Consolidated adjusted operating cash flow ("AOCF") 1 increased 14.7 percent to $667.7 million and consolidated operating income grew 32.2 percent to $381.6 million, both compared to the prior year period. Third quarter 2009 AOCF and operating income include favorable adjustments of $25.7 million relating to the resolution of regulatory and legal matters at Cable. Excluding the impact of these items, the growth in AOCF and operating income would have been 10.3 percent and 23.3 percent, respectively.

Operating highlights for the third quarter 2009 include:

-Year-to-date Consolidated Free Cash Flow from Continuing Operations1 of $623.0 million

-Cable Television net revenue growth of 4.5 percent and AOCF growth of 7.3 percent (excluding adjustments) for the quarter

-Rainbow AOCF growth of 37.8 percent for the quarter compared to prior year period

-Madison Square Garden AOCF growth of 151.5 percent for the quarter compared to prior year period

-Average Monthly Revenue per Basic Video Customer ("RPS") of $141.03 in the third quarter of 2009

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 commercial data and voice services.

Telecommunications Services net revenues for the third quarter 2009 rose 4.9 percent to $1.362 billion, AOCF grew 12.6 percent to $575.0 million and operating income increased 25.3 percent to $354.3 million, all compared to the prior year period. Third quarter 2009 AOCF and operating income include favorable adjustments of $25.7 million relating to the resolution of regulatory and legal matters. Excluding the impact of these items, the growth in AOCF and operating income would have been 7.5 percent and 16.2 percent, respectively.

Cable Television third quarter 2009 net revenues increased 4.5 percent to $1.303 billion, AOCF rose 12.5 percent to $550.9 million and operating income increased 24.5 percent to $350.2 million, each compared to the prior year period. The increases in net revenues, AOCF and operating income were principally driven by the growth in digital video, high-speed data, and voice customers as well as higher rates reflected in third quarter 2009 results. Third quarter 2009 AOCF and operating income include the impact of the items discussed above. Excluding these items, the growth in AOCF and operating income would have been 7.3 percent and 15.4 percent, respectively.

For third quarter 2009, Lightpath net revenues increased 3.8 percent to $65.1 million, AOCF increased 14.5 percent to $24.1 million and operating income improved $2.5 million to $4.1 million, each as compared to the prior year period. The improved results were due principally to the continued expansion of the more efficient, higher margin Ethernet business and include the impact of the acquisition of 4Connections in October 2008.

Rainbow consists of the Rainbow National Services ("RNS") - AMC, WE tv and IFC - as well as Other Programming which includes: Sundance (effective June 16, 2008), News 12 Networks, VOOM HD (domestic programming discontinued in January 2009), IFC Entertainment, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow ventures.

Rainbow net revenues for the third quarter of 2009 increased 3.5 percent to $260.1 million, AOCF rose 37.8 percent to $86.0 million, and operating income grew 82.7 percent to $53.5 million, all compared to the prior year period.

Third quarter 2009 net revenues grew 11.4 percent to $206.2 million, AOCF increased 17.1 percent to $95.9 million and operating income grew 23.2 percent to $79.2 million, each compared to the prior year period.

Third quarter 2009 net revenues decreased 17.2 percent to $60.2 million, AOCF improved 49.3 percent to a deficit of $9.8 million and operating loss improved 26.4 percent to a loss of $25.8 million, all as compared to the prior year period. The revenue decline was primarily the result of the discontinuation of the domestic programming business at VOOM HD and the sale of our VOD services (Lifeskool and sportskool) in the 2009 results. The improvement to the AOCF deficit and operating loss was primarily due to cost savings related to VOOM HD as well as improved results at Sundance.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

In addition to remote DVR access, Optimum.net for mobile offers Cablevision's 2.5 million Optimum Online customers access to their Optimum e-mail, continually updated and highly personalized local news weather and traffic information from the Emmy(R) Award-winning News 12 team, iO TV listings, information on local business and services by location (e.g. Gas Stations, Banks, ATM's, Pizza), and movies listings and theaters by location.

