Cablevision Systems Corporation Reports Third Quarter 2012 Results

  Cablevision Systems Corporation Reports Third Quarter 2012 Results

Business Wire

BETHPAGE, N.Y. -- November 06, 2012

Cablevision Systems Corporation (NYSE:CVC) today reported financial results
for the third quarter ended September 30, 2012.

Third quarter consolidated net revenues grew 1.2% to $1.685billion,
consolidated adjusted operating cash flow (“AOCF”)^1 decreased 6.6% to
$503.8million and consolidated operating income declined 19.3% to
$219.8million, all compared with the prior year period. Third quarter 2012
results included a $12.9 million favorable settlement with a voice carrier
while third quarter 2011 results included approximately $16 million of costs
related to the impact of Hurricane Irene in our NY Metro service area.
Excluding these items, consolidated net revenue would have increased 0.4%
while AOCF and consolidated operating income would have declined 11.6% and
28.3%, respectively, all compared to the prior year period.

Operating highlights for the third quarter 2012 include:

  *Customer Relationship additions of approximately 5,000.
  *High-Speed Data and Voice customer additions of approximately 28,000 and
    22,000, respectively.
  *Average Monthly Revenue per Basic Video Customer (“RPS”) of $154.83, an
    increase of $3.12 or 2.1%, compared to the prior year period.
  *Cable advertising revenue growth of 12.3%, compared to the prior year
    period.

Cablevision President and CEO James L. Dolan said, "The effects of last week's
storm have had a devastating impact on residents in much of our service area.
As we report our third quarter results today, Cablevision crews continue to
work around the clock to restore service to our customers as quickly as
possible. Our number one challenge continues to be Cablevision households
without electrical power and we are moving quickly to restore our service once
power returns. In addition, as of today, the vast majority of our Optimum WiFi
hotspots are operational across the tri-state region and providing service to
our customers.

“Looking ahead, we will continue to focus on our customers, improving the
products we offer and enhancing the service we deliver both in the ordinary
course of business as well as in times of crisis. We have already made
substantial progress on several major initiatives, including the completion of
our digital conversion and the further expansion of our Optimum WiFi network.
We also strengthened our balance sheet and extended our debt maturity profile
through a number of successful financing transactions, which together with our
operational initiatives will help us to enhance shareholder value over the
long term."

     See definition of AOCF and Consolidated Free Cash Flow from Continuing
1.  Operations included in the discussion of non-GAAP financial measures on
     page 4 of this earnings release.

Telecommunications Services – Cable Television and Lightpath

Telecommunications Services includes Cable Television – Cablevision’s video,
high-speed data, and voice residential and commercial services offered over
its cable infrastructure - and its “Optimum Lightpath” branded commercial data
and voice services.

Telecommunications Services net revenues for the third quarter 2012 rose 1.6%
to $1.587billion, AOCF decreased 5.0% to $554.8million and operating income
decreased 12.1% to $293.1million, all compared with the prior year period.
Third quarter 2012 results included a $12.9 million favorable settlement with
a voice carrier while third quarter 2011 results included approximately $16
million of costs related to the impact of Hurricane Irene in our NY Metro
service area. Excluding these items, net revenue would have increased 0.7%
while AOCF and operating income would have declined 9.7% and 19.8%,
respectively, all compared to the prior year period.

Cable Television

Cable Television third quarter 2012 net revenues increased 1.4% to
$1.511billion principally due to continued growth of high-speed data and
voice customers, which was partially offset by fewer video customers than the
prior year period. AOCF decreased 5.8% to $518.8million and operating income
decreased 13.0% to $280.0million, all compared with the prior year period.
Excluding the items mentioned above, net revenue would have increased 0.5%
while AOCF and operating income would have declined 10.7% and 20.9%,
respectively, all compared to the prior year period. Third quarter 2012 AOCF
results reflect higher operating expenses, primarily programming and
non-executive employee related costs.

