AMC Networks Inc. Reports Third Quarter 2016 Results

Third Quarter Highlights :
  • Net revenues of $635 million
  • Operating income of $117 million
  • Adjusted Operating Income 1 of $168 million
  • Diluted EPS of $0.91.  Excluding restructuring expense, Diluted EPS of $1.11.

NEW YORK, Nov. 03, 2016 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ:AMCX) today reported financial results for the third quarter ended September 30, 2016.

President and Chief Executive Officer Josh Sapan said: "We continued to execute on our long-term strategic goals during the third quarter. Building on its reputation as a world-class brand with premium content, AMC has five of the top 10 shows on basic cable in key demos for the most recent broadcast season. This success is driving AMC Networks' financial performance and is placing us on track to deliver solid results for full year 2016."

Mr. Sapan continued: "Recently, AMC debuted the seventh season of  The Walking Dead with a powerful episode that was watched by more than 20 million viewers, making it the most watched program on television for the fifth consecutive season, among key demos. Across the company, our programming continues to resonate broadly and is desirable in both linear and non-linear environments. We continue to participate in emerging streaming TV offerings, most recently joining the new DirecTV Now service, in addition to Sling TV and Sony's PlayStation VUE. Through our growing AMC Studios operation, we continue to produce, create, own and distribute premium content that provides us with substantial economic benefits and positions us well for long-term success and growth."

Third quarter net revenues increased 0.4%, or $2 million, to $635 million over the third quarter of 2015.  The increase in net revenues reflected 0.8% growth at National Networks and essentially flat net revenues at International and Other.  Operating income was $117 million, a decrease of 26.5%, or $42 million, versus the prior year period.  The operating income decrease resulted from a decline of 19.6% at National Networks and an increase of $6 million in operating loss at International and Other.  Adjusted Operating Income 1 totaled $168 million, a decrease of 11.8%, or $22 million, versus the prior year period.  National Networks adjusted operating income decreased 12.9% and International and Other adjusted operating income increased $4 million versus the prior year period.

For the nine months ended September 30, 2016, net revenues increased $124 million, or 6.5%, to $2.026 billion, operating income increased $5 million, or 0.9%, to $554 million, and adjusted operating income increased $25 million, or 3.9%, to $666 million.

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