Optimum Online has achieved a broadband market share in Cablevision's service area of more than 75 percent, and is the most highly penetrated high-speed Internet service in the country, used by more than 52 percent of the homes passed by Cablevision's fiber rich network. Optimum Online offers high-speed Internet service for the home and small and medium-sized businesses, delivering speeds of up to 15 megabits-per-second (Mbps) downstream and up to 2 Mbps upstream. Optimum Online Boost offers up to 30 Mbps downstream and 5 Mbps upstream, along with advanced configurations and business-grade tools. Optimum Online Ultra delivers the nation's fastest downstream broadband connections, up to 101 Mbps, exceeding the speeds available from any other cable or telco provider at a significantly lower cost. The vast majority of new Cablevision customers choose the company's full suite of voice, video and high-speed Internet services, which deliver increased value and features through an increasingly integrated product suite.

With nearly 2.9 million iO TV customers, 94 percent of Cablevision's cable customers are iO TV digital cable customers, the highest digital penetration in the nation. iO TV offers customers access to more than 400 channels, including 53 premium movie channels, 46 channels of commercial-free digital music, more than 6,000 titles available on demand at all times, an interactive programming guide, more than 100 high-definition programming services and uniquely valuable and relevant local content through News 12, MSG Varsity and their companion interactive television applications.

About Cablevision Cablevision Systems Corporation (NYSE: CVC) is one of the nation's leading media and entertainment companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO TV(R) digital television, Optimum Online(R) high-speed Internet, Optimum Voice(R) digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision operates several successful programming businesses, including AMC, IFC, Sundance Channel and WE tv, through Rainbow Media Holdings LLC, and serves the New York area as publisher of Newsday and other niche publications through Newsday Media Group. In addition to these businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre, and owns and operates Clearview Cinemas.

###

Read the full story at http://www.prweb.com/releases/2009/11/prweb3166244.htm.

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Operating highlights for the third quarter 2009 include:

-- Year-to-date Consolidated Free Cash Flow from Continuing Operations(1 )of $623.0 million

-- Cable Television net revenue growth of 4.5% and AOCF growth of 7.3% (excluding adjustments) for the quarter

-- Rainbow AOCF growth of 37.8% for the quarter compared to prior year period

-- Madison Square Garden AOCF growth of 151.5% for the quarter compared to prior year period

-- Average Monthly Revenue per Basic Video Customer ("RPS") of $141.03 in the third quarter of 2009

Cablevision President and CEO James L. Dolan commented: "Cablevision continued to deliver solid results in the third quarter. In addition to an increase in revenue, the company reported an impressive gain in AOCF fueled by continuing growth across all of our key businesses -- cable, Rainbow and MSG. Also noteworthy in the third quarter, Cablevision generated $220 million in free cash flow, our cable business surpassed two million voice customers and Rainbow National Services' generated a significant increase in advertising revenue of more than 18 percent. We are pleased with our momentum in what remains a challenging environment and continue to focus on building our businesses for the long-term. Separately, we are moving forward with the spin-off of our Madison Square Garden business and believe we are on track to complete the transaction by year-end," Mr. Dolan concluded.

Results from Continuing Operations (2)
Segment results for the quarters ended September 30, 2009 and 2008
are as follows:
                                Revenues, Net               AOCF                    Operating Income
                                                                                    (Loss)
$ millions                      Q3 2009       Q3 2008       Q3 2009     Q3 2008     Q3 2009     Q3 2008
Telecommunications              $1,362.0      $1,298.7      $575.0      $510.7      $354.3      $282.9
Rainbow                         260.1         251.4         86.0        62.5        53.5        29.3
MSG                             161.8         160.8         31.6        12.6        12.3        (8.4   )
Newsday                         79.9          73.5          5.6         8.5         (0.8   )    4.2
Other (including eliminations)  (23.9    )    (36.8    )    (30.5  )    (12.0  )    (37.7  )    (19.4  )
Total Company                   $1,839.9      $1,747.6      $667.7      $582.3      $381.6      $288.6

  1.  See definition of adjusted operating cash flow ("AOCF") and
      Consolidated Free Cash Flow from Continuing Operations included in
      the discussion of non-GAAP financial measures on page 4 of this
      earnings release.
  2.  Operating results of FSN Bay Area and Rainbow DBS' distribution
      operations are included in discontinued operations for all periods
      presented as applicable.

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 commercial data and voice services.

Telecommunications Services net revenues for the third quarter 2009 rose 4.9% to $1.362 billion, AOCF grew 12.6% to $575.0 million and operating income increased 25.3% to $354.3 million, all compared to the prior year period. Third quarter 2009 AOCF and operating income include favorable adjustments of $25.7 million relating to the resolution of regulatory and legal matters. Excluding the impact of these items, the growth in AOCF and operating income would have been 7.5% and 16.2%, respectively.