The following table illustrates the change in the Cable Television customer
base during the third quarter of 2012:

     Customer Data
          (Data in table rounded to nearest thousand)
                                     
                                     Total       Net Gain/   Total
                                     June 30,    (Loss)^(a)  September 30,
                                     2012                      2012
                                                               
          Customer Relationships^(b) 3,635        5            3,640
                                                               
          Video                      3,257        (10)         3,247
          High-Speed Data            3,032        28           3,060
          Voice                      2,422        22           2,444
                                                               
          Serviceable Passings       5,613       17          5,630

                Includes the addition of approximately 6,200 customer
     (a)  relationships, 1,500 video customers, 8,700 high-speed data
                customers, 2,500 voice customers, and 1,000 serviceable
                passings from Bresnan in the third quarter of 2012.
          (b)   Represents the number of households/businesses that receive at
                least one of the Company's services.
          

Optimum Lightpath

For third quarter 2012, Optimum Lightpath net revenues increased 4.9% to
$81.3million, AOCF increased 7.8% to $36.0million and operating income
increased 13.8% to $13.1million, each as compared to the prior year period.
Third quarter results reflect a 12.7% increase in revenue from Ethernet
services and higher operating expenses.

Other

Other principally consists of Newsday, ClearviewCinemas, News 12 Networks,
MSG Varsity, Cablevision Media Sales Corporation and certain other businesses
and unallocated corporate costs.

Third quarter 2012 net revenues decreased 5.0% to $103.6million, AOCF deficit
increased 14.0% to a deficit of $51.0million and operating loss increased
19.9% to a loss of $73.3million all compared with the prior year period.
Third quarter results reflect the decline of advertising revenues at Newsday
and lower revenue at Clearview Cinemas as well as higher operating costs at
Newsday.

Other Matters

On October 24, 2012, the Board of Directors of Cablevision declared a
quarterly dividend of $0.15per share on each outstanding share of both its
Cablevision NY Group Class A Stock and its Cablevision NY Group Class B Stock.
This quarterly dividend is payable on November 28, 2012 to shareholders of
record at the close of business on November 7, 2012.

During the third quarter of 2012, Cablevision repurchased approximately 3.9
million shares of its Class A common stock for approximately $61.1 million.

Non-GAAP Financial Measures

We define adjusted operating cash flow (“AOCF”), which is a non-GAAP financial
measure, as operating income (loss) before depreciation and amortization
(including impairments), excluding share-based compensation expense or benefit
and restructuring charges or credits. Because it is based upon operating
income (loss), AOCF also excludes interest expense (including cash interest
expense) and other non-operating income and expense items. We believe that the
exclusion of share-based compensation expense or benefit allows investors to
better track the performance of the various operating units of our business
without regard to the distortive effects of fluctuating stock prices in the
case of stock appreciation rights and, in the case of restricted shares,
restricted stock units and stock options, the expense associated with an award
that is not expected to be made in cash.

We present AOCF as a measure of our ability to service our debt and make
continuing investments, including in our capital infrastructure. We believe
AOCF is an appropriate measure for evaluating the operating performance of our
business segments and the company on a consolidated basis. AOCF and similar
measures with similar titles are common performance measures used by
investors, analysts and peers to compare performance in our industry.
Internally, we use net revenues and AOCF measures as the most important
indicators of our business performance, and evaluate management’s
effectiveness with specific reference to these indicators. AOCF should be
viewed as a supplement to and not a substitute for operating income (loss),
net income (loss), cash flows from operating activities, and other measures of
performance and/or liquidity presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). Since AOCF is not a measure of
performance calculated in accordance with GAAP, this measure may not be
comparable to similar measures with similar titles used by other companies.
For a reconciliation of AOCF to operating income (loss), please see page 6 of
this release.

We define Consolidated Free Cash Flow from Continuing Operations (“Free Cash
Flow”), which is a non-GAAP financial measure, as net cash from operating
activities (continuing operations) less capital expenditures (continuing
operations), both of which are reported in our Consolidated Statement of Cash
Flows. Net cash from operating activities excludes net cash from operating
activities of our discontinued operations. We believe the most comparable GAAP
financial measure of our liquidity is net cash from operating activities. We
believe that Free Cash Flow is useful as an indicator of our overall
liquidity, as the amount of Free Cash Flow generated in any period is
representative of cash that is available for debt repayment and other
discretionary and non-discretionary cash uses. It is also one of several
indicators of our ability to make investments and/or return capital to our
shareholders. We also believe that Free Cash Flow is one of several benchmarks
used by analysts and investors who follow our industry for comparison of our
liquidity with other companies in our industry, although our measure of Free
Cash Flow may not be directly comparable to similar measures reported by other
companies.

