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F-16
CSC HOLDINGS, LLC AND SUBSIDIARIES
(a wholly-owned subsidiary of Cablevision Systems Corporation)
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2014, 2013 and 2012
(In thousands)
2014 2013 2012
Revenues, net (including revenues, net from affiliates of $5,075, $5,586 and
$5,784, respectively) (See Note 15) ....................................................................... $ 6,460,946 $ 6,232,152 $ 6,131,675
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments
shown below and including charges from affiliates of $179,144, $178,991 and
$181,373, respectively) (See Note 15)................................................................. 3,136,808 3,079,226 3,001,577
Selling, general and administrative (including charges from affiliates of $3,878,
$2,986 and $3,614, respectively) (See Note 15) .................................................. 1,533,898 1,521,005 1,454,045
Restructuring expense (credits)................................................................................ 2,480 23,550 (770)
Depreciation and amortization (including impairments)......................................... 866,502 909,147 907,775
5,539,688 5,532,928 5,362,627
Operating income....................................................................................................... 921,258 699,224 769,048
Other income (expense):
Interest expense........................................................................................................ (353,288)(374,430)(466,776)
Interest income......................................................................................................... 48,457 58,858 59,993
Gain on sale of affiliate interests ............................................................................. — — 716
Gain on investments, net.......................................................................................... 129,659 313,167 294,235
Loss on equity derivative contracts, net................................................................... (45,055)(198,688)(211,335)
Loss on interest rate swap contracts, net.................................................................. — — (1,828)
Loss on extinguishment of debt and write-off of deferred financing costs ............. (9,618)(23,144)(66,213)
Miscellaneous, net.................................................................................................... 4,988 2,436 1,770
(224,857)(221,801)(389,438)
Income from continuing operations before income taxes.......................................... 696,401 477,423 379,610
Income tax expense.................................................................................................. (236,450)(188,079)(152,547)
Income from continuing operations, net of income taxes.......................................... 459,951 289,344 227,063
Income from discontinued operations, net of income taxes....................................... 2,822 330,711 159,288
Net income ................................................................................................................. 462,773 620,055 386,351
Net loss (income) attributable to noncontrolling interests ......................................... (765) 20 (90)
Net income attributable to CSC Holdings, LLC's sole member ................................ $ 462,008 $ 620,075 $ 386,261
Amounts attributable to CSC Holdings, LLC's sole member:
Income from continuing operations, net of income taxes........................................ $ 459,186 $ 289,364 $ 226,973
Income from discontinued operations, net of income taxes .................................... 2,822 330,711 159,288
Net income............................................................................................................... $ 462,008 $ 620,075 $ 386,261
See accompanying notes to consolidated financial statements.