Cable Television

Cable Television third quarter 2009 net revenues increased 4.5% to $1.303 billion, AOCF rose 12.5% to $550.9 million and operating income increased 24.5% to $350.2 million, each compared to the prior year period. The increases in net revenues, AOCF and operating income were principally driven by the growth in digital video, high-speed data, and voice customers as well as higher rates reflected in third quarter 2009 results. Third quarter 2009 AOCF and operating income include the impact of the items discussed above. Excluding these items, the growth in AOCF and operating income would have been 7.3% and 15.4%, respectively.

The third quarter 2009 results reflect:

-- Basic video customers down 27,300 or 0.9% from June 2009 and down 46,200 or 1.5% from September 2008

-- iO: Interactive Optimum digital video customers down 14,300 or 0.5% from June 2009 and up 73,800 or 2.6% from September 2008

-- Optimum Online high-speed data customers up 19,100 or 0.8% from June 2009 and 95,000 or 3.9% from September 2008

-- Optimum Voice customers up 34,000 or 1.7% from June 2009 and 176,400 or 9.7% from September 2008

-- Revenue Generating Units up 11,500 or 0.1% from June 2009 and 299,100 or 2.9% from September 2008

-- Cable Television RPS of $141.03, up $1.34 or 1.0% from the second quarter of 2009 and up $7.92 or 5.9% from the third quarter of 2008

Optimum Lightpath

For third quarter 2009, Lightpath net revenues increased 3.8% to $65.1 million, AOCF increased 14.5% to $24.1 million and operating income improved $2.5 million to $4.1 million, each as compared to the prior year period. The improved results were due principally to the continued expansion of the more efficient, higher margin Ethernet business and include the impact of the acquisition of 4Connections in October 2008.

Rainbow

Rainbow consists of the Rainbow National Services ("RNS") -- AMC, WE tv and IFC -- as well as Other Programming which includes: Sundance (effective June 16, 2008), News 12 Networks, VOOM HD (domestic programming discontinued in January 2009), IFC Entertainment, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow ventures.

Rainbow net revenues for the third quarter of 2009 increased 3.5% to $260.1 million, AOCF rose 37.8% to $86.0 million, and operating income grew 82.7% to $53.5 million, all compared to the prior year period.

AMC/WE tv/IFC

Third quarter 2009 net revenues grew 11.4% to $206.2 million, AOCF increased 17.1% to $95.9 million and operating income grew 23.2% to $79.2 million, each compared to the prior year period.

The third quarter 2009 AOCF results reflect:

-- Viewing subscriber increases of 4.7% at WE tv, 3.3% at IFC and 1.2% at AMC, all compared to September 2008

-- A 7.3% increase in affiliate revenue compared to the prior year period

-- An 18.2% increase in advertising revenue, as compared to the prior year period, driven principally by higher units sold at AMC and higher ratings at WE tv

-- A 6.9% increase in operating costs compared to the prior year period, primarily due to increased programming costs at WE tv and AMC principally related to original programming partially offset by lower marketing costs at AMC and IFC.

Other Programming

Third quarter 2009 net revenues decreased 17.2% to $60.2 million, AOCF improved 49.3% to a deficit of $9.8 million and operating loss improved 26.4% to a loss of $25.8 million, all as compared to the prior year period. The revenue decline was primarily the result of the discontinuation of the domestic programming business at VOOM HD and the sale of our VOD services (Lifeskool and sportskool) in the 2009 results. The improvement to the AOCF deficit and operating loss was primarily due to cost savings related to VOOM HD as well as improved results at Sundance.

Madison Square Garden

Madison Square Garden's primary businesses include: MSG Media (MSG, MSG Plus, Fuse, and MSG Interactive), MSG Entertainment and MSG Sports (including the New York Knicks, the New York Rangers, the New York Liberty and a wide variety of other premiere live sporting events). Its operations include the MSG Arena, The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre. In addition there is a booking arrangement related to the Wang Theatre in Boston.

Madison Square Garden's third quarter 2009 net revenues increased 0.6% to $161.8 million, AOCF increased 151.5% to $31.6 million and operating income increased $20.7 million to $12.3 million, all compared to third quarter 2008.

