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Cablevision Systems Corporation Reports First Quarter 2007 Results

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FOR IMMEDIATE RELEASE CABLEVISION SYSTEMS CORPORATION REPORTS FIRST QUARTER 2007 RESULTS Bethpage, N.Y., May 3, 2007 - Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the first quarter ended March 31, 2007. First quarter consolidated net revenue grew 12.5% to just under $1.6 billion compared to the prior year period, reflecting solid revenue growth in Telecommunications Services, Rainbow and Madison Square Garden. Consolidated adjusted operating cash flow (“AOCF”) 1 increased 21.4% to $481.6 million and consolidated operating income grew 69.7% to $176.0 million. Operating highlights for the first quarter 2007 include: • Cable Television net revenue growth of 15.4% and AOCF growth of 12.6% as compared to Q1 2006 • Twelfth consecutive quarter of basic video subscriber gains; 2.4% growth from Q1 2006 • Quarterly Revenue Generating Unit (“RGU”) growth of more than 260,000 new video, high- speed data and voice units • Average Monthly Revenue per Basic Video Customer (“RPS”) of $116.95 in the first quarter 2007 • Madison Square Garden AOCF growth of $10.7 million over the prior year period Cablevision President and CEO James L. Dolan commented: “Cablevision had a solid start to 2007, driven primarily by continuing growth in the company’s cable operations as well as AOCF growth at Madison Square Garden and Rainbow Media. Our success in cable continues to be driven by the strength of our video, voice and data services, which maintained their industry-leading penetration rates. The company delivered its 12th consecutive quarter of basic subscriber growth while our digital video service reached a penetration rate of 80 percent,” concluded Mr. Dolan. Results from Continuing Operations2 Segment results for the quarters ended March 31, 2007 and 2006 are as follows: Operating Income Revenue, Net AOCF (Loss) $ millions Q1 2007 Q1 2006 Q1 2007 Q1 2006 Q1 2007 Q1 2006 Telecommunications $ 1,141.3 $ 993.3 $ 428.6 $ 381.6 $ 185.5 $ 151.3 Rainbow 230.1 206.4 49.0 27.8 15.8 (4.0) MSG 235.6 223.8 17.6 6.9 (1.1) (12.3) Other (including eliminations) (20.8) (14.1) (13.6) (19.4) (24.2) (31.3) Total Company $ 1,586.2 $ 1,409.4 $ 481.6 $ 396.9 $ 176.0 $ 103.7 Page 1 of 11 See notes on page 4. Telecommunications Services – Cable Television and Lightpath Telecommunications Services includes Cable Television – Cablevision’s “Optimum” branded video, high- speed data, and voice residential and commercial services offered over its cable infrastructure -- and its “Optimum Lightpath” branded, fiber-delivered commercial data and voice services. Telecommunications Services net revenues for the first quarter 2007 rose 14.9% to $1,141.3 million, AOCF grew 12.3% to $428.6 million and operating income increased 22.6% to $185.5 million, all compared to the prior year period. Cable Television Cable Television first quarter 2007 net revenues increased 15.4% to $1,099.3 million, AOCF rose 12.6% to $414.1 million and operating income increased 20.8% to $190.9 million, each compared to the prior year period. The increases in net revenue, AOCF and operating income resulted principally from growth in video, high-speed data, and voice customers, which is reflected in the addition of over 1.2 million Revenue Generating Units since the first quarter of 2006. Highlights include: • Basic video customers up 12,000 or 0.4% from December 2006 and 73,000 or 2.4% from March 2006; twelfth consecutive quarter of basic video subscriber gains • iO: Interactive Optimum digital video customers up 65,000 or 2.6% from December 2006 and 384,000 or 18.1% from March 2006 • Optimum Online high-speed data customers up 78,000 or 3.8% from December 2006 and 311,000 or 17.2% from March 2006 • Optimum Voice customers up 109,000 or 9.0% from December 2006 and 453,000 or 52.4% from March 2006 • Revenue Generating Units up 261,000 or 3.0% from December 2006 and 1,216,000 or 15.4% from March 2006 • Cable Television RPS of $116.95, up $1.65 or 1.4% from the fourth quarter of 2006 and $12.71 or 12.2% from the first quarter of 2006 Lightpath For first quarter 2007, Lightpath net revenues decreased 1.8% to $53.0 million, AOCF grew 3.6% to $14.5 million and operating loss decreased 19.8% to $5.5 million, each as compared to the prior year period. The decrease in net revenue is primarily attributable to reduced intrasegment revenue partially offset by the growth in Ethernet data services. The improvement in AOCF and operating loss were a direct result of certain efficiencies related to the migration from traditional data service to Ethernet data service, offset in part by higher sales and marketing costs in 2007. Rainbow Rainbow consists of our National Programming services - AMC, IFC and WE tv as well as Other Programming which includes: FSN Bay Area, fuse, Lifeskool, Sportskool, News 12 Networks, IFC Entertainment, VOOM