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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2013, 2012 and 2011
(Dollars in thousands, except per share amounts)
F-7
2013 2012 2011
Revenues, net (including revenues, net from affiliates of $5,586,
$5,784 and $5,196, respectively) (see Note 15) .............................
.
$6,232,152 $6,131,675
$6,162,608
Operating expenses:
Technical and operating (excluding depreciation, amortization
and impairments shown below and including charges from
affiliates of $178,991, $181,373 and $177,316, respectively)
(see Note 15) ...........................................................................
.
3,079,226 3,001,577
2,653,978
Selling, general and administrative (net of charges from (to)
affiliates of $2,986, $3,614 and $(16,994), respectively) (see
Note 15) ..................................................................................
.
1,521,005 1,454,045
1,398,061
Restructuring expense (credits) ....................................................
.
23,550 (770) 6,311
Depreciation and amortization (including impairments) ................
.
909,147 907,775 846,533
5,532,928 5,362,627 4,904,883
Operating income ............................................................................
.
699,224 769,048 1,257,725
Other income (expense):
Interest expense ...........................................................................
.
(601,102) (661,052) (686,803)
Interest income ............................................................................
.
465 978 836
Gain on sale of affiliate interests ..................................................
.
- 716 683
Gain on investments, net ..............................................................
.
313,167 294,235 37,384
Gain (loss) on equity derivative contracts, net ...............................
.
(198,688) (211,335) 1,454
Loss on interest rate swap contracts, net .......................................
.
- (1,828) (7,973)
Loss on extinguishment of debt and write-off of deferred
financing costs, net .................................................................
.
(22,542) (66,213)
(92,692)
Miscellaneous, net .......................................................................
.
2,436 1,770 1,265
(506,264) (642,729) (745,846)
Income from continuing operations before income taxes ...................
.
192,960 126,319 511,879
Income tax expense .....................................................................
.
(65,635) (51,994) (220,552)
Income from continuing operations ..................................................
.
127,325 74,325 291,327
Income from discontinued operations, net of income taxes ................
.
338,316 159,288 954
Net income ......................................................................................
.
465,641 233,613 292,281
Net loss (income) attributable to noncontrolling interests ..................
.
20 (90) (424)
Net income attributable to Cablevision Systems Corporation
stockholders ................................................................................
.
$ 465,661 $ 233,523
$ 291,857
INCOME PER SHARE:
Basic income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations ..............................................
.
$0.49 $0.28 $1.05
Income from discontinued operations ...........................................
.
$1.30 $0.61 $0.00
Net income ..................................................................................
.
$1.79 $0.89 $1.06
Basic weighted average common shares (in thousands) .................
.
260,763 262,258 276,369
Diluted income per share attributable to Cablevision Systems
Corporation stockholders:
Income from continuing operations ..............................................
.
$0.48 $0.28 $1.02
Income from discontinued operations ...........................................
.
$1.27 $0.60 $0.00
Net income ..................................................................................
.
$1.75 $0.87 $1.02
Diluted weighted average common shares (in thousands) ..............
.
265,935 267,330 284,904
Amounts attributable to Cablevision Systems Corporation
stockholders:
Income from continuing operations, net of income taxes ................
.
$ 127,345 $ 74,235 $ 290,903
Income from discontinued operations, net of income taxes.............
.
338,316 159,288 954
Net income ..................................................................................
.
$ 465,661 $ 233,523 $ 291,857
Cash dividends declared and paid per share of common stock ...........
.
$0.600 $0.600 $0.575
See accompanying notes to consolidated financial statements.