Cablevision Systems Corp Class A CVC
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/28/2013

Operator: Good morning. My name is Christie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cablevision Fourth Quarter and Full Year 2012 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now like to turn the call over to Bret Richter, Senior Vice President of Financial Strategy and Development. Please go ahead, sir.

Bret Richter - SVP, Financial Strategy & Development: Thank you. Good morning, and welcome to Cablevision's fourth quarter 2012 earnings conference call. Joining me this morning are Jim Dolan, President and CEO of Cablevision; and Gregg Seibert, Vice Chairman and Chief Financial Officer.

Following a discussion of the Company's fourth quarter 2012 results, we will open the call for questions. If you don't have a copy of today's earnings release, it is available on our website at Please take note of the following.

Today's discussion may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigations Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ.

Please refer to the Company's filings with the Securities and Exchange Commission for a discussion of risks and uncertainties. The Company disclaims any obligation to update the forward-looking statements that may be discussed during this call.

Let me point out that on Page 7 of today's earnings release, we provide consolidated operations data and a reconciliation of adjusted operating cash flow or AOCF to operating income. In addition, on Page 4, the Company has provided details of certain items affecting the comparability of revenue AOCF and operating income for the three months and 12 months ended December 31, 2012 to that of comparable periods in 2011.

I would now like to introduce Jim Dolan, President and CEO of Cablevision.

James L. Dolan - President and CEO: Thank you, Bret, and good morning. 2012 was a challenging year for Cablevision. We set out to implement a number of critical initiatives in support of two primary goals. One, to meet and more importantly, exceed the expectations of our existing customers and two, to prove to those who are making choices about a new provider that no one offers better products or better service than Cablevision. Looking back, we made substantial progress towards these goals despite the ongoing challenges of a soft economy and strong competition. Then in the fourth quarter, we were hit with Superstorm Sandy, the most dramatic weather event in the Company's history.

Let me address Sandy's impact on our business. Almost 60% of our Optimum East customers had their services interrupted as a result of the storm. The vast majority of our service disruptions were related to power outages and recovery from the storm was our number one priority for weeks following the catastrophic event. We repaired over 450 miles of damaged cable at more than 16,000 locations. Approximately 90% of our 63 headend and hub locations was commercial power and were transferred to generator, as many remained without commercial power for more than a week. In addition, we deployed more than 1,000 portable generators to power portions of our network until commercial power was restored.

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