Cablevision 2013 Annual Report Download - page 187
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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-78
NOTE 19. OTHER MATTERS
Superstorm Sandy
On October 29, 2012, Superstorm Sandy made landfall in our service area, resulting in widespread power
outages and service disruptions for almost 60% of the Cable segment's customers, as well as damage to
certain portions of the Company's cable network.
The following table summarizes service outage credits which reduced revenues, net, incremental costs,
depreciation and capital expenditures related to Superstorm Sandy for the year ended December 31, 2012
for our Cable segment:
Revenues, net .....................................................................................................................................
.
$ 33,156
Operating expenses:
Technical and operating expenses....................................................................................................
.
57,252
Selling, general and administrative expenses ...................................................................................
.
15,118
Impact to AOCF .................................................................................................................................
.
105,526
Depreciation ...................................................................................................................................
.
1,462
Impact to operating income.................................................................................................................
.
$106,988
Capital expenditures ...........................................................................................................................
.
$ 5,639
Revenues, net
Following the storm, the Company offered a credit to all customers who were without service (including
cases where the loss of service was due to a loss of electric power) and who contacted the Company to
request a credit. The Company recorded a reduction to revenue of approximately $33,156, which
primarily relates to these customer credits for service outages in 2012 (including credits the Company
expected to issue to customers who had yet to contact the Company as of December 31, 2012).
Technical and Operating Expenses
For the year ended December 31, 2012, technical and operating expenses incurred as a result of
Superstorm Sandy included salaries resulting from incremental overtime and premium pay, payroll taxes
and benefits of approximately $26,683, repairs and maintenance costs of approximately $40,883, and
other costs of $2,266, partially offset by a reduction of programming and other costs of approximately
$12,580. For the year ended December 31, 2013, the Cable segment incurred expenses of $7,484 which
represented primarily repairs and maintenance costs.
Selling, General and Administrative Expenses
Selling, general and administrative expenses incurred as a result of Superstorm Sandy included primarily
salaries resulting from incremental overtime and premium pay, payroll taxes and benefits of
approximately $13,536 and other costs of approximately $1,582.
Depreciation
Depreciation included charges related to assets that were damaged beyond repair as a result of Superstorm
Sandy.