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CABLEVISION INDUSTRIES CORPORATION ANNOUNCES SECOND QUARTER, 1993 RESULTS

 LIBERTY, N.Y., Aug. 17 /PRNewswire/ -- Cablevision Industries Corporation ("CVI") today reported record results for the second quarter and the first six months of 1993, citing increases in revenues and operating cash flow (operating income before depreciation and amortization).
 CVI's revenues for the 1993 second quarter were $100,405,000, compared to $90,287,000 for the same period of 1992, an increase of 11.2 percent. Operating cash flow increased by 12.6 percent in the 1993 second quarter to $48,009,000, from $42,620,000 in the comparable 1992 quarter, while the operating cash flow margin improved from 47.2 percent to 47.8 percent from period to period.
 CVI's revenues for the first six months of 1993 were $197,935,000, compared to $177,423,000 for the same period of 1992, an increase of 11.6 percent. Operating cash flow increased by 13.1 percent in the 1993 six-month period to $94,372,000, from $83,462,000 in the comparable 1992 period.
 At June 30, 1993, total debt outstanding was $1,482,544,000, a reduction of $17,239,000 from March 31, 1993. Interest expense for the six-month period in 1993 declined to $57,992,000 from $61,653,000 in the same period of 1992, a decrease of 5.9 percent, due to a reduction in the Company's weighted average cost of debt capital. At June 30, 1993, the ratio of total debt to second quarter annualized operating cash flow was 7.7 times, while the interest coverage ratio during the second quarter of 1993 was 1.7 times. At June 30, 1993, the Company had available $217,000,000 in unused bank commitments.
 Alan Gerry, Chairman and Chief Executive Officer of CVI, noted: "Once again, we are delighted to announce record results for the Company. Our subscribers, revenues and operating cash flow have reached an all-time high. Notwithstanding our strong performance, the pending federal rate regulation of basic television services, which goes into effect Sept. 1, 1993, certainly challenges our ability to sustain CVI's historical growth rates. However, we are in the midst of implementing a number of business strategies that we expect will largely offset the potential effects of such regulation, and we believe that if our strategies are successful, federal rate regulation will not have a material adverse effect on the Company's results of operations. Of course, no assurances can be given with respect to our ability to mitigate fully the impact of rate regulation."
 CVI is one of the largest privately owned companies in the cable television industry. CVI and its affiliates currently operate cable television systems in 18 states serving approximately 1,224,000 basic subscribers. At June 30, 1993, the Company's wholly owned systems served 936,000 basic subscribers, compared to 894,000 basic subscribers at June 30, 1992.
 -0- 8/17/93
 /CONTACT: Rocco B. Commisso, Executive Vice President and Chief Financial Officer of Cablevision Industries Corporation, 914-295-2750/


CO: Cablevision Industries Corporation ST: New York IN: ENT SU: ERN

LG -- NY018 -- 3419 08/17/93 09:06 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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