Cablevision 2011 Annual Report Download - page 131

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2011, 2010 and 2009
(Dollars in thousands, except per share amounts)
I-7
2011 2010 2009
Revenues, net (including revenues, net from affiliates of $5,222,
$4,381 and $4,183, respectively) (see Note 17) ..............................
.
$6,700,848 $6,177,575 $5,900,074
Operating expenses:
Technical and operating (excluding depreciation, amortization
and impairments shown below and including charges from
affiliates of $178,831, $171,642 and $144,542, respectively)
(see Note 17) ...............................................................................
.
2,968,540 2,663,748 2,532,844
Selling, general and administrative (net of charges to affiliates of
$16,994, $23,083 and $36,552, respectively) (see Note 17) ........
.
1,482,344 1,440,731 1,389,525
Restructuring expense (credits) .......................................................
.
6,311 (58) 5,583
Depreciation and amortization (including impairments) .................
.
1,014,974 887,092 916,408
5,472,169 4,991,513 4,844,360
Operating income ................................................................................
.
1,228,679 1,186,062 1,055,714
Other income (expense):
Interest expense ...............................................................................
.
(746,587) (711,293) (673,192)
Interest income ................................................................................
.
881 542 3,378
Gain on sale of affiliate interests .....................................................
.
683 2,051 -
Gain (loss) on investments, net .......................................................
.
37,384 109,813 (977)
Gain (loss) on equity derivative contracts, net ................................
.
1,454 (72,044) 631
Loss on interest rate swap contracts, net .........................................
.
(7,973) (85,013) (75,631)
Loss on extinguishment of debt and write-off of deferred
financing costs ...........................................................................
.
(92,692) (110,049) (73,457)
Miscellaneous, net ...........................................................................
.
1,265 1,447 543
(805,585) (864,546) (818,705)
Income from continuing operations before income taxes ....................
.
423,094 321,516 237,009
Income tax expense .........................................................................
.
(184,436) (113,767) (113,177)
Income from continuing operations .....................................................
.
238,658 207,749 123,832
Income from discontinued operations, net of income taxes .................
.
53,623 153,848 161,467
Net income ..........................................................................................
.
292,281 361,597 285,299
Net loss (income) attributable to noncontrolling interests ...................
.
(424) (649) 273
Net income attributable to Cablevision Systems Corporation
stockholders ....................................................................................
.
$ 291,857 $ 360,948 $ 285,572
INCOME PER SHARE:
Basic net income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations .................................................
.
$0.86 $0.71 $0.43
Income from discontinued operations .............................................
.
$0.19 $0.52 $0.55
Net income ......................................................................................
.
$1.06 $1.23 $0.98
Basic weighted average common shares (in thousands) ..................
.
276,369 293,165 291,759
Diluted net income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations .................................................
.
$0.84 $ 0.69 $0.42
Income from discontinued operations .............................................
.
$0.19 $0.51 $0.54
Net income ......................................................................................
.
$1.02 $ 1.20 $0.96
Diluted weighted average common shares (in thousands) ...............
.
284,904 301,880 298,444
Amounts attributable to Cablevision Systems Corporation
stockholders:
Income from continuing operations, net of income taxes ................
.
$ 238,234 $ 207,100 $ 124,105
Income from discontinued operations, net of income taxes .............
.
53,623 153,848 161,467
Net income ......................................................................................
.
$ 291,857 $ 360,948 $ 285,572
Cash dividends declared and paid per share of common stock ............
.
$0.575 $0.475 $0.40
See accompanying notes to consolidated financial statements.