Cablevision 2012 Annual Report Download - page 58

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Results of Operations - Cablevision Systems Corporation
The following table sets forth on a historical basis certain items related to operations as a percentage of
net revenues for the periods indicated:
STATEMENT OF INCOME DATA
Years Ended December 31,
2012 2011
% of Net % of Net Favorable
Amount Revenues Amount Revenues (Unfavorable)
Revenues, net ...................................... $6,705,461 100% $6,700,848 100% $ 4,613
Operating expenses:
Technical and operating
(excluding depreciation,
amortization and impairments
shown below) .............................. 3,323,655 50 2,968,540 44 (355,115)
Selling, general and
administrative .............................. 1,544,109 23 1,482,344 22 (61,765)
Restructuring expense (credits) ....... (770) - 6,311 - 7,081
Depreciation and amortization
(including impairments) .............. 1,078,957 16 1,014,974 15 (63,983)
Operating income ................................ 759,510 11 1,228,679 18 (469,169)
Other income (expense):
Interest expense, net ........................ (719,671) (11) (745,706) (11) 26,035
Gain on sale of affiliate interests ..... 716 - 683 - 33
Gain on investments, net ................. 294,235 4 37,384 1 256,851
Gain (loss) on equity derivative
contracts, net................................ (211,335) (3) 1,454 - (212,789)
Loss on interest rate swap
contracts, net................................ (1,828) - (7,973) - 6,145
Loss on extinguishment of debt
and write-off of deferred
financing costs ............................. (66,213) (1) (92,692) (1) 26,479
Miscellaneous, net ........................... 1,770 - 1,265 - 505
Income from continuing operations
before income taxes ........................ 57,184 1 423,094 6 (365,910)
Income tax expense ............................ (23,821) - (184,436) (3) 160,615
Income from continuing operations .... 33,363 - 238,658 4 (205,295)
Income from discontinued
operations, net of income taxes ...... 200,250 3 53,623 1 146,627
Net income ......................................... 233,613 3 292,281 4 (58,668)
Net income attributable to
noncontrolling interests .................. (90) - (424) - 334
Net income attributable to
Cablevision Systems Corporation
stockholders .................................... $ 233,523 3% $ 291,857 4% $ (58,334)
The following is a reconciliation of operating income to AOCF:
Years Ended December 31,
2012 2011 Favorable
Amount Amount (Unfavorable)
Operating income ............................................................................
.
$ 759,510 $1,228,679 $(469,169)
Share-based compensation ..............................................................
.
61,623 44,536 17,087
Depreciation and amortization (including impairments) .................
.
1,078,957 1,014,974 63,983
Restructuring expense (credits) .......................................................
.
(770) 6,311 (7,081)
AOCF ..........................................................................................
.
$1,899,320 $2,294,500 $(395,180)