CABLEVISION SYSTEMS CORPORATION ANNOUNCES PRELIMINARY CABLE AND COMMERCIAL TELEPHONY FIRST-QUARTER RESULTS.WOODBURY, N.Y.--(BUSINESS WIRE)--May 1, 1998--Cablevision Systems Corporation (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CVC See CSC. ) today released preliminary first-quarter revenue and adjusted operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. results for its cable and Long Island commercial telephony operations. As shown on the accompanying table, adjusted operating cash flow (operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. before depreciation and amortization and excluding the effects of stock plan income or expense) for the Company's cable and Long Island commercial telephony operations increased 28.9 percent for the three months ended March 31, 1998, compared to the same period in 1997. On the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis described below, adjusted operating cash flow for the Company's cable and Long Island commercial telephony operations increased 13.1 percent in the same period. The stock plan expense in respect of the Company's cable and Long Island commercial telephony operations amounted to approximately $19 million in the 1998 quarter, as compared to a credit of approximately $1 million in the 1997 period. Net revenues for the Company's cable and Long Island commercial telephony operations for the three months ended March 31, 1998 increased 30.7 percent over the corresponding 1997 period. On a pro forma basis, net revenues derived from these operations increased 13.7 percent for the three months ended March 31, 1998, as compared to the same period in the prior year. The accompanying table does not include the results of operations of the Company's programming businesses or its developing new media businesses, whose results will be released on May 12, 1998. The Company's developing new media businesses, however, had negative adjusted operating cash flow of approximately $9.3 million, net of the amortization of deferred revenue for the three months ended March 31, 1998. As of March 31, 1998, the Company served approximately 3,373,000 subscribers on a consolidated basis, reflecting acquisitions and dispositions (adding 502,000 subscribers, net) in 1998, and a gain of approximately 27,000 subscribers (.9 percent) from internal growth during the first three months of 1998. Internal subscriber growth for the twelve months ended March 31, 1998 amounted to 2.7 percent. Recurring average monthly revenue per subscriber for the consolidated Company was $41.65 in March 1998, as compared to $37.45 in March 1997 and $38.53 in December 1997. The pro forma adjustments to net revenues and adjusted operating cash flow referred to above were made to give effect to the acquisition of additional interests in Cablevision of Framingham Holdings and A-R Cable Partners (Nashoba) and the acquisition of A-R Cable Services, Inc.'s (A-R Cable) Series A preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. in 1997. They also give effect to the acquisition of 10 cable television systems in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey from TCI (Trustworthy Computing Initiative) An umbrella term from Microsoft for its efforts to improve security in Windows. TCI was announced in 2002 after viruses such as Code Red and Nimda had succeeded in attacking numerous Windows computers. for approximately 24.5 million newly issued shares of the Company's common stock and the assumption of $669 million in debt. The pro forma financial information also gives effect to the sale of cable television systems in Maine and Toledo in the fourth quarter of 1997 and the sale of the assets of U.S. Cable and the cable television systems in Rockford, Illinois Rockford is a mid-sized city located on both banks of the Rock River in far northern Illinois. Rockford is often referred to as "The Forest City" and is the county seat of Winnebago County, Illinois, USA. As reported in the 2000 U.S. and Paragould, Arkansas Paragould is a city in Greene County, Arkansas, United States. According to 2006 Census Bureau estimates, the population of the city is 23,775. ranking it as the state's 17th largest city, behind Russellville. in the first quarter of 1998. In addition, they exclude the net revenues and operating cash flows derived from the systems held for sale. The pro forma information does not give effect to the agreement in principle with TCI to acquire cable television systems in and around Hartford, Vernon, Branford and Lakeville, Connecticut in exchange for approximately 2.9 million newly issued common shares and $135 million in cash and assumed debt. The accompanying table presents net revenues and adjusted operating cash flow for the three month periods ended March 31, 1998 and 1997 in terms of Restricted Cable, the Company's Long Island commercial telephony business ("Lightpath"), the systems acquired from TCI, and the systems held for sale as set forth below. Restricted Cable reflects the transfer of certain cable systems in December 1997 to the Restricted Group as if the transfer had occurred as of January 1, 1997. The columns denoting pro forma percentage change assume all acquisitions and dispositions occurred as of January 1, 1997. Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies and one of the largest operators of cable television systems in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Cablevision serves more than 3.3 million customers in eight states with major operations in the Boston, Cleveland and New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , where Cablevision now serves 2.6 million households. Its subsidiary, Rainbow Media Holdings, Inc., manages entertainment, news and sports programming, and is a 50-percent partner in Fox Sports Net. The Company owns a majority interest in Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference L.P., which includes the arena complex, the New York Knicks, the New York Rangers The New York Rangers are a professional ice hockey team based in New York, New York, U.S.A. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League (NHL). , as well as the MSG MSG: see glutamic acid. Network. Its Radio City Productions manages the operations of New York's famed Radio City Music Hall Radio City Music Hall New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338] See : Theater , and holds a long-term lease on the property. Cablevision Lightpath, a wholly-owned subsidiary, provides telephone service to more than 900 businesses on Long Island, while Optimum Online offers high-speed online and Internet access via cable modems to customers in New York and Connecticut. Most recently, the Company acquired Nobody Beats The Wiz, Inc. -0-
REVENUES/OPERATING CASH FLOW
(Dollars in Thousands)
(Unaudited)
NET REVENUES
Three Months Ended Pro forma
March 31, Percent Percent
1998 1997 Increase Increase
Restricted Cable $333,774 $268,257 24.4 15.3
Commercial Telephony 11,803 7,555 56.2 56.2
--------- ----------
Restricted Group 345,577 275,812 25.3 16.4
--------- ---------
Acquired TCI Systems 32,340 - - 6.1
Systems Held for Sale 16,190 25,653 - -
Eliminations(a) (831) (632) - -
-------- -----------
$393,276 $300,833 30.7 13.7
======== ========
OPERATING CASH FLOW
1998 1997
Adjusted for Adjusted for Pro forma
Stock Stock Percent Percent
Plan Charge Plan Charge Increase Increase
Three Months Ended
March 31,
Restricted Cable $136,875 $112,322 21.9 12.3
Commercial Telephony 6,250 3,073 103.4 103.4
---------- -----------
Restricted Group 143,125 115,395 24.0 14.5
--------- ---------
Acquired TCI Systems 11,887 - - 9.2
Systems Held for Sale 5,082 8,773 - -
---------- -----------
$160,094 $124,168 28.9 13.1
======== ========
(a) Represents revenues earned by Lightpath from the consolidated
cable systems.
CONTACT: Charles Schueler Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most (516) 393-1399 or Investor Relations Investor relations The process by which the corporation communicates with its investors. (516) 393-1325 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion