Cablevision Systems announces third quarter results.

WOODBURY, N.Y.--(BUSINESS WIRE)--Oct. 24, 1995--Cablevision Systems Corp. (ASE: CVC) today released third quarter 1995 results.

As shown on the accompanying chart, net revenues for the three and nine months ended Sept. 30, 1995 increased 24 percent and 33 percent, respectively over the corresponding 1994 periods. Increases of 12 percent and 21 percent, respectively, for the three and nine month periods were attributable to acquisitions made during 1994 and 1995. The remaining increases of 12 percent in each period came primarily from internal growth in the average number of subscribers (approximately 147,500 (10 percent) for the nine month 1995 period over the same 1994 period).

Also, as illustrated on the chart, excluding the effects of a one-time restructuring charge in 1994 and certain incentive stock plan expense adjustments reflected in 1995 and 1994, operating cash flow (operating profit before depreciation and amortization) increased 10 percent and 23 percent respectively, for the three and nine months ended Sept. 30, 1995 compared to adjusted operating cash flow for the same periods in 1994. The increases were attributable to acquisitions made in 1994 and 1995 and to the subscriber growth mentioned above.

Net losses for the three and nine months ended Sept. 30, 1995 amounted to $(41,679,000) and $(237,118,000), or $(1.85) and $(10.29) per common share (after preferred dividend requirements), as compared to net losses of $(66,881,000) and $(178,732,000), or $(2.93) and $(7.82) per common share (after preferred dividend requirements), for the same periods in 1994. The increase in net loss for the nine month 1995 period was primarily due to the net losses of companies acquired during 1994. The decrease in net loss for the three month 1995 period reflects a gain related to the sale of one cable affiliate and interests in one programming partnership aggregating approximately $36.2 million.

At Sept. 30, 1995, the company served approximately 1,887,000 subscribers, representing 62% penetration of homes passed and an increase of 119,000 subscribers in the first nine months of 1995. Recurring average monthly revenue per subscriber was $36.69 in Sept. 1995.

The following table presents net revenues and operating cash flow for the three and nine months ended Sept. 30, 1995 and 1994 in terms of the groupings set forth below. Rainbow Programming, including Rainbow Advertising Sales Company, American Movie Classics Company and SportsChannel Associates (New York), are included in "Other Unrestricted".

Cablevision Systems Corporation is the nation's sixth largest operator of cable television systems, serving 2.6 million customers in 19 states, with major operations in Boston, Cleveland and the New York Metropolitan area, where Cablevision has 1.4 million customers. Rainbow Programming Holdings Inc., a subsidiary of Cablevision Systems, manages the operations of Rainbow Advertising Sales as well as Rainbow Network Communications, AMC, Bravo, The Independent Film Channel, MuchMusic, Prime Network, NewSport, the SportsChannel Regional Network and News 12 Long Island, Connecticut and New Jersey. -0-

Net Revenues/Operating Cash Flow
(Dollars in thousands)
(Unaudited)

Net Revenues

                  Three months ended          Nine months ended
                    Sept. 30,      %           Sept. 30,       %
                1995       1994 Increase    1995      1994  Increase

Restricted
 Group        $119,392   $110,008  8.5    $348,773  $322,640   8.1
CNYC            53,387     37,868 41.0     151,112   106,270  42.2
 Total Restricted
  Group        172,779    147,876 16.8     499,885   428,910  16.5
V Cable         37,823     34,925  8.3     110,612   104,943   5.4
Monmouth/
 Riverview      19,956     10,786 85.0(1)   57,526    10,786  433.3(1)
 Subtotal
  -Cable       230,558    193,587 19.1     668,023   544,639  22.7
Other
 Unrestricted   47,600     29,881 59.3     119,270    47,006 153.7
 Total        $278,158   $223,468 24.5    $787,293  $591,645  33.1

Operating Cash Flow (Deficiency)

                              1995                1994
                            Eliminate          Adjusted for
                         Incentive Stock      Incentive Stock    %
                           Plan Charge        Plan Credit and  Increase
                    Actual  (Credit) Adjusted  Restructuring  (Decrease)

Three months ended
Sept. 30,

Restricted Group   $59,668  $(1,817)  $57,851     $55,595       4.1
CNYC                15,815     (171)   15,644      10,097      54.9
 Total Restricted
  Group             75,483   (1,988)   73,495      65,692      11.9
V Cable             17,801     (347)   17,454      16,971       2.8
Monmouth/Riverview  10,237       --    10,237       6,332      61.7(1)
 Subtotal-Cable    103,521   (2,335)  101,186      88,995      13.7
Other Unrestricted   2,285     (961)    1,324       4,514     (70.7)
Total             $105,806  $(3,296) $102,510     $93,509       9.6

Nine months ended
Sept. 30,

Restricted Group  $166,682  $ 3,457  $170,139    $164,451       3.5
CNYC                42,611      952    43,563      25,872      68.4
 Total Restricted
  Group            209,293    4,409   213,702     190,323      12.3
V Cable             50,730      522    51,252      51,256       ---
Monmouth/Riverview  29,683       --    29,683       6,332     368.8(1)
 Subtotal-Cable    289,706    4,931   294,637     247,911      18.8
Other Unrestricted     381    6,327     6,708      (2,058)      --
Total             $290,087  $11,258  $301,345    $245,853      22.6

(1) Systems acquired in August 1994.

CONTACT: Cablevision Systems Corp., Woodbury

Charles Schueler, 516/496-1399