Profit & Revenue Up at AMC Networks

NEW YORK: AMC Networks has posted an increased profit for its second quarter, supported by a 16-percent lift in revenues, with a one-time $133 million gain from a legal settlement with Dish Network.

Second-quarter net revenues were $52 million, up 15.8 percent. This was led by a 15.9-percent increase at the National Networks and a 13.9-percent gain within International and Other. Second quarter-net income from continuing operations was $136 million, up considerably from the $41 million reported in the second quarter in 2012. The increase is attributed to the growth in operating income and a decrease in interest expense.

Within the National Networks segment, which includes AMC, WE tv, IFC and Sundance Channel, revenues were $354 million. Operating income grew 14.6 percent to $128 million. International and Other consists of AMC/Sundance Channel Global, IFC Films, AMC Networks Broadcasting & Technology, various developing online content initiatives and VOOM HD. In this segment, revenues were $30 million. Operating income increased to $119 million. This reflected the $133 million from a VOOM HD settlement.

Josh Sapan, the president and CEO, said: "In the second quarter, our successful original content drove our overall financial results, with a 16-percent increase in net revenues and a 9-percent increase in AOCF. Our original programming continues to fuel the performance of our networks and underpin the company’s growth, with last month’s 39 Emmy Award nominations for AMC, IFC and Sundance Channel, the most nominations of any basic cable programming group, contributing to our momentum.”