For the quarter ended December 31, 2000, the company recorded net revenue of $1,179.7 million, a 10% increase compared to the prior year period. The Company posted adjusted operating cash flow (operating profit before depreciation and amortization and excluding the effects of stock plan income or expense and Year 2000 remediation expense – AOCF) of $235.4 million, a 13% increase excluding the effect of a $38.5 million non-cash charge described below.
The company’s fourth quarter performance reflected continued strength from cable operations, Lightpath-Long Island and Rainbow Media Holdings’ businesses, particularly American Movie Classics, Bravo, the Regional Sports divisions and Madison Square Garden.
The cable television and Long Island commercial telephone operations recorded net revenue for the fourth quarter of $477.5 million and AOCF totaled $218.7 million, representing increases of 8% and 9%, respectively, from the prior year period.
With more than four billion in revenues and double-digit company cash flow growth, 2000 was an excellent year for Cablevision across all of our major divisions, said James Dolan, Cablevision president and CEO. Especially noteworthy was the strong consumer response to our high-speed Internet offering, including the addition of 100,000 cable modem customers in the fourth quarter alone, moving us to an industry leading 12% penetration rate. This sets the stage for Cablevision’s continued transition from analog to digital services and bodes well for our operating strategy moving forward, Mr Dolan continued.
The three-month results and the percentage increase or decrease are presented on a pro forma basis and exclude the Company’s Massachusetts systems which were sold in January 2001 as well as the Kalamazoo, Michigan and Ohio systems which were sold in the second half of 2000. The pro forma results do not include the New York suburban cable systems acquired from AT&T as part of the sale of the Company’s Massachusetts systems earlier this year.