COMPANY DESCRIPTION

Cablevision Systems Corporation is one of the nation's leading media and
telecommunications companies. In addition to delivering its Optimum-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. Cablevision also owns and operates Clearview Cinemas.
Additional information about Cablevision is available on the Web
atwww.cablevision.com.

This earnings release may contain statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that any such forward-looking statements are
not guarantees of future performance or results and involve risks and
uncertainties, and that actual results or developments may differ materially
from those in the forward-looking statements as a result of various factors,
including financial community and rating agency perceptions of the company and
its business, operations, financial condition and the industries in which it
operates and the factors described in the company’s filings with the
Securities and Exchange Commission, including the sections entitled "Risk
Factors" and "Management’s Discussion and Analysis of Financial Condition and
Results of Operations" contained therein. The company disclaims any obligation
to update any forward-looking statements contained herein.

Cablevision’s Website: www.cablevision.com
The conference call will be webcast live today at 11:00 a.m. ET
Conference call dial-in number is (888) 694-4641/ Conference ID Number
38383412/ Conference call
replay number (855) 859-2056/ Conference ID Number 38383412 until November 13,
2012


CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION
(Dollars in thousands, except per share data)
(Unaudited)

                   Three Months Ended                Nine Months Ended
                                               
                   September 30,                     September 30,
                    2012         2011            2012         2011      
                                                                     
Revenues, net      $ 1,685,443    $ 1,665,790      $ 5,041,488    $ 5,009,595 
                                                                     
Adjusted
operating cash     $ 503,817       $ 539,305         $ 1,549,694     $ 1,668,276
flow
Share-based
compensation         (13,746   )     (10,330   )       (37,861   )     (36,209   )
expense
Restructuring
credits             (330      )    (27       )      61            (292      )
(expense)
Operating
income before
depreciation
and
amortization         489,741         528,948           1,511,894       1,631,775
Depreciation
and
amortization        269,931       256,545         781,681       749,333   
(including
impairments)
Operating            219,810         272,403           730,213         882,442
income
Other income
(expense):
Interest             (182,951  )     (182,298  )       (546,099  )     (561,677  )
expense, net
Gain (loss) on
investments,         81,619          (95,362   )       259,057         (22,978   )
net
Gain (loss) on
equity               (57,082   )     81,737            (184,413  )     38,856
derivative
contracts, net
Gain (loss) on
interest rate        -               1,173             (1,828    )     (8,513    )
swap
contracts, net
Loss on
extinguishment
of debt and
write-off of
deferred             (61,052   )     (3,027    )       (61,052   )     (3,027    )
financing
costs
Miscellaneous,      474           275             1,279         730       
net
Income from
continuing
operations
before
income taxes         818             74,901            197,157         325,833
Income tax          (4,682    )    (35,297   )      (80,128   )    (147,676  )
expense
Income (loss)
from                 (3,864    )     39,604            117,029         178,157
continuing
operations
Income from
discontinued
operations,
net
of income           -             -               -             53,623    
taxes^(a)
Net income           (3,864    )     39,604            117,029         231,780
(loss)
Net loss
(income)
attributable
to
noncontrolling      73            (285      )      (44       )    (552      )
interests
Net income
(loss)
attributable
to Cablevision
Systems
Corporation        $ (3,791    )   $ 39,319         $ 116,985      $ 231,228   
stockholders
                                                                     
Basic net
income (loss)
per share
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from               $ (0.01     )   $ 0.14           $ 0.44         $ 0.64      
continuing
operations
Income from
discontinued
operations,
net
of income          $ -            $ -              $ -            $ 0.19      
taxes^(a)
Net income         $ (0.01     )   $ 0.14           $ 0.44         $ 0.83      
(loss)
Basic weighted
average common
shares (in
thousands)          259,905       275,145         263,570       278,498   
                                                                     
Diluted net
income (loss)
per share
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from               $ (0.01     )   $ 0.14           $ 0.44         $ 0.62      
continuing
operations
Income from
discontinued
operations,
net
of income          $ -            $ -              $ -            $ 0.19      
taxes^(a)
Net income         $ (0.01     )   $ 0.14           $ 0.44         $ 0.81      
(loss)
Diluted
weighted
average common
shares
(in thousands)      259,905       284,113         268,704       287,137   
                                                                     
