Cablemas 3Q09 Net Revenue and Adjusted EBITDA Up 13.7% and 18.6% YoY, Respectively

Cablemas 3Q09 Net Revenue and Adjusted EBITDA Up 13.7% and 18.6% YoY, Respectively

MEXICO CITY, Nov. 11 /PRNewswire/ -- Cablemas, S.A. de C.V., (Cablemas), the second-largest cable television operator in Mexico based on number of subscribers and homes passed, today announced results for the three and nine-month periods ending September 30, 2009.

Cablemas CEO Carlos Alvarez commented, "We continued to grow and maintain our subscriber base this quarter in our three business segments, despite the challenging economic environment in Mexico. Cable television subscribers rose by 8.4%, high-speed internet subscribers were up 13.3% and telephony lines were up by 62.6% year-on-year."

"Revenue growth continues to reflect the positive effect of the yoo® advertising campaign launched in May 2009 to promote double and triple play packages, including a greater sales effort and the positive contribution of the back to school season."

"EBITDA rose 18.6% year-on-year this quarter. The Adjusted EBITDA margin rose 150 basis points to 36.4% reflecting increased revenues and the success of our cost cutting efforts. In fact, SG&A as a percentage of sales, declined to 26.6% from 33.4% in 3Q08," continued Mr. Alvarez.

"On September 1, 2009 Standard & Poor's upgraded Cablemas' long-term corporate credit and senior unsecured debt ratings to 'BB+' from 'BB'. It also raised its long-term national scale corporate credit rating to 'mxA+' from 'mxA'. The outlook is stable. The ratings upgrade reflects Grupo Televisa's increased participation in the Company's equity during 1Q09, Cablemas' consistent operating performance even under difficult economic conditions, and an improved business profile," closed Mr. Alvarez.

   Financial and Operational Highlights(1)   ---------------------------------------   (in million Mexican Pesos)                        3Q09      3Q08     % Chg.     9M09      9M08   % Chg.                       ----      ----     ------     ----      ----   ------   Financial    Highlights   -----------   Net revenue        901.5     792.8     13.7%   2,698.8   2,333.3    15.7%   Operating    profit            125.2     102.5     22.2%     357.1     373.1    -4.3%   Adjusted    EBITDA(2)         328.2     276.7     18.6%     929.9     863.6     7.7%   Net income          63.4     (64.3)      n/a    (220.1)     10.4      n/a    Operating    margin            13.9%     12.9%   +97 bps     13.2%     16.0% -276 bps   Adjusted    EBITDA    margin(2)         36.4%     34.9%  +150 bps     34.5%     37.0% -256 bps   Net income    margin             7.0%     -8.1% +1514 bps     -8.2%      0.4% -860 bps    Total Debt       3,039.0   2,468.6     23.1%   3,039.0   2,468.6    23.1%   Net Debt         2,753.2   2,339.4     17.7%   2,753.2   2,339.4    17.7%   Total Debt/    LTM Adj.    EBITDA(2)          2.5x      2.2x                2.5x      2.2x   Net Debt/    LTM Adj.    EBITDA(2)          2.3x      2.1x                2.3x      2.1x   EBITDA/ Net    interest    expense            4.2x      2.1x                4.0x      3.0x    Operational    Highlights   ------------   Homes passed   2,696,640 2,406,430     12.1% 2,696,640 2,406,430    12.1%   Cable    Television    subscribers     890,270   821,191      8.4%   890,270   821,191     8.4%   High-speed    internet    subscribers     266,824   235,422     13.3%   266,824   235,422    13.3%   Telephony    lines           119,144    73,284     62.6%   119,144    73,284    62.6%   

To obtain the full text of this earnings release, please visit our Investor Relations website at www.cablemas.com/investor-relations under the Press Releases section.

This document may contain certain forward-looking statements concerning Cablemas' operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas' control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.

First Call Analyst:
FCMN Contact:

Source: Cablemas, S.A. de C.V.

CONTACT: In Mexico, Cablemas, Allan Ituarte Hesles, Planning & IR
Manager, +5255-41-21-83-35, aituarte@cablemas.com.mx; or In the United States,
Breakstone Group, Susan Borinelli, +1-646-330-5907,
sborinelli@breakstone-group.com

Web Site: http://www.cablemas.com/investor-relations

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