Cablevision Systems announces fourth quarter results.WOODBURY Woodbury. 1 Residential city (1990 pop. 10,904), seat of Gloucester co., SW N.J., in the Philadelphia–Camden metropolitan area; settled 1683, inc. as a city 1871. It is a trade and service center, and petrochemical companies are nearby. , N.Y.--(BUSINESS WIRE)--Jan. 30, 1996--Cablevision Systems Corp. (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 fourth quarter 1995 results. As shown on the accompanying chart, net revenues for the quarter and the year ended Dec. 31, 1995 increased 18% and 29%, respectively over the corresponding 1994 periods. Increases of 9% and 18% for the respective three and twelve month periods were attributable primarily to acquisitions made during 1994 and 1995. The remaining increases of 9% and 11% for the respective periods came from internal growth in the average number of subscribers (up 145,800 or 10% for the year) and, to a lesser extent, from rate increases. Also, as illustrated on the chart, excluding the effects of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in 1994 and certain incentive stock plan expense adjustments reflected in 1995 and 1994, 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. (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) increased 7% and 18%, respectively, for the three and twelve month periods ended Dec. 31, 1995 compared to adjusted operating cash flow for the same periods in 1994. The increases were primarily attributable to the acquisitions made in 1994 and 1995 mentioned above and to internal growth in the number of subscribers. Net losses for the quarter and year ended Dec. 31, 1995 amounted to ($80,340,000) and ($317,458,000), or ($3.88) and ($14.17) per common share (after preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) requirements), as compared to net losses of ($136,419,000) and ($315,151,000), or ($5.87) and ($13.72) per common share (after preferred dividend requirements) for the same periods in 1994. On Dec. 15, 1995, the company completed the acquisition of Cablevision For the unrelated Canadian company, see . Cablevision Systems Corporation is an American cable television company. It is the 5th largest cable provider in the USA, with most customers residing in New York, New Jersey, Connecticut, and Pennsylvania. of Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , adding approximately 146,300 subscribers to the company's Restricted Group. At Dec. 31, 1995, the company served approximately 2,061,200 subscribers (including Cablevision of Boston), penetrating penetrating breaching the tissues of the body. 62% of homes passed and representing a gain of approximately 146,600 subscribers (8%) from internal growth during 1995. Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. average monthly revenue per subscriber was $37.07 in December December: see month. , 1995. The following table presents net revenues and operating cash flow for the three months and year ended Dec. 31, 1995 and 1994 in terms of the Restricted Group (including Cablevision of Boston as of Dec. 15, 1995) and the company's Unrestricted Group of subsidiaries which include Rainbow Programming (including Rainbow Advertising Sales Co., American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Movie Classics Co. and SportsChannel Associates (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 )). Cablevision Systems Corp. and its affiliates serve more than 2.7 million cable television customers throughout 19 states and, through its wholly-owned subsidiary, Rainbow Programming Holdings Inc., manages the operations of entertainment and sports programming services. -0-
CABLEVISION SYSTEMS CORP.
Net Revenues/Operating Cash Flow (Dollars in thousands) (Unaudited)
Net Revenues
Three Months Ended
December 31, %
1995 1994 Change
Restricted Group $179,140 $155,657 15.1 Unrestricted Cable 57,992 54,097 7.2 Subtotal 237,132 209,754 13.1 Other Unrestricted 53,635 35,770 49.9 Total $290,767 $245,524 18.4
Net Revenues
Year Ended
December 31, %
1995 1994 Change
Restricted Group $679,025 $584,567 16.2 Unrestricted Cable 226,130 169,826 33.2 Subtotal 905,155 754,393 20.0 Other Unrestricted 172,905 82,776 108.9 Total $1,078,060 $837,169 28.8 Operating Cash Flow (Deficiency)
1995
Eliminate
Incentive Stock
Plan Charge
Actual (Credit) Adjusted
Three Months Ended Dec. 31, Restricted Group $76,030 $(1,500) $ 74,530 Unrestricted Cable 26,680 (303) 26,377 Subtotal 102,710 (1,803) 100,907 Other Unrestricted 6,575 (1,698) 4,877 Total $109,285 $ (3,501) $ 105,784
1994
Adjusted for
Incentive Stock
Plan Credit and %
Restructuring Change
Three Months Ended Dec. 31, Restricted Group $ 69,472 7.3 Unrestricted Cable 26,833 (1.7) Subtotal 96,305 4.8 Other Unrestricted 2,998 62.7 Total $ 99,303 6.5 Operating Cash Flow (Deficiency)
1995
Eliminate
Incentive Stock
Plan Charge
Actual (Credit) Adjusted
Year Ended Dec. 31, Restricted Group $285,323 $ 2,909 $288,232 Unrestricted Cable 107,093 219 107,312 Subtotal 392,416 3,128 395,544 Other Unrestricted 6,956 4,629 11,585 Total $399,372 $ 7,757 $ 407,129
Operating Cash Flow (Deficiency)
1994
Adjusted for
Incentive Stock
Plan Credit and %
Restructuring Change
Year Ended Dec. 31, Restricted Group $ 259,795 10.9 Unrestricted Cable 84,421 27.1 Subtotal 344,216 14.9 Other Unrestricted 940 -- Total $ 345,156 18.0 CONTACT: Cablevision Systems Corp., Woodbury Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by Schueler, 516/393-1399 |
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