Amounts
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from               $ (3,791    )   $ 39,319          $ 116,985       $ 177,605
continuing
operations
Income from
discontinued
operations,
net
of income           -             -               -             53,623    
taxes^(a)
Net income         $ (3,791    )   $ 39,319         $ 116,985      $ 231,228   
(loss)

      Operating results of AMC Networks Inc. for the six months ended June 30,
(a)  2011, the period prior to its distribution, are included in discontinued
      operations.
      

CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION (Cont’d)
(Dollars in thousands, except per share data)
(Unaudited)

ADJUSTMENTS TO RECONCILE ADJUSTED OPERATING CASH FLOW TO
OPERATING INCOME (LOSS)

The following is a description of the adjustments to operating income (loss)
in arriving at adjusted operating cash flow included in this earnings release:

  *Depreciation and amortization (including impairments). This adjustment
    eliminates depreciation and amortization and impairments of long-lived
    assets in all periods.
  *Restructuring credits (expense). This adjustment eliminates the credits or
    (expense) associated with restructuring activities related to the
    elimination of positions, facility realignment, asset impairments and
    other related activities in all periods.
  *Share-based compensation benefit (expense). This adjustment eliminates the
    compensation benefit (expense) relating to stock options, stock
    appreciation rights, restricted stock, and restricted stock units granted
    under our employee stock plans and non-employee director plans in all
    periods.


CONSOLIDATED FREE CASH FLOW FROM CONTINUING OPERATIONS^(a)

                                              Nine Months Ended September 30,
                                                 2012          2011^(b)  
                                                                 
                                                                 
Net cash provided by operating                 $  965,367        $ 1,014,710
activities^(c)
Less: capital expenditures^(d)                   (809,243  )     (574,478  )
Consolidated free cash flow from continuing    $  156,124       $ 440,232   
operations

(a)  See Non-GAAP Financial Measures on page 4 of this release for a
      definition and discussion of Free Cash Flow from Continuing Operations.
      Operating results of AMC Networks Inc. for the six months ended June 30,
(b)   2011, the period prior to its distribution, are included in discontinued
      operations.
      The level of net cash provided by operating activities will continue to
(c)   depend on a number of variables in addition to our operating
      performance, including the amount and timing of our interest payments
      and other working capital items.
(d)   See page 12 of this release for additional details relating to capital
      expenditures.
      


CABLEVISION SYSTEMS CORPORATION
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
(Dollars in thousands)
(Unaudited)

REVENUES, NET

                     Three Months Ended
                                                   %
                     September 30,
                      2012         2011         Change
                                                     
Cable Television     $ 1,510,511     $ 1,489,781     1.4  %
Optimum Lightpath      81,273          77,481        4.9  %
Eliminations^(a)      (4,570    )    (4,867    )   6.1  %
Telecommunications    1,587,214     1,562,395    1.6  %
Other^(b)              103,561         108,996       (5.0 )%
Eliminations^(c)      (5,332    )    (5,601    )   4.8  %
Total Cablevision    $ 1,685,443    $ 1,665,790    1.2  %

                           Nine Months Ended
                                                      %
                           September 30,
                            2012         2011         Change
                                                           
Cable Television           $ 4,515,095     $ 4,482,470     0.7  %
Optimum Lightpath            241,942         231,847       4.4  %
Eliminations^(a)            (14,492   )    (14,745   )   1.7  %
Telecommunications          4,742,545     4,699,572    0.9  %
Other^(b)                    315,549         326,983       (3.5 )%
Eliminations^(c)            (16,606   )    (16,960   )   2.1  %
Total Cablevision          $ 5,041,488    $ 5,009,595    0.6  %

(a)  Represents intra-segment revenues.
(b)   Represents revenues primarily at Newsday, Clearview Cinemas, News 12
      Networks, MSG Varsity, and Cablevision Media Sales Corp.
(c)   Represents inter-segment revenues.


