Cablevision Systems Corporation Reports Fourth Quarter and Full Year 2012 Results

  Cablevision Systems Corporation Reports Fourth Quarter and Full Year 2012
  Results

               Superstorm Sandy Impacts Fourth Quarter Results

Business Wire

BETHPAGE, N.Y. -- February 28, 2013

Cablevision Systems Corporation (NYSE: CVC) today reported financial results
for the fourth quarter and full year ended December 31, 2012.

Fourth quarter consolidated net revenues decreased 1.6% to $1.664billion,
consolidated adjusted operating cash flow (“AOCF”)^1 decreased 44.2% to
$349.6million and consolidated operating income decreased 91.5% to
$29.3million, all compared to the prior year period. Footnote 2 on page 4 of
this release details certain items affecting the comparability of our results
for 2012 and 2011. Excluding these items, consolidated net revenues would have
increased 0.3% while AOCF and operating income would have decreased 18.4% and
48.7%, respectively, all compared to the prior year period.

For full year 2012, consolidated net revenues increased 0.1% to
$6.705billion, consolidated AOCF decreased 17.2% to $1.899billion and
consolidated operating income decreased 38.2% to $759.5million, all compared
to 2011. Footnote 2 on page 4 of this release details certain items affecting
the comparability of our results for 2012 and 2011. Excluding these items, net
revenue would have grown 0.4%, consolidated AOCF would have decreased 11.7%
and operating income would have decreased 27.9%, compared to the prior full
year period.

Operating highlights for the fourth quarter and full year 2012 include:

  *Fourth quarter cable advertising revenue growth of 17.6%, compared to the
    prior year period.
  *Improved full year combined Video, High-Speed Data and Voice customer net
    additions compared to 2011 despite impact of Superstorm Sandy in the
    fourth quarter.

Cablevision President and CEO James L. Dolan said, "2012 was a year of
investment at Cablevision – investment in our network, in our products and
services, and in our employees to ensure that we were providing our customers
with the very best experience with their television, internet and phone
services. The enormous challenges of Superstorm Sandy had a strong negative
impact on our fourth quarter results. Ever resilient, our employees met those
challenges, restored our system and now are focused on continuing to enhance
our product portfolio to meet our customers’ evolving needs and expectations."

See notes on page 4.

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 “Lightpath” branded commercial data and
voice services.

Telecommunications Services net revenues for the fourth quarter 2012 decreased
1.9% to $1.550billion, AOCF decreased 40.3% to $401.2million and operating
income decreased 73.2% to $114.3million, all compared with the prior year
period. Excluding the impact of the items highlighted in footnote 2 on page 4
of this release, revenue would have increased 0.1%, AOCF would have decreased
15.9% and operating income would have decreased 37.1%, compared to the prior
year period.

Full year 2012 net revenues rose 0.2% to $6.292billion, AOCF decreased 15.7%
to $2.103billion, and operating income decreased 30.4% to $1.059billion, all
as compared to the prior year period. Excluding the impact of the items
highlighted in footnote 2 on page 4 of this release, revenue would have
increased 0.5% while AOCF would have decreased 10.5% and operating income
would have decreased 21.8%, compared to the prior year period.

Cable Television

Cable Television fourth quarter 2012 net revenues decreased 2.2% to
$1.473billion principally due to the impact of Superstorm Sandy as well as
fewer video customers than the prior year period, offset by the continued
growth of high-speed data and voice customers. AOCF decreased 42.0% to
$368.9million and operating income decreased 73.6% to $108.6million, all
compared with the prior year period. Excluding the impact of the items
highlighted in footnote 2 on page 4 of this release, revenue would have been
flat, AOCF would have decreased 17.1% and operating income would have
decreased 37.2%, all compared to the prior year period. Fourth 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 fourth quarter of 2012, including the impact of Superstorm
Sandy:

    Customer Data
        (Data in table rounded to nearest thousand)
                                                               
                                 Total                            Total
                                 September   Net                  December
                                 30, 2012      Gain/(Loss)^(a)(b)     31, 2012
                                                                      
        Customer                 3,640         (39)                   3,601
        Relationships^(c)
                                                                      
        Video                    3,247         (50)                   3,197
        High-Speed Data          3,060         (5)                    3,055
        Voice                    2,444         (10)                   2,433
                                                                      