MSG's third quarter results were impacted by:

-- MSG Media, including a $10.7 million increase in revenues due to higher network affiliation fees as well as a $6.3 million decrease in operating costs

-- MSG Entertainment, including a $9.8 million decrease in revenues offset by a $5.9 million decrease in event-related variable costs primarily due to fewer entertainment events in the Madison Square Garden Arena.

-- Lower legal and other professional fees of $8.9 million.

Newsday

The Newsday segment consists of Newsday, a daily newspaper that primarily serves Long Island; amNewYork, a free daily serving New York City; various Internet properties including Newsday.com; and Star Community Publishing, the northeast's largest group of weekly shopper publications.

Newsday's third quarter 2009 net revenues were $79.9 million, AOCF was $5.6 million and operating loss was $0.8 million.

Newsday's third quarter 2008 net revenues were $73.5 million, AOCF was $8.5 million and operating income was $4.2 million. Newsday's third quarter 2008 results include the period from July 30, 2008 through September 30, 2008.

Other Matters

In late October 2009, the Company received a ruling from the IRS with respect to the tax-free nature of the MSG spin-off. The Company believes that it is on track to complete the transaction by year-end.

On November 2, 2009, the Board of Directors of Cablevision declared a quarterly dividend of $0.10 per share on each outstanding share of both its Cablevision NY Group Class A Stock and its Cablevision NY Group Class B Stock. This quarterly dividend is payable on December 4, 2009 to shareholders of record at the close of business on November 13, 2009.

Non-GAAP Financial Measures

We define adjusted operating cash flow ("AOCF"), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization (including impairments), excluding share-based compensation expense or benefit and restructuring charges or credits. Because it is based upon operating income (loss), AOCF also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the distortive effects of fluctuating stock prices in the case of stock appreciation rights and, in the case of restricted shares and stock options, the settlement of an obligation that is not expected to be made in cash.

We present AOCF as a measure of our ability to service our debt and make continuing investments, including in our capital infrastructure. We believe AOCF is an appropriate measure for evaluating the operating performance of our business segments and the company on a consolidated basis. AOCF and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use net revenues and AOCF measures as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since AOCF is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of AOCF to operating income (loss), please see page 5 of this release.

We define Consolidated Free Cash Flow from Continuing Operations, ("Free Cash Flow"), which is a non-GAAP financial measure, as net cash from operating activities (continuing operations) less capital expenditures (continuing operations), both of which are reported in our Consolidated Statement of Cash Flows. Net cash from operating activities excludes net cash from operating activities of our discontinued operations. We believe the most comparable GAAP financial measure of our liquidity is net cash from operating activities. We believe that Free Cash Flow is useful as an indicator of our overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment and other discretionary and non-discretionary cash uses. It is also one of several indicators of our ability to make investments and/or return capital to our shareholders. We also believe that Free Cash Flow is one of several benchmarks used by analysts and investors who follow our industry for comparison of our liquidity with other companies in our industry, although our measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies.

COMPANY DESCRIPTION

Cablevision Systems Corporation is one of the nation's leading media and entertainment companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO: Interactive Optimum digital television, Optimum Online high-speed Internet, Optimum Voice digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision operates several successful programming businesses, including AMC, IFC, Sundance Channel and WE tv, through Rainbow Media Holdings LLC, and serves the New York area as publisher of Newsday and other niche publications through Newsday LLC. In addition to these businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company operates New York's famed Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre, and owns and operates Clearview Cinemas. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com.

This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation 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, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industries in which it operates and the factors described in the company's filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update any forward-looking statements contained herein.

Cablevision's Web site: www.cablevision.com

The conference call will be Webcast live today at 10:00 a.m. EST

Conference call dial-in number is (888) 694-4641/ Conference ID Number 34556266

Conference call replay number (706) 645-9291/ Conference ID Number 34556266 until November 10, 2009

