Cablevision Announces Q2, Adds CFO

Cablevision appoints Michael Huseby executive VP and CFO; reports Q2 results

August 9, 2004

3 Min Read

BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE:CVC) today announced that Michael P. Huseby will join the company as executive vice president and chief financial officer, effective later this month. Mr. Huseby, who will report to Cablevision President and CEO James L. Dolan, joins the company from Charter Communications, Inc., where he was executive vice president and chief financial officer.

    Mr. Huseby, 49, replaces Cablevision's Vice Chairman William J. Bell, who will remain vice chairman through the end of the year at which time he will retire, but will continue to serve as a director of the company. In addition, after year-end 2004, Mr. Bell will stay with Cablevision as an active consultant for three years.

    Mr. Dolan commented, "We are pleased to welcome Mike to a strong and dynamic Cablevision management team that has undergone a significant influx of new talent over the past few years. With years of experience in cable, telephony and broadband, most recently with Charter, previously at AT&T and including time on Cablevision's board of directors, Mike is the right person to lead our financial team as we begin an exciting new chapter in Cablevision's long and successful history."

---In a separate release---

BETHPAGE, N.Y. -- Consolidated second quarter net revenues increased 25% to $1.2 billion compared to the prior year period, based on continued strong growth at both Telecommunications Services and Rainbow Media's Core Networks. Consolidated operating income totaled $159.1 million compared to operating income of $26.2 million in the prior year period. Consolidated adjusted operating cash flow for the quarter increased 48% to $435.4 million compared to the year-earlier period. The increases in operating income and adjusted operating cash flow were driven by revenue increases at Telecommunications Services and Rainbow Media's Core Networks as well as $106.1 million of one-time payments and credits at Madison Square Garden, partially offset by costs associated with the launch of VOOM, the company's direct broadcast satellite service. Adjusted operating cash flow ( "AOCF"), a non-GAAP financial measure, is defined as operating income (loss) before depreciation and amortization, excluding employee stock plan charges or credits and restructuring charges or credits. Please refer to page 4 for a discussion of our use of AOCF as a non-GAAP financial measure and page 6 for a reconciliation of AOCF to operating income (loss) and net income (loss).

    Cablevision President and CEO James L. Dolan commented: "For the second quarter, Cablevision's video, high-speed data, voice and Lightpath businesses generated excellent results, reporting a 17% increase in net revenues. Our ongoing success in strengthening our customer relationships is enhanced by our ability to offer our suite of advanced digital services across our entire footprint. In the second quarter, we led the cable industry in the growth of high-speed data, ending June with a 27% penetration rate. Cablevision has also achieved, in a short period, a nearly 40% penetration rate for digital video and enjoys enthusiastic consumer response to our digital voice offering, which added 44,200 customers in the second quarter."

Cablevision Systems Corp.

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