        Serviceable Passings     5,630       16                   5,646

                    Includes the addition of approximately 4 thousand customer
                    relationships, 7 thousand high-speed data customers, 1
       (a)  thousand voice customers, and 1 thousand serviceable
                    passings from Bresnan in the fourth quarter of 2012. Video
                    customers remained flat in the quarter.
                    Includes a net reduction of approximately 11 thousand
                    customer relationships, 10 thousand video, 9 thousand
                    high-speed data and 7 thousand voice customers that were
                    located in the areas most severely impacted by Superstorm
                    Sandy who we have been unable to contact and those whose
                    billing we have decided to suspend temporarily during
              (b)   restoration of their homes. In addition, we suspended our
                    normal collection efforts and non-pay disconnect policy
                    during the storm and estimated the number of accounts that
                    we believe would have been disconnected had we not
                    suspended our policy. Our customer counts as of December
                    31, 2012 have been reduced accordingly (27 thousand
                    customer relationships, 24 thousand video, 23 thousand
                    high-speed data and 19 thousand voice).
              (c)   Represents the number of households/businesses that
                    receive at least one of the Company's services.


See notes on page 4.

Lightpath

For fourth quarter 2012, Lightpath net revenues increased 3.4% to
$81.8million, AOCF decreased 11.6% to $32.3million and operating income
decreased 64.4% to $5.7million, each as compared to the prior year period.
Fourth quarter results reflect a 13.2% increase in revenue from Ethernet
services offset by higher operating expenses. Excluding certain items
referenced in footnote 2 on page 4 of this release, AOCF would have increased
5.6% and operating income would have declined 33.4%, respectively.

Other

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

Fourth quarter 2012 net revenues increased 2.3% to $119.7million, AOCF
deficit increased 12.3% to a deficit of $51.5million and operating loss
increased 5.1% to a loss of $85.0million all compared with the prior year
period. Excluding the impact of certain items highlighted in footnote 2 on
page 4 of this release, revenue would have increased 2.4% while the AOCF
deficit and operating loss would have increased 19.0% and 6.7%, respectively.
The increase in AOCF deficit was due primarily to higher costs at Newsday and
News 12 Networks offset by lower corporate costs.

Full year 2012 net revenues decreased 2.0% to $435.2million, AOCF deficit
increased 1.2% to a deficit of $203.8million and operating loss increased
2.5% to a loss of $299.3million. Excluding the impact of certain items
highlighted in footnote 2 on page 4 of this release, the AOCF deficit and
operating loss would have both increased 4.1%.

Other Matters

On February 26, 2013, 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 April 3, 2013 to shareholders of record
at the close of business on March 15, 2013.

During 2012, Cablevision repurchased approximately 13.6 million shares of its
Class A common stock for approximately $188.6 million. There were no
repurchases during the fourth quarter of 2012. As of December 31, 2012, the
Company had approximately $455 million available under its stock repurchase
authorization.

See notes on page 4.

NOTES:
     See definition of AOCF and Consolidated Free Cash Flow from Continuing
1.  Operations included in the discussion of non-GAAP financial measures on
     page 5 of this earnings release.
     The following charts highlight certain items affecting comparability
2.   between 2012 and 2011 results. This information should be read in
     conjunction with the reconciliation of AOCF to net income on page 7 of
     this release:


Revenues, Net   CableTV                   Telecom                   Other                  Total Co.
                Q4          FY           Q4          FY           Q4        FY          Q4          FY
2012 reported    1,472.7      5,987.8        1,549.6      6,292.2        119.7      435.2         1,664.0      6,705.5
revenue
Storm related    33.2         33.2           33.2         33.2           0.1        0.1           33.3         33.3
credits
Voice carrier    -          (12.6   )    -          (12.9   )    -        -          -          (12.9   )
settlement^(a)
Adjusted 2012    1,505.9    6,008.4     1,582.8    6,312.5     119.8    435.3      1,697.3    6,725.9 
revenue
                                                                                                               
2011 reported    1,505.7      5,988.2        1,580.1      6,279.7        116.9      443.9         1,691.3      6,700.8
revenue
Storm related    0.5        0.7         0.5        0.7         0.1      0.5        0.6        1.2     
credits
Adjusted 2011    1,506.2    5,988.9     1,580.6    6,280.4     117.0    444.4      1,691.9    6,702.0 
revenue
                                                                                                               
