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The Wiz Q4 Revenue Drops 3.7%

2/14/2002 09:57:00 AM Eastern

Bethpage, N.Y. - Due to a softer than expected holiday selling season, The Wiz recorded fourth-quarter net revenue of $217.6 million, down 3.7 percent pro forma from the $225.9 million registered in the same quarter the previous year.

The Wiz, which makes up the Retail Electronics segment of the Cablevision NY Group, posted a pro forma operating cash flow deficit of $27.4 million in the fourth quarter ended Dec. 31, up from a deficit of $6.7 million in the year-ago three months.

Cablevision refers to operating cash flow as AOCF, or operating profit before depreciation and amortization, excluding charges related to the restructuring that was announced in the fourth quarter of 2001 and the effects of long-term incentive and stock plans income or expense.

For the 12 months, net revenue at The Wiz climbed 2.2 percent, to $678.6 million pro forma, up from $663.7 million in the same three months in 2000.

AOCF for The Wiz over the 12 months rose 35.4 percent, to a negative $76.5 million, up from a negative $56.5 million in the year-ago fourth quarter.

Capital expenditures for The Wiz totaled $36 million in 2001, down from $39 million in 2000.

In the fourth quarter, Cablevision recorded consolidated pro forma net revenue of $1.3 billion, up 6 percent from the $1.2 billion reported year over year. Pro forma AOCF for the three months was $231.7 million, a 3 percent decline from the $239.2 million recorded in the same three months in 2000.

For the 12 months Cablevision enjoyed pro forma net revenue of $4.3 billion, a climb of 7 percent over the $4.1 billion reported in the same period in 2000. Pro forma AOCF for the 12 months reached $834.1 million, down 4 percent year over year from $873.1 million in 2000.