Cablevision Systems Corporation Reports Fourth Quarter And Full Year 2011 Results

Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the fourth quarter and full year ended December 31, 2011.

Fourth quarter consolidated net revenues grew 7.3% to $1.691 billion, consolidated adjusted operating cash flow (“AOCF”) 1 grew 21.0% to $626.2 million and consolidated operating income grew 28.3% to $346.2 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 2011 and 2010. Excluding these items, consolidated net revenues, AOCF and operating income would have increased 1.0%, 0.8% and 3.6%, respectively, all compared to the prior year period.

For full year 2011, consolidated net revenues increased 8.5% to $6.701 billion, consolidated AOCF grew 8.1% to $2.295 billion and consolidated operating income grew 3.6% to $1.229 billion, all compared to 2010. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2011 and 2010. Excluding these items, net revenue would have grown 1.2%, consolidated AOCF would have been essentially flat and operating income would have increased 2.1%, compared to the prior full year period.

Operating highlights for the fourth quarter and full year 2011 include:
  • Combined Average Monthly Revenue per Basic Video Customer (“RPS”) of $154.10 in the fourth quarter of 2011 (including Bresnan), up $2.39 or 1.6% in quarter.
  • High-Speed Data and Voice customer additions of 20,300 and 30,500, respectively, in the fourth quarter of 2011.
  • Year to date Consolidated Free Cash Flow from Continuing Operations 1 of $582.9 million.

Cablevision President and CEO James L. Dolan commented: "2011 was an important year for Cablevision as it marked the culmination of several multi-year initiatives to enhance shareholder value. Those efforts have included spinning off MSG and AMC, completing the Bresnan acquisition, paying quarterly cash dividends, and actively conducting a share buyback program. For the fourth quarter, despite modest video subscriber losses, our cable operations continued to report improved subscriber metrics in both high-speed data and voice customers. The company also generated healthy free cash flow. We remain confident in the strength of our underlying business and in our ability to deliver industry-leading products. Looking ahead, we will continue to improve on those offerings while we remain focused on enhancing shareholder returns and building the company for the long term," concluded Mr. Dolan.

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