Cablevision 2014 Annual Report Download - page 157

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-68
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.
Capital Expenditures
Capital expenditures of $5,639 related to Superstorm Sandy included replacement of various segments of the Company's network
and the purchase of equipment necessary to expedite restoration of service.
The table above summarizes incremental costs and service outage credits and therefore does not include various other negative
financial impacts to the Company's business resulting from Superstorm Sandy, including lower revenue related to customers for
whom we decided to temporarily suspend billing during the restoration of their homes, displaced homes and advertising
cancellations.
Common Stock Repurchases
Cablevision's Board of Directors has authorized the repurchase of up to a total of $1,500,000 of CNYG Class A common stock
since inception of the program. Under the repurchase program, shares of CNYG Class A common stock may be purchased from