CABLEVISION SYSTEMS CORPORATION
CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION
(Dollars in thousands, except per share data)
(Unaudited)
                                                               Three Months Ended      Nine Months Ended
                                                               September 30,           September 30,
                                                               2009 (a)    2008 (a)    2009 (a)    2008 (a)
Revenues, net                                                  $1,839,895  $1,747,560  $5,628,312  $5,186,344
Adjusted operating cash flow                                   $667,700    $582,257    $1,895,694  $1,695,997
Share-based compensation expense                               (17,246)    (15,727)    (53,384)    (42,469)
Restructuring (expense) credits                                (1,834)     (366)       (5,690)     1,247
Operating income before depreciation and amortization          648,620     566,164     1,836,620   1,654,775
Depreciation and amortization (including impairments)          266,975     277,541     818,935     826,155
Operating income                                               381,645     288,623     1,017,685   828,620
Other income (expense):
Interest expense, net                                          (182,701)   (193,747)   (562,735)   (582,727)
Gain (loss) on investments, net                                51,543      13,324      (349)       (75,811)
Gain (loss) on equity derivative contracts, net                (43,833)    (4,731)     (1,095)     62,490
Loss on interest rate swap contracts, net                      (44,146)    (29,852)    (63,975)    (21,942)
Write-off of deferred financing costs                          -           -           (549)       -
Loss on extinguishment of debt                                 -           -           (21,495)    (2,424)
Miscellaneous, net                                             695         476         4,243       1,636
Income from continuing operations before income taxes          163,203     74,093      371,730     209,842
Income tax expense                                             (64,604)    (42,723)    (165,036)   (112,844)
Income from continuing operations                              98,599      31,370      206,694     96,998
Income (loss) from discontinued operations, net of taxes       -           32          (18)        (944)
Net income                                                     98,599      31,402      206,676     96,054
Net loss (income) attributable to noncontrolling interests     343         (454)       491         (963)
Net income attributable to Cablevision Systems Corporation     $98,942     $30,948     $207,167    $95,091
shareholders
Basic net income per share:
Income from continuing operations attributable to Cablevision  $0.34       $0.11       $0.71       $0.33
Systems Corporation shareholders
Income (loss) from discontinued operations attributable to     $-          $-          $-          $-
Cablevision Systems Corporation shareholders
Net income attributable to Cablevision Systems Corporation     $0.34       $0.11       $0.71       $0.33
shareholders
Basic weighted average common shares (in thousands)            292,346     290,365     291,418     290,150
Diluted net income per share:
Income from continuing operations attributable to Cablevision  $0.33       $0.10       $0.70       $0.33
Systems Corporation shareholders
Income (loss) from discontinued operations attributable to     $-          $-          $-          $-
Cablevision Systems Corporation shareholders
Net income attributable to Cablevision Systems Corporation     $0.33       $0.10       $0.70       $0.32
shareholders
Diluted weighted average common shares (in thousands)          300,079     295,921     297,418     294,995
Amounts attributable to Cablevision Systems Corporation
shareholders:
Income from continuing operations, net of taxes                $ 98,942    $ 30,916    $ 207,185   $ 96,035
Income (loss) from discontinued operations, net of taxes       -           32          (18)        (944)
Net income                                                     $ 98,942    $ 30,948    $207,167    $ 95,091
(a) Operating results of FSN Bay Area and Rainbow DBS'
distribution operations are included in discontinued operations
for all periods presented as applicable.

CABLEVISION SYSTEMS CORPORATION

CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION (Cont'd)

(Dollars in thousands, except per share data)

(Unaudited)

ADJUSTMENTS TO RECONCILE ADJUSTED OPERATING CASH FLOW TO OPERATING INCOME (LOSS)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating cash flow included in this earnings release:

-- Depreciation and amortization (including impairments). This adjustment eliminates depreciation and amortization and impairments of long-lived assets in all periods.

-- Restructuring credits (expense). This adjustment eliminates the expenses or credits associated with restructuring activities related to the elimination of positions, facility realignment, asset impairments and other related activities in all periods.

-- Share-based compensation benefit (expense). This adjustment eliminates the compensation benefit (expense) relating to stock options, stock appreciation rights, restricted stock, and restricted stock units granted under our employee stock plans and non-employee director plans in all periods.

                                                        Nine Months Ended September 30,
                                                        2009 (a)    2008 (a)
CONSOLIDATED FREE CASH FLOW FROM CONTINUING OPERATIONS
(b)
Net cash provided by operating activities (c)           $1,206,209  $ 1,089,719
Less: capital expenditures (d)                          (583,160)   (633,579)
Consolidated free cash flow from continuing operations  $ 623,049   $ 456,140

(a) Excludes the net operating results of FSN Bay Area and Rainbow DBS' distribution operations which are reported in discontinued operations. Discontinued operations used a total of $7.1 million in cash for the nine months ended September 30, 2008.