CABLEVISION SYSTEMS CORPORATION
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS (cont’d)
(Dollars in thousands)
(Unaudited)

ADJUSTED OPERATING CASH FLOW AND OPERATING INCOME (LOSS)

                     Adjusted Operating                     Operating Income
                                                                                   
                     Cash Flow                              (Loss)
                     Three Months Ended                     Three Months Ended
                                                 %                                      %
                     September 30,                          September 30,
                      2012       2011       Change      2012       2011       Change
                                                                                        
Cable Television     $ 518,801     $ 550,623     (5.8  )%   $ 280,000     $ 322,016     (13.0 )%
Optimum Lightpath     35,968      33,364     7.8   %     13,099      11,506     13.8  %
Telecommunications    554,769     583,987    (5.0  )%    293,099     333,522    (12.1 )%
Other^(a)             (50,952 )    (44,682 )   (14.0 )%    (73,289 )    (61,119 )   (19.9 )%
Total Cablevision    $ 503,817    $ 539,305    (6.6  )%   $ 219,810    $ 272,403    (19.3 )%

                     Adjusted Operating                        Operating Income
                                                                                         
                     Cash Flow                                 (Loss)
                     Nine Months Ended                         Nine Months Ended
                                                     %                                        %
                     September 30,                             September 30,
                      2012         2011         Change     2012        2011         Change
                                                                                              
Cable Television     $ 1,598,845     $ 1,725,220     (7.3 )%   $ 909,717      $ 1,060,505     (14.2 )%
Optimum Lightpath     103,147       98,555       4.7  %     34,717       32,967       5.3   %
Telecommunications    1,701,992     1,823,775    (6.7 )%    944,434      1,093,472    (13.6 )%
Other^(a)             (152,298  )    (155,499  )   2.1  %     (214,221 )    (211,030  )   (1.5  )%
Total Cablevision    $ 1,549,694    $ 1,668,276    (7.1 )%   $ 730,213     $ 882,442      (17.3 )%

      Includes unallocated corporate general and administrative costs and the
(a)  operating results of Newsday, Clearview Cinemas, News 12 Networks, MSG
      Varsity, Cablevision Media Sales Corp. and certain other items.
      


CABLEVISION SYSTEMS CORPORATION
SUMMARY OF CABLE TELEVISION OPERATING STATISTICS
(Unaudited)

                                    September 30,   June 30,     September 30,
CABLE TELEVISION                                              
                                    2012            2012         2011
                                                                 
(in thousands)
Customer Relationships^(a)              3,640         3,635          3,622
Video Customers                         3,247         3,257          3,264
High-Speed Data Customers               3,060         3,032          2,945
Voice Customers                         2,444         2,422          2,326
                                                            
                                                                 
Serviceable Passings (in                5,630         5,613          5,567
thousands)^(b)
                                                                 
Penetration
Customer Relationships to               64.6   %      64.8   %       65.1   %
Serviceable Passings
Video Customers to Serviceable          57.7   %      58.0   %       58.6   %
Passings
High-Speed Data Customers to            54.4   %      54.0   %       52.9   %
Serviceable Passings
Voice Customers to Serviceable          43.4   %      43.1   %       41.8   %
Passings

                                                                 
Revenues for the three months ended

(dollars in millions)
                                                                 
Video^(c)                           $   862         $ 879        $   876
High-Speed Data                         344           344            333
Voice                                   238           224            220
Advertising                             41            43             36
Other^(d)                              26          26           25     
Total Cable Television Revenue      $   1,511      $ 1,516     $   1,490  
                                                                 
                                                                            
Average Monthly Cable Television
Revenue per
Customer Relationship (“RPC”) ^(e)  $   138.44      $ 139.14     $   136.81
Average Monthly Cable Television
Revenue per
Video Customer (“RPS”) ^(f)         $   154.83      $ 155.12     $   151.71
                                                                            

(a)  Represents the number of households/businesses that receive at least one
      of the Company's services.
(b)   Includes residential and commercial passings.
(c)   Includes equipment rental, DVR, video-on-demand and pay-per-view
      revenue.
(d)   Includes installation revenue, home shopping, advertising sales
      commissions and other product offerings.
      RPC is calculated by dividing average monthly cable television GAAP
(e)   revenue for the quarter by the average number of customer relationships
      for the quarter.
      RPS is calculated by dividing average monthly cable television GAAP
(f)   revenue for the quarter by the average number of video customers for the
      quarter.