Reported         (2.2    )%   -       %      (1.9    )%   0.2     %      2.3   %    (2.0   )%     (1.6    )%   0.1     %
change (%)
Adjusted        -       %   0.3     %    0.1     %   0.5     %    2.4   %   (2.0   )%   0.3     %   0.4     %
change (%)


AOCF            CableTV                   Telecom                   Other                  Total Co.
                 Q4           FY             Q4           FY             Q4         FY            Q4           FY
2012 reported    368.9        1,967.8        401.2        2,103.2        (51.5 )    (203.8 )      349.6        1,899.3
AOCF
Storm costs      105.5        105.5          107.6        107.6          1.6        1.6           109.2        109.2
Voice carrier    -            (12.6   )      -            (12.9   )      -          -             -            (12.9   )
settlement^(a)
Contract
termination      9.4        9.4         9.4        9.4         -        -          9.4        9.4     
cost^(b)
2012 AOCF
excluding        483.8      2,070.1     518.2      2,207.3     (49.9 )   (202.2 )    468.2      2,005.0 
items
                                                                                                               
2011 reported    635.7        2,360.9        672.1        2,495.9        (45.9 )    (201.4 )      626.2        2,294.5
AOCF
Storm costs      4.9          20.8           4.9          20.8           0.1        0.3           5.0          21.1
Compensation     (17.7   )    (9.9    )      (21.2   )    (11.8   )      (6.8  )    (3.8   )      (28.0   )    (15.6   )
adjustment^(c)
Executive
separation       3.5          3.5            3.0          3.0            10.7       10.7          13.7         13.7
costs^(d)
Programming      (42.9   )   (42.9   )    (42.9   )   (42.9   )    -        -          (42.9   )   (42.9   )
adjustment^(e)
2011 AOCF
excluding        583.5      2,332.4     615.9      2,465.0     (41.9 )   (194.2 )    574.0      2,270.8 
items
                                                                                                               
Reported         (42.0   )%   (16.7   )%     (40.3   )%   (15.7   )%     (12.3 )%   (1.2   )%     (44.2   )%   (17.2   )%
change (%)
Adjusted        (17.1   )%  (11.3   )%   (15.9   )%  (10.5   )%   (19.0 )%  (4.1   )%   (18.4   )%  (11.7   )%
change (%)


Operating       CableTV                   Telecom                   Other                  Total Co.
Income
                 Q4           FY             Q4           FY             Q4         FY            Q4           FY
2012 reported
operating        108.6        1,018.3       114.3        1,058.8        (85.0 )    (299.3 )      29.3         759.5
income
Storm costs      107.0        107.0          109.1        109.1          1.9        1.9           111.0        111.0
Voice carrier    -            (12.6   )      -            (12.9   )      -          -             -            (12.9   )
settlement^(a)
Contract
termination      9.4        9.4         9.4        9.4         -        -          9.4        9.4     
cost^(b)
Adjusted 2012
operating        225.0      1,122.1     232.8      1,164.4     (83.1 )   (297.4 )    149.7      867.0   
income
                                                                                                               
2011 reported
operating        411.0        1,471.5        427.2        1,520.6        (80.9 )    (292.0 )      346.2        1,228.7
income
Storm costs      4.9          20.8           4.9          20.8           0.1        0.3           5.0          21.1
Compensation     (17.7   )    (9.9    )      (21.2   )    (11.8   )      (6.8  )    (3.8   )      (28.0   )    (15.6   )
adjustment^(c)
Executive
separation       2.8          2.8            1.9          1.9            9.8        9.8           11.7         11.7
costs^(d)
Programming      (42.9   )   (42.9   )    (42.9   )   (42.9   )    -        -          (42.9   )   (42.9   )
adjustment^(e)
Adjusted 2011
operating        358.1      1,442.3     369.9      1,488.6     (77.8 )   (285.7 )    292.0      1,203.0 
income
                                                                                                               
Reported         (73.6   )%   (30.8   )%     (73.2   )%   (30.4   )%     (5.1  )%   (2.5   )%     (91.5   )%   (38.2   )%
change (%)
Adjusted        (37.2   )%  (22.2   )%   (37.1   )%  (21.8   )%   (6.7  )%  (4.1   )%   (48.7   )%  (27.9   )%
change (%)

        All values in charts above represent dollars in millions unless
Note:  otherwise labeled. Certain amounts may not recalculate due to
        intersegment eliminations and rounding.

