BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE:CVC - News) today reported financial results for the third quarter ended September 30, 2009.
Third quarter consolidated net revenues grew 5.3% to $1.840 billion compared to the prior year period, reflecting solid revenue growth in Telecommunications Services and Rainbow. Consolidated adjusted operating cash flow (“AOCF”) 1 increased 14.7% to $667.7 million and consolidated operating income grew 32.2% to $381.6 million, both compared to the prior year period. Third quarter 2009 AOCF and operating income include favorable adjustments of $25.7 million relating to the resolution of regulatory and legal matters at Cable. Excluding the impact of these items, the growth in AOCF and operating income would have been 10.3% and 23.3%, respectively.
Operating highlights for the third quarter 2009 include:
Year-to-date Consolidated Free Cash Flow from Continuing Operations1 of $623.0 million
Cable Television net revenue growth of 4.5% and AOCF growth of 7.3% (excluding adjustments) for the quarter
Rainbow AOCF growth of 37.8% for the quarter compared to prior year period
Madison Square Garden AOCF growth of 151.5% for the quarter compared to prior year period
Average Monthly Revenue per Basic Video Customer (“RPS”) of $141.03 in the third quarter of 2009
Cablevision President and CEO James L. Dolan commented: "Cablevision continued to deliver solid results in the third quarter. In addition to an increase in revenue, the company reported an impressive gain in AOCF fueled by continuing growth across all of our key businesses – cable, Rainbow and MSG. Also noteworthy in the third quarter, Cablevision generated $220 million in free cash flow, our cable business surpassed two million voice customers and Rainbow National Services’ generated a significant increase in advertising revenue of more than 18 percent. We are pleased with our momentum in what remains a challenging environment and continue to focus on building our businesses for the long-term. Separately, we are moving forward with the spin-off of our Madison Square Garden business and believe we are on track to complete the transaction by year-end,” Mr. Dolan concluded.
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