 2013.
President and Chief Executive Officer Josh Sapan said: "In the second quarter, our successful original content drove our overall financial results, with a 16% increase in net revenues and a 9% increase in AOCF. Our original programming continues to fuel the performance of our networks and underpin the Company's growth, with last month's 39 Emmy Award nominations for AMC, IFC and Sundance Channel, the most nominations of any basic cable programming group, contributing to our momentum."Second quarter net revenues increased $52 million, or 15.8%, to $379 million over the second quarter of 2012, led by 15.9% growth at National Networks and a 13.9% increase at International and Other. Adjusted Operating Cash Flow ("AOCF") 1 totaled $138 million, an increase of 8.7% or $11 million versus the prior year period. National Networks AOCF increased 7.8% and International and Other AOCF improved $1 million versus the prior year period. Operating income was $247 million, an increase of 151.7% or $149 million versus the prior year period. As discussed in the "Other Matters" section of this release, operating income included a litigation settlement gain of $133 million. Excluding the impact of the litigation settlement gain, operating income increased 14.6% at National Networks and was essentially flat at International and Other. For the six months ended June 30, 2013, net revenues increased $107 million, or 16.4%, to $761 million, AOCF increased $36 million, or 14.1%, to $288 million, and operating income increased $179 million, or 91.9%, to $375 million. Excluding the litigation settlement gain recorded in the second quarter of 2013, operating income for the six months ended June 30, 2013 increased $47 million, or 23.8%, to $242 million.