(b) See non-GAAP financial measures on page 4 of this release for a definition and discussion of Free Cash Flow from continuing operations.

(c) The level of net cash provided by operating activities will continue to depend on a number of variables in addition to our operating performance, including the amount and timing of our interest payments and other working capital items.

(d) See page 11 of this release for additional details relating to capital expenditures.

CABLEVISION SYSTEMS CORPORATION
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
(Dollars in thousands)
(Unaudited)
REVENUES, NET
                          Three Months Ended
                          September 30,
                          2009 (a)    2008 (a)    % Change
Cable Television          $1,303,074  $1,246,736  4.5%
Optimum Lightpath         65,077      62,690      3.8%
Eliminations (b)          (6,191)     (10,677)    42.0%
Total Telecommunications  1,361,960   1,298,749   4.9 %
AMC/WE tv/IFC             206,175     185,030     11.4%
Other Programming (c)     60,166      72,645      (17.2)%
Eliminations (b)          (6,236)     (6,266)     0.5%
Total Rainbow             260,105     251,409     3.5 %
MSG                       161,764     160,818     0.6%
Newsday (d)               79,944      73,468      -%
Other (e)                 21,274      20,275      4.9%
Eliminations (f)          (45,152)    (57,159)    21.0%
Total Cablevision         $1,839,895  $1,747,560  5.3 %

                         Nine Months Ended
                         September 30,
                         2009 (a)    2008 (a)    % Change
Cable Television         $3,873,477  $3,702,692  4.6%
Optimum Lightpath        189,234     183,570     3.1%
Eliminations (b)         (16,467)    (34,222)    51.9%
Total Telecommunications 4,046,244   3,852,040   5.0 %
AMC/WE tv/IFC            599,322     550,165     8.9%
Other Programming (c)    179,517     184,221     (2.6)%
Eliminations (b)         (17,140)    (18,131)    5.5%
Total Rainbow            761,699     716,255     6.3 %
MSG                      650,418     645,400     0.8%
Newsday (d)              252,032     73,468      -%
Other (e)                59,224      54,991      7.7%
Eliminations (f)         (141,305)   (155,810)   9.3%
Total Cablevision        $5,628,312  $5,186,344  8.5 %

(a) Operating results of FSN Bay Area and Rainbow DBS' distribution operations are included in discontinued operations for all periods presented as applicable.

(b) Represents intra-segment revenues.

(c) Includes News 12 Networks, VOOM HD Networks (domestic programming discontinued in January 2009), Sundance (effective September 16, 2008), Lifeskool (sold in October 2008), sportskool (sold in September 2008), IFC Entertainment, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow businesses.

(d) Newsday's financial information for 2008 reflects its operating results from July 30, 2008 to September 30, 2008.

(e) Represents net revenues of Clearview Cinemas, PVI Virtual Media and certain other items.

(f) Represents inter-segment revenues.

CABLEVISION SYSTEMS CORPORATION
CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
(Dollars in thousands)
(Unaudited)
ADJUSTED OPERATING CASH FLOW AND
OPERATING INCOME (LOSS)
                          Adjusted Operating          Operating Income
                          Cash Flow                   (Loss)
                          Three Months Ended  %       Three Months Ended  %
                          September 30,               September 30,
                          2009 (a)  2008 (a)  Change  2009 (a)  2008 (a)  Change
Cable Television          $550,917  $489,681  12.5%   $350,185  $281,248  24.5%
Optimum Lightpath         24,075    21,033    14.5%   4,112     1,615     154.6%
Total Telecommunications  574,992   510,714   12.6%   354,297   282,863   25.3%
AMC/WE tv/IFC             95,864    81,831    17.1%   79,230    64,286    23.2%
Other Programming (b)     (9,818)   (19,370)  49.3%   (25,758)  (35,015)  26.4%
Total Rainbow             86,046    62,461    37.8%   53,472    29,271    82.7%
MSG                       31,600    12,565    151.5%  12,255    (8,434)   -%
Newsday (c)               5,573     8,497     -%      (824)     4,243     -%
Other (d)                 (30,511)  (11,980)  -%      (37,555)  (19,320)  (94.4)%
Total Cablevision         $667,700  $582,257  14.7%   $381,645  $288,623  32.2%

