Cablevision 2014 Annual Report Download - page 96

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F-7
CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2014, 2013 and 2012
(In thousands, except per share amounts)
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 .................................................................................................................... (576,000) (601,102) (661,052)
Interest income ..................................................................................................................... 420 465 978
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 .......................... (10,120) (22,542) (66,213)
Miscellaneous, net ............................................................................................................... 4,988 2,436 1,770
(496,108) (506,264) (642,729)
Income from continuing operations before income taxes ....................................................... 425,150 192,960 126,319
Income tax expense .............................................................................................................. (115,768) (65,635) (51,994)
Income from continuing operations, net of income taxes ....................................................... 309,382 127,325 74,325
Income from discontinued operations, net of income taxes.................................................... 2,822 338,316 159,288
Net income ............................................................................................................................. 312,204 465,641 233,613
Net loss (income) attributable to noncontrolling interests ...................................................... (765) 20 (90)
Net income attributable to Cablevision Systems Corporation stockholders ........................... $ 311,439 $ 465,661 $ 233,523
INCOME PER SHARE:
Basic income per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes .................................................... $ 1.17 $ 0.49 $ 0.28
Income from discontinued operations, net of income taxes ................................................. $ 0.01 $ 1.30 $ 0.61
Net income ........................................................................................................................... $ 1.18 $ 1.79 $ 0.89
Basic weighted average common shares (in thousands) ...................................................... 264,623 260,763 262,258
Diluted income per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes .................................................... $ 1.14 $ 0.48 $ 0.28
Income from discontinued operations, net of income taxes ................................................. $ 0.01 $ 1.27 $ 0.60
Net income ........................................................................................................................... $ 1.15 $ 1.75 $ 0.87
Diluted weighted average common shares (in thousands) ................................................... 270,703 265,935 267,330
Amounts attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes .................................................... $ 308,617 $ 127,345 $ 74,235
Income from discontinued operations, net of income taxes ................................................. 2,822 338,316 159,288
Net income ........................................................................................................................... $ 311,439 $ 465,661 $ 233,523
Cash dividends declared and paid per share of common stock............................................... $ 0.600 $ 0.600 $ 0.600
See accompanying notes to consolidated financial statements.