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AMC Networks Inc. Reports Third Quarter 2013 Results

Stocks in this article: AMCX

Third Quarter 2013 Highlights :

  • Net revenues increased 19.1% to $395 million
  • Operating income increased 40.9% to $122 million
  • AOCF 1 increased 25.4% to $137 million

NEW YORK, Nov. 7, 2013 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (Nasdaq:AMCX) today reported financial results for the third quarter ended September 30, 2013.

"Our solid financial results in the third quarter were driven by a return on our investment in original programming," said Josh Sapan, AMC Networks President and CEO. "Our shows are performing well on IFC, Sundance Channel and WE tv. At AMC, our acclaimed series Breaking Bad came to a close with record viewership and the Emmy Award for Oustanding Drama Series, and The Walking Dead kicked off its fourth season with record ratings that extended its reign as the #1 show on television among adults 18-49. With our Chellomedia acquisition, we believe we will over time further capitalize on demand for our content by growing internationally, a key strategy to ensuring our long-term success."

Third quarter net revenues increased $63 million, or 19.1%, to $395 million over the third quarter of 2012, led by 20.2% growth at National Networks and a 6.9% increase at International and Other. Adjusted Operating Cash Flow ("AOCF") 1 totaled $137 million, an increase of 25.4% or $28 million versus the prior year period. National Networks AOCF increased 24.5% and International and Other AOCF was essentially flat compared to the prior year period. Operating income was $122 million, an increase of 40.9% or $36 million versus the prior year period. The Company's financial results for the third quarter reflect the impact of the litigation and associated carriage dispute with DISH Network in the third quarter of 2012.

For the nine months ended September 30, 2013, net revenues increased $171 million, or 17.3%, to $1.157 billion, AOCF increased $63 million, or 17.5%, to $426 million, and operating income increased $215 million, or 76.2%, to $497 million. As previously disclosed, operating income included a litigation settlement gain recorded in the second quarter of 2013 of $133 million.

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