                          Adjusted Operating               Operating Income
                          Cash Flow                        (Loss)
                          Nine Months Ended       %        Nine Months Ended      %
                          September 30,                    September 30,
                          2009 (a)    2008 (a)    Change   2009 (a)    2008 (a)   Change
Cable Television          $1,579,294  $1,455,136  8.5%     $966,015    $824,454   17.2%
Optimum Lightpath         70,111      59,794      17.3%    9,712       318        -%
Total Telecommunications  1,649,405   1,514,930   8.9%     975,727     824,772    18.3%
AMC/WE tv/IFC             276,422     246,879     12.0%    224,802     195,425    15.0%
Other Programming (b)     (30,423)    (61,444)    50.5%    (83,498)    (108,051)  22.7%
Total Rainbow             245,999     185,435     32.7%    141,304     87,374     61.7%
MSG                       60,100      36,596      64.2%    3,409       (23,582)   114.5%
Newsday (c)               10,684      8,497       -%       (10,654)    4,243      -%
Other (d)                 (70,494)    (49,461)    (42.5)%  (92,101)    (64,187)   (43.5)%
Total Cablevision         $1,895,694  $1,695,997  11.8%    $1,017,685  $828,620   22.8%

(a) Operating results of FSN Bay Area and Rainbow DBS' distribution operations are included in discontinued operations for all periods presented as applicable.

(b) Includes News 12 Networks, VOOM HD Networks (domestic programming discontinued in January 2009), Sundance (effective September 16, 2008), Lifeskool (sold in October 2008), sportskool (sold in September 2008), IFC Entertainment, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow businesses.

(c) Newsday's financial information for 2008 reflects its operating results from July 30, 2008 to September 30, 2008.

(d) Includes unallocated corporate general and administrative costs, operating results of Clearview Cinemas, MSG Varsity, PVI Virtual Media, and certain other items.

CABLEVISION SYSTEMS CORPORATION
SUMMARY OF OPERATING STATISTICS
(Unaudited)
CABLE TELEVISION                                              September30,  June30,             September30,
                                                              2009          2009                2008
Revenue Generating Units
(in thousands)
Basic Video Customers                                         3,066                    3,093    3,112
iO Digital Video Customers                                    2,888                    2,902    2,814
Optimum Online High-Speed Data Customers                      2,522                    2,503    2,427
Optimum Voice Customers                                       2,001                    1,967    1,825
Total Revenue Generating Units                                10,477                   10,465   10,178
Customer Relationships (in thousands) (a)                     3,305                    3,321    3,325
Homes Passed (in thousands)                                   4,803                    4,782    4,707
Penetration
Basic Video to Homes Passed                                   63.8%                    64.7%    66.1%
iO Digital to Basic Penetration                               94.2%                    93.8%    90.4%
Optimum Online to Homes Passed                                52.5%                    52.3%    51.6%
Optimum Voice to Homes Passed                                 41.7%                    41.1%    38.8%
Revenues for the three months ended
(dollars in millions)
Video (b)                                                     $ 771                    $ 769    $ 741
High-Speed Data                                               287                      288      276
Voice                                                         194                      192      175
Advertising                                                   28                       26       31
Other (c)                                                     23                       23       24
Total Cable Television Revenue                                $1,303                   $1,298   $1,247
Average Monthly Revenue per Basic Video Customer ("RPS") (d)  $141.03                  $139.69  $133.11
(a) Number of customers who receive at least one of the company's
services, including business modem only customers.
(b) Includes analog, digital, PPV, VOD and DVR revenue.
(c) Includes installation revenue, NY Interconnect, home shopping
and other product offerings.
(d) RPS is calculated by dividing average monthly cable television
GAAP revenue for the quarter by the average number of basic video
customers for the quarter.
RAINBOW                                                       September30,  June30,             September30,
                                                              2009          2009                2008
Viewing Subscribers
(in thousands)
AMC                                                           86,900                   86,600   85,800
WE tv                                                         62,200                   62,200   59,400
IFC                                                           49,800                   49,800   48,200
Sundance                                                      34,000                   33,100   30,300