(a)     Reflects the resolution of a voice access dispute related to prior
        years.
(b)     Contract termination cost related to an equipment purchase commitment.
(c)     Reflects accrual reversals and reductions in the fourth quarter of
        2011 related to certain outstanding long term incentive plan awards.
(d)     Related to certain executive departures in the fourth quarter of 2011.
(e)     Reflects adjustment to estimated programming costs relating to prior
        periods, following renewals of programming contracts.


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 7 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.

In addition, in the chart on page 4, the Company has provided details of
certain items affecting the comparability of Revenue, net, AOCF and operating
income for the three months and year ended December31, 2012 to that of the
comparable periods in 2011. Management believes that this additional
information, like AOCF representing non-GAAP financial measures, will assist
analysts, investors and others in evaluating the Company’s performance.

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 10:00 a.m. ET
Conference call dial-in number is (888) 694-4641/ Conference ID Number
96237881/ Conference call replay number (855) 859-2056/ Conference ID Number
96237881 until March 7, 2013.


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

                Three Months Ended             Twelve Months Ended
                 December 31,                    December 31,
                 2012           2011            2012           2011
                                                                 
Revenues, net    $ 1,663,973    $ 1,691,253    $ 6,705,461    $ 6,700,848 
                                                                 
Adjusted
operating cash   $ 349,626       $ 626,224       $ 1,899,320     $ 2,294,500
flow
Share-based
compensation       (23,762   )     (8,327    )     (61,623   )     (44,536   )
expense
Restructuring
credits           709           (6,019    )    770           (6,311    )
(expense)
Operating
income before
depreciation       326,573         611,878         1,838,467       2,243,653
and
amortization
Depreciation
and
amortization      297,276       265,641       1,078,957     1,014,974 
(including
impairments)
Operating          29,297          346,237         759,510         1,228,679
income
Other income
(expense):
Interest           (173,572  )     (184,029  )     (719,671  )     (745,706  )
expense, net
Gain on sale
of affiliate       716             683             716             683
interests, net
Gain on
investments,       35,178          60,362          294,235         37,384
net
Gain (loss) on
equity             (26,922   )     (37,402   )     (211,335  )     1,454
derivative
contracts, net
Gain (loss) on
interest rate      -               540             (1,828    )     (7,973    )
swap
contracts, net
Loss on
extinguishment
of debt and
write-off of       (5,161    )     (89,665   )     (66,213   )     (92,692   )
deferred
financing
costs
Miscellaneous,    491           535           1,770         1,265     
net
Income (loss)
from
continuing         (139,973  )     97,261          57,184          423,094
operations
before income
taxes
Income tax
benefit           56,307        (36,760   )    (23,821   )    (184,436  )
(expense)
Income (loss)
from               (83,666   )     60,501          33,363          238,658
continuing
operations
Income from
discontinued
operations,       200,250       -             200,250       53,623    
net of income
taxes^(a)
Net income         116,584         60,501          233,613         292,281
Net loss
(income)
attributable      (46       )    128           (90       )    (424      )
to
noncontrolling
interests
Net income
attributable
to Cablevision   $ 116,538      $ 60,629       $ 233,523      $ 291,857   
Systems
Corporation
stockholders
                                                                 
Basic net
income (loss)
per share
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from             $ (0.32     )   $ 0.22         $ 0.13         $ 0.86      
continuing
operations
Income from
discontinued
operations,      $ 0.78         $ -            $ 0.76         $ 0.19      
net of income
taxes^(a)
Net income       $ 0.45         $ 0.22         $ 0.89         $ 1.06      
Basic weighted
average common    258,348       270,049       262,258       276,369   
shares (in
thousands)
                                                                 
Diluted net
income (loss)
per share
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from             $ (0.32     )   $ 0.22         $ 0.12         $ 0.84      
continuing
operations
Income from
discontinued
operations,      $ 0.78         $ -            $ 0.75         $ 0.19      
net of income
taxes^(a)
Net income       $ 0.45         $ 0.22         $ 0.87         $ 1.02      
Diluted
weighted
average common    258,348       278,275       267,330       284,904   
shares (in
thousands)
                                                                 
Amounts
attributable
to Cablevision
Systems
Corporation
stockholders:
Income (loss)
from             $ (83,712   )   $ 60,629        $ 33,273        $ 238,234
continuing
operations
Income from
discontinued
operations,       200,250       -             200,250       53,623    
net of income
taxes^(a)
Net income       $ 116,538      $ 60,629       $ 233,523      $ 291,857   

      The 2012 amount represents primarily the gain related to the settlement
(a)  of the litigation with DISH Network. The 2011 amount represents the net
      operating results of AMC Networks, including transaction costs, through
      June 30, 2011, the date of the AMC Networks Distribution.

