Cable Technology Feature Article
Cablevision Systems Corporation Announces Fourth Quarter and Full Year 2012 Results
By Jyothi Shanbhag, TMCnet Contributor
Media and telecommunication company, Cablevision Systems (News - Alert) Corporation has disclosed its financial results for the fourth quarter and full year ended December 31, 2012.
In addition to delivering its Optimum (News - Alert)-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision’s local media properties include News 12 Networks, MSG Varsity and Newsday Media Group.
The financial report states that the year 2012 was a year for improvement and investment for Cablevision Systems. The company’s consolidated net revenue went up to 0.1% to $6.705 billion, consolidated AOCF decreased 17.2 percent to $1.899 billion and consolidated operating income decreased 38.2 percent to $759.5 million, all compared to 2011.
Fourth quarter consolidated net revenue decreased 1.6 percent to $1.664 billion, consolidated adjusted operating cash flow decreased 44.2 percent to $349.6 million and consolidated operating income decreased 91.5 percent to $29.3 million, all compared to the prior year period.
In addition, the cable advertising revenue experienced a growth of 17.6 percent, compared to the prior year and improved with combined video, high-speed data and voice customer net additions compared to 2011, despite impact of Superstorm Sandy in the fourth quarter.
Cablevision president and CEO James L. Dolan said, "2012 was a year of investment at Cablevision – investment in our network, in our products and services, and in our employees to ensure that we were providing our customers with the very best experience with their television, internet and phone services. The enormous challenges of Superstorm Sandy had a strong negative impact on our fourth quarter results. Ever resilient, our employees met those challenges, restored our system and now are focused on continuing to enhance our product portfolio to meet our customers’ evolving needs and expectations."
Cablevision has also repurchased approximately 13.6 million shares of its Class A common stock for approximately $188.6 million and has even declared a quarterly dividend of $0.15 per share on each outstanding share of both its Cablevision NY Group Class A Stock and its Cablevision NY Group Class B Stock.
Edited by Brooke Neuman