CABLEVISION SYSTEMS CORPORATION
CAPITALIZATION AND LEVERAGE
(Dollars in thousands)
(Unaudited)
CAPITALIZATION
                                                                    September 30, 2009
Cash and cash equivalents (a)                                       $ 1,206,171
Bank debt                                                           $ 5,341,250
Senior notes and debentures                                         6,246,689
Senior subordinated notes                                           323,754
Collateralized indebtedness                                         402,025
Capital lease obligations                                           57,848
Debt                                                                $12,371,566
LEVERAGE
Debt                                                                $12,371,566
Less: Collateralized indebtedness of unrestricted subsidiaries (b)  402,025
Cash and cash equivalents (a)                                       1,206,171
Net debt                                                            $10,763,370
                                                                    Leverage Ratios (c)
Consolidated net debt to AOCF leverage ratio (b) (d)                4.1x
Restricted Group leverage ratio (Bank Test) (e) (f)                 4.2x
CSC Holdings notes and debentures leverage ratio (e) (f)            4.0x
Cablevision senior notes leverage ratio (f) (g)                     5.2x
Rainbow National Services notes leverage ratio (h)                  3.1x

(a) Includes $869,600 of cash held to repay senior notes due in 2011 and 2012 classified in "Other Assets" in our consolidated balance sheet.

(b) Collateralized indebtedness is excluded from the leverage calculation because it is viewed as a forward sale of the stock of unaffiliated companies and the company's only obligation at maturity is to deliver, at its option, the stock or its cash equivalent.

(c) Leverage ratios are based on face amount of outstanding debt.

(d) AOCF is annualized based on the third quarter 2009 results, as reported, except with respect to Madison Square Garden, which is based on a trailing 12 months.

(e) Reflects the debt to cash flow ratios applicable under CSC Holdings' bank credit agreement and senior notes indentures (which exclude Cablevision's approximately $1.9 billion of senior notes and the debt and cash flows related to CSC Holdings' unrestricted subsidiaries which are primarily comprised of Rainbow, MSG and Newsday). The annualized AOCF (as defined) used in the Restricted Group leverage ratio and the CSC Holdings notes and debentures leverage ratio is $2.16 billion and $2.24 billion, respectively.

(f) Includes CSC Holdings' guarantee of Newsday LLC's $650 million senior secured credit facility.

(g) Adjusts the debt to cash flow ratio as calculated under the CSC Holdings notes and debentures leverage ratio to include Cablevision's approximately $1.9 billion of senior notes plus the $682 million of senior notes Cablevision contributed to Newsday Holdings LLC.

(h) Reflects the debt to cash flow ratio under the Rainbow National Services notes indentures. The annualized AOCF (as defined) used in the notes ratio is $405.3 million.

CABLEVISION SYSTEMS CORPORATION
CAPITAL EXPENDITURES
(Dollars in thousands)
(Unaudited)
                                                  Three Months Ended
                                                  September 30,
                                                  2009      2008
CAPITAL EXPENDITURES
Consumer premise equipment                        $ 84,989  $116,363
Scalable infrastructure                           37,151    55,557
Line extensions                                   8,289     7,346
Upgrade/rebuild                                   5,541     1,476
Support                                           23,335    27,662
Total Cable Television                            159,305   208,404
Optimum Lightpath                                 19,121    16,007
Total Telecommunications                          178,426   224,411
Rainbow                                           4,404     6,106
MSG                                               13,430    13,434
Newsday                                           2,133     805
Other (Corporate, Theatres, MSG Varsity and PVI)  5,921     5,162
Total Cablevision                                 $204,314  $249,918

                                                  Nine Months Ended
                                                  September 30,
                                                  2009      2008
CAPITAL EXPENDITURES
Consumer premise equipment                        $262,836  $307,093
Scalable infrastructure                           101,305   121,821
Line extensions                                   22,734    21,447
Upgrade/rebuild                                   14,181    3,997
Support                                           60,780    67,089
Total Cable Television                            461,836   521,447
Optimum Lightpath                                 55,738    52,901
Total Telecommunications                          517,574   574,348
Rainbow                                           8,835     15,580
MSG                                               37,240    27,695
Newsday                                           5,704     805
Other (Corporate, Theatres, MSG Varsity and PVI)  13,807    15,151
Total Cablevision                                 $583,160  $633,579

SOURCE: Cablevision Systems Corporation

Cablevision Systems Corporation 
Charles Schueler, 516-803-1013 
Senior Vice President 
Media and Community Relations 
or 
Patricia Armstrong, 516-803-2270 
Senior Vice President 
Investor Relations

Expected next dividend:
Dividend Announcement Date: 11/2/2009
Dividend Record Date: 11/13/2009
Dividend Pay Date: 12/4/2009
Dividend Amount: 0.10