CABLEVISION SYSTEMS CORPORATION
CAPITALIZATION AND LEVERAGE
(Dollars in thousands)
(Unaudited)

CAPITALIZATION                      
                                      September 30, 2012
                                      
Cash and cash equivalents             $ 438,665
                                      
Credit facility debt                  $ 4,959,037
Senior notes and debentures           5,736,032
Collateralized indebtedness           556,151
Capital lease obligations and other   75,423
Debt                                  $11,326,643

LEVERAGE

Debt                                                      $11,326,643
Less: Collateralized indebtedness of unrestricted          556,151
subsidiaries^(a)
Cash and cash equivalents                                  438,665
Net debt                                                   $10,331,827
                                                           
                                                           Leverage Ratios^(b)
Consolidated net debt to AOCF leverage ratio^(a)(c)        5.1x
Restricted Group leverage ratio (Credit Facility           3.6x
Test)^(d)(e)
CSC Holdings notes and debentures leverage ratio^(d)(e)    3.5x
Cablevision senior notes leverage ratio^(e)(f)             5.4x
Bresnan leverage ratio^(g)                                 6.1x

      Collateralized indebtedness is excluded from the leverage calculation
(a)  because it is viewed as a forward sale of the stock of unaffiliated
      companies and the Company's only obligation at maturity is to deliver,
      at its option, the stock or its cash equivalent.
(b)   Leverage ratios are based on face amount of outstanding debt.
(c)   AOCF is annualized based on the third quarter 2012 results, as reported.
      Reflects the debt to cash flow ratios applicable under CSC Holdings’
      credit facility debt agreement and senior notes indentures (which
      exclude Cablevision’s $2.9 billion of senior notes and the debt and cash
(d)   flows related to CSC Holdings’ unrestricted subsidiaries which are
      primarily comprised of Bresnan and Newsday). The annualized AOCF (as
      defined) used in the Restricted Group leverage ratio was $1.93 billion
      and the CSC Holdings notes and debentures leverage ratio was $1.97
      billion.
(e)   Includes CSC Holdings’ guarantee of Newsday LLC’s $650 million senior
      secured credit facility.
      Adjusts the debt to cash flow ratio as calculated under the CSC Holdings
(f)   notes and debentures leverage ratio to include Cablevision’s $2.9
      billion of senior notes plus the $754 million of senior notes
      Cablevision contributed to Newsday Holdings LLC.
      Reflects the debt to cash flow ratio under the Bresnan Broadband
(g)   Holdings, LLC credit facility debt agreement and senior notes
      indentures. The annualized AOCF (as defined) used in the leverage ratio
      is $163.1 million.
      

CABLEVISION SYSTEMS CORPORATION
CAPITAL EXPENDITURES
(Dollars in thousands)
(Unaudited)

CAPITAL EXPENDITURES       
                             Three Months Ended

                             September 30,
                             2012      2011
                                        
Consumer premise equipment   $108,799   $ 57,904
Scalable infrastructure      86,968     60,666
Line extensions              8,231      10,529
Upgrade/rebuild              5,818      12,438
Support                      56,252     53,636
Total Cable Television       266,068    195,173
Optimum Lightpath            21,704     22,914
Total Telecommunications     287,772    218,087
Other^(a)                    9,002      11,093
Total Cablevision            $296,774   $229,180

                             Nine Months Ended
                           
                             September 30,
                             2012      2011
                                        
Consumer premise equipment   $261,867   $163,577
Scalable infrastructure      255,155    155,594
Line extensions              26,382     30,113
Upgrade/rebuild              26,547     25,490
Support                      135,712    102,633
Total Cable Television       705,663    477,407
Optimum Lightpath            70,579     66,253
Total Telecommunications     776,242    543,660
Other^(a)                    33,001     30,818
Total Cablevision            $809,243   $574,478

(a)  Other includes Newsday, Clearview Cinemas, News 12 Networks, MSG
      Varsity, Cablevision Media Sales Corporation and Corporate.

Contact:

Cablevision Systems Corporation
Charles Schueler, 516-803-1013
Executive Vice President
Media and Community Relations
or
Bret Richter, 516-803-2270
Senior Vice President
Financial Strategy & Development