HD Networks, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow ventures. Rainbow net revenues for the first quarter of 2007 increased 11.4% to $230.1 million and AOCF rose 76.5% to $49.0 million, both compared to the prior year period. Operating income improved to $15.8 million as compared to a first quarter 2006 operating loss of $4.0 million. AMC/IFC/WE tv First quarter 2007 net revenues of the combined National Services grew 8.8% to $158.3 million, AOCF rose 28.7% to $75.7 million and operating income rose 40.8% to $57.6 million, each compared to the prior year period. The first quarter 2007 results reflect: • A 16.2% increase in advertising revenue, as compared to the prior year period, driven principally by higher sellout rates at AMC Page 2 of 11 See notes on page 4. • Viewing subscriber increases of 7.7% at IFC, 4.6% at WE tv and 7.2% at AMC (AMC’s growth includes 3.2 million new Canadian subscribers), all compared to March 2006 • A 4.4% increase in affiliate revenue compared to the prior year period, including a $2.5 million increase in Canadian affiliate revenue • A 6.2% reduction in operating expenses compared with the prior year period, principally due to the timing of marketing costs in 2007 Other Programming First quarter 2007 net revenues rose 15.6% to $77.1 million, AOCF deficit decreased 14.0% to $26.7 million and operating loss declined 6.8% to $41.9 million, all as compared to the prior year period. The increase in net revenue was driven primarily by higher revenue at the VOOM HD Networks and regional sports and news. The improvement in both AOCF and operating loss is principally the result of the favorable revenue impact offset in part by higher programming costs. Madison Square Garden Madison Square Garden’s primary businesses include: MSG network, FSN New York, the New York Knicks, the New York Rangers, the New York Liberty, MSG Entertainment, the MSG Arena complex, Radio City Music Hall, and the Beacon Theatre. Madison Square Garden's first quarter 2007 net revenue increased 5.2% to $235.6 million, AOCF increased $10.7 million to $17.6 million and operating loss declined 91.5% to $1.1 million, all compared to the prior year period. MSG’s first quarter 2007 results were primarily impacted by: • Improved results from MSG’s professional teams, with $2.2 million higher revenues and $8.0 million lower team operating expenses (primarily related to lower team personnel compensation and luxury tax) • Improved MSG Networks results, including a $5.7 million increase in affiliate revenue which more than offset a $1.8 million reduction in other revenues, primarily advertising, and $3.3 million of higher operating costs • Improved results from the entertainment business, as revenues from events increased $5.7 million, more than offsetting the increase in variable event related costs and the operating costs of a new venue, the Beacon Theatre. Other Matters On April 30, 2007, Cablevision announced an agreement to sell its 60% interest in FSN Bay Area and its 50% interest in FSN New England to Comcast Corporation for $570 million in cash. This transaction is subject to certain closing conditions. On May 2, 2007, Cablevision announced that it had entered into a definitive merger agreement with an entity created by members of the Dolan Family Group, pursuant to which all outstanding shares of Cablevision that the Dolan Family Group does not own will be converted into $36.26 per share in cash. Based on the recommendation of the Special Transaction Committee, Cablevision’s Board of Directors, including independent directors, voted to approve the transaction. The transaction requires approval by holders of a majority of Cablevision’s outstanding Class A shares not held by the Dolan Family Group or Cablevision’s directors and executive officers. The transaction is also subject to certain regulatory approvals, the receipt of funds pursuant to already committed financing and other customary closing conditions. Page 3 of 11 See notes on page 4. 2007 Outlook The company affirms the previously issued full year 2007 guidance as outlined below: Cable Television Basic video subscriber growth ................................................ + 1.0% to 2.0% (a) Revenue Generating Unit (RGU) net additions.......................... 850,000 to 950,000 Total revenue growth ............................................................ mid teens (a) Adjusted operating cash flow growth ..................................... mid teens (a) Capital expenditures.............................................................. $600 to $650 million a) Percentage growth rate (2007 as compared to 2006) Notes: 1. Adjusted operating cash flow (“AOCF”), a non-GAAP financial measure, is defined as operating income (loss) before depreciation and amortization (including impairments), excluding share-based compensation expense or benefit and restructuring charges or credits.
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