Cablevision 2012 Annual Report Download - page 135

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2012, 2011 and 2010
(Dollars in thousands, except per share amounts)
I-7
2012 2011 2010
Revenues, net (including revenues, net from affiliates of $5,805,
$5,222 and $4,381, respectively) (see Note 16) ..............................
.
$6,705,461 $6,700,848 $6,177,575
Operating expenses:
Technical and operating (excluding depreciation, amortization
and impairments shown below and including charges from
affiliates of $183,292, $178,831 and $171,642, respectively)
(see Note 16) ...............................................................................
.
3,323,655 2,968,540 2,663,748
Selling, general and administrative (net of charges from (to)
affiliates of $3,614, $(16,994) and $(23,083), respectively)
(see Note 16) ...............................................................................
.
1,544,109 1,482,344 1,440,731
Restructuring expense (credits) .......................................................
.
(770) 6,311 (58)
Depreciation and amortization (including impairments) .................
.
1,078,957 1,014,974 887,092
5,945,951 5,472,169 4,991,513
Operating income ................................................................................
.
759,510 1,228,679 1,186,062
Other income (expense):
Interest expense ...............................................................................
.
(720,692) (746,587) (711,293)
Interest income ................................................................................
.
1,021 881 542
Gain on sale of affiliate interests .....................................................
.
716 683 2,051
Gain on investments, net .................................................................
.
294,235 37,384 109,813
Gain (loss) on equity derivative contracts, net ................................
.
(211,335) 1,454 (72,044)
Loss on interest rate swap contracts, net .........................................
.
(1,828) (7,973) (85,013)
Loss on extinguishment of debt and write-off of deferred
financing costs ...........................................................................
.
(66,213) (92,692) (110,049)
Miscellaneous, net ...........................................................................
.
1,770 1,265 1,447
(702,326) (805,585) (864,546)
Income from continuing operations before income taxes ....................
.
57,184 423,094 321,516
Income tax expense .........................................................................
.
(23,821) (184,436) (113,767)
Income from continuing operations .....................................................
.
33,363 238,658 207,749
Income from discontinued operations, net of income taxes .................
.
200,250 53,623 153,848
Net income ..........................................................................................
.
233,613 292,281 361,597
Net income attributable to noncontrolling interests .............................
.
(90) (424) (649)
Net income attributable to Cablevision Systems Corporation
stockholders ....................................................................................
.
$ 233,523 $ 291,857 $ 360,948
INCOME PER SHARE:
Basic net income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations .................................................
.
$0.13 $0.86 $0.71
Income from discontinued operations .............................................
.
$0.76 $0.19 $0.52
Net income ......................................................................................
.
$0.89 $1.06 $1.23
Basic weighted average common shares (in thousands) ..................
.
262,258 276,369 293,165
Diluted net income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations .................................................
.
$0.12 $0.84 $ 0.69
Income from discontinued operations .............................................
.
$0.75 $0.19 $0.51
Net income ......................................................................................
.
$0.87 $1.02 $ 1.20
Diluted weighted average common shares (in thousands) ...............
.
267,330 284,904 301,880
Amounts attributable to Cablevision Systems Corporation
stockholders:
Income from continuing operations, net of income taxes ................
.
$ 33,273 $ 238,234 $ 207,100
Income from discontinued operations, net of income taxes .............
.
200,250 53,623 153,848
Net income ......................................................................................
.
$ 233,523 $ 291,857 $ 360,948
Cash dividends declared and paid per share of common stock ............
.
$0.600 $0.575 $0.475
See accompanying notes to consolidated financial statements.