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Cablevision Sheds 10K Video Subs in Q3

Light Reading
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Light Reading
11/6/2012
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BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the third quarter ended September 30, 2012.

Third quarter consolidated net revenues grew 1.2% to $1.685 billion, consolidated adjusted operating cash flow (“AOCF”)1 decreased 6.6% to $503.8 million and consolidated operating income declined 19.3% to $219.8 million, all compared with the prior year period. Third quarter 2012 results included a $12.9 million favorable settlement with a voice carrier while third quarter 2011 results included approximately $16 million of costs related to the impact of Hurricane Irene in our NY Metro service area. Excluding these items, consolidated net revenue would have increased 0.4% while AOCF and consolidated operating income would have declined 11.6% and 28.3%, respectively, all compared to the prior year period.

Cablevision President and CEO James L. Dolan said, "The effects of last week's storm have had a devastating impact on residents in much of our service area. As we report our third quarter results today, Cablevision crews continue to work around the clock to restore service to our customers as quickly as possible. Our number one challenge continues to be Cablevision households without electrical power and we are moving quickly to restore our service once power returns. In addition, as of today, the vast majority of our Optimum WiFi hotspots are operational across the tri-state region and providing service to our customers.

Cablevision Systems Corp. (NYSE: CVC)

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