                       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)

                                             Twelve Months Ended December 31,
                                              2012             2011^(b)
                                                                 
                                                                 
Net cash provided by operating                $ 1,151,533        $ 1,397,729
activities^(c)
Less: capital expenditures^(d)                 (1,075,255 )      (814,807  )
Consolidated free cash flow from continuing   $ 76,278          $ 582,922   
operations

(a)  See Non-GAAP Financial Measures on page 5 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 13 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             
                     December 31,                      %
                     2012           2011              Change
                                                       
Cable Television     $ 1,472,725     $ 1,505,733       (2.2 )%
Lightpath              81,834          79,129          3.4  %
Eliminations^(a)      (4,910    )    (4,781    )     (2.7 )%
Telecommunications    1,549,649     1,580,081      (1.9 )%
Other^(b)              119,661         116,915         2.3  %
Eliminations^(c)      (5,337    )    (5,743    )     7.1  %
Total Cablevision    $ 1,663,973    $ 1,691,253      (1.6 )%


                     Twelve Months Ended
                     December 31,                      %
                     2012            2011              Change
                                                       
Cable Television     $ 5,987,820     $ 5,988,203       0.0  %
Lightpath              323,776         310,976         4.1  %
Eliminations^(a)      (19,402   )    (19,526   )     0.6  %
Telecommunications    6,292,194     6,279,653      0.2  %
Other^(b)              435,210         443,898         (2.0 )%
Eliminations^(c)      (21,943   )    (22,703   )     3.3  %
Total Cablevision    $ 6,705,461    $ 6,700,848      0.1  %

(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
                     December 31,                      %            December 31,                      %
                     2012           2011              Change       2012           2011              Change
                                                                                                      
Cable Television     $ 368,913       $ 635,655         (42.0 )%     $ 108,597       $ 411,026         (73.6 )%
Lightpath             32,262        36,483         (11.6 )%      5,736         16,133         (64.4 )%
Telecommunications    401,175       672,138        (40.3 )%      114,333       427,159        (73.2 )%
Other^(a)             (51,549   )    (45,914   )     (12.3 )%      (85,036   )    (80,922   )     (5.1  )%
Total Cablevision    $ 349,626      $ 626,224        (44.2 )%     $ 29,297       $ 346,237        (91.5 )%


                     Adjusted Operating                             Operating Income
                     Cash Flow                                      (Loss)
                     Twelve Months Ended                            Twelve Months Ended
                     December 31,                      %            December 31,                      %
                     2012            2011              Change       2012            2011              Change
                                                                                                      
Cable Television     $ 1,967,758     $ 2,360,875       (16.7 )%     $ 1,018,314     $ 1,471,531       (30.8 )%
Lightpath             135,409       135,038        0.3   %       40,453        49,100         (17.6 )%
Telecommunications    2,103,167     2,495,913      (15.7 )%      1,058,767     1,520,631      (30.4 )%
Other^(a)             (203,847  )    (201,413  )     (1.2  )%      (299,257  )    (291,952  )     (2.5  )%
Total Cablevision    $ 1,899,320    $ 2,294,500      (17.2 )%     $ 759,510      $ 1,228,679      (38.2 )%

      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)

                              December 31,   September 30,   December 31,
CABLE TELEVISION               2012^(a)         2012              2011
                                                                  
(in thousands)
Customer Relationships ^(b)        3,601            3,640             3,611
Video Customers                    3,197            3,247             3,250
High-Speed Data Customers          3,055            3,060             2,965
Voice Customers                    2,433            2,444             2,357

                                                                  
Serviceable Passings (in           5,646            5,630             5,584
thousands)^(c)
                                                                  
Penetration
Customer Relationships to          63.8   %         64.6   %          64.7   %
Serviceable Passings
Video Customers to                 56.6   %         57.7   %          58.2   %
Serviceable Passings
High-Speed Data Customers to       54.1   %         54.4   %          53.1   %
Serviceable Passings
Voice Customers to                 43.1   %         43.4   %          42.2   %
Serviceable Passings

                                                                  
Revenues for the three
months ended

(dollars in millions)
                                                                  
Video^(d)                      $   835          $   862           $   874
High-Speed Data                    340              344               337
Voice                              223              238               227
Advertising                        48               41                41
Other^(e)                         27             26              27     
Total Cable Television         $   1,473       $   1,511        $   1,506  
Revenue

                                                                  
Average Monthly Cable
Television Revenue per         $   135.61       $   138.44        $   138.77
Customer Relationship
(“RPC”)^(f)
                                                                  
Average Monthly Cable
Television Revenue per Video   $   152.35       $   154.83        $   154.10
Customer (“RPS”) ^(g)

      Includes a net reduction of approximately 11 thousand customer
      relationships, 10 thousand video, 9 thousand high-speed data and 7
      thousand voice customers that were located in the areas most severely
      impacted by Superstorm Sandy who we have been unable to contact and
      those whose billing we have decided to suspend temporarily during
(a)  restoration of their homes. In addition, we suspended our normal
      collection efforts and non-pay disconnect policy during the storm and
      estimated the number of accounts that we believe would have been
      disconnected had we not suspended our policy. Our customer counts as of
      December 31, 2012 have been reduced accordingly (27 thousand customer
      relationships, 24 thousand video, 23 thousand high-speed data and 19
      thousand voice).
(b)   Represents the number of households/businesses that receive at least one
      of the Company's services.
(c)   Includes residential and commercial passings.
(d)   Includes equipment rental, DVR, video-on-demand and pay-per-view
      revenue.
(e)   Includes installation revenue, home shopping, advertising sales
      commissions and other product offerings.
      RPC is calculated by dividing average monthly cable television GAAP
(f)   revenue for the quarter by the average number of customer relationships
      for the quarter. RPC at December 31, 2012 reflects storm related credits
      of $33.2 million.
      RPS is calculated by dividing average monthly cable television GAAP
(g)   revenue for the quarter by the average number of video customers for the
      quarter. RPS at December 31, 2012 reflects storm related credits of
      $33.2 million.

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

CAPITALIZATION

                                                          December 31, 2012
                                                                            
Cash and cash equivalents                                  $    364,503     
                                                                            
Credit facility debt                                       $    4,658,106
Senior notes and debentures                                     5,738,219
Collateralized indebtedness                                     556,152
Capital lease obligations and other                            69,154      
Debt                                                       $    11,021,631  

LEVERAGE

Debt                                                       $    11,021,631
Less:     Collateralized indebtedness of unrestricted          556,152
           subsidiaries^(a)
           Cash and cash equivalents                           364,503     
Net debt                                                   $    10,100,976  
                                                                            
                                                           Leverage Ratios^(b)
Consolidated net debt to AOCF leverage ratio^(a)(c)        7.3x
Restricted Group leverage ratio (Credit Facility           4.0x
Test)^(d)(e)
CSC Holdings notes and debentures leverage ratio^(d)(e)    4.9x
Cablevision senior notes leverage ratio^(e)(f)             7.6x
Bresnan leverage ratio^(g)                                 5.9x

      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 fourth 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 $1.68 billion
      and in the CSC Holdings notes and debentures leverage ratio was $1.35
      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 $169.7 million.


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

CAPITAL EXPENDITURES

                            Three Months Ended
                             December 31,
                             2012           2011
                                                       
                                                       
Consumer premise equipment   $ 68,666        $ 39,530
Scalable infrastructure        69,797          61,472
Line extensions                6,715           10,127
Upgrade/rebuild                8,278           11,523
Support                       72,746        54,065  
Total Cable Television         226,202         176,717
Lightpath                     22,881        39,910  
Total Telecommunications       249,083         216,627
Other^(a)                     16,929        23,702  
Total Cablevision            $ 266,012      $ 240,329 
                             
                             Twelve Months Ended
                             December 31,
                             2012            2011
                                                       
                                                       
Consumer premise equipment   $ 330,533       $ 203,107
Scalable infrastructure        324,952         217,066
Line extensions                33,097          40,240
Upgrade/rebuild                34,825          37,013
Support                       208,458       156,698 
Total Cable Television         931,865         654,124
Lightpath                     93,460        106,163 
Total Telecommunications       1,025,325       760,287
Other^(a)                     49,930        54,520  
Total Cablevision            $ 1,075,255    $ 814,807 

(a) Other includes Newsday, Clearview Cinemas, News12 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
 
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