Advertisers like Don Draper and his Madison Ave colleagues on Mad Men, but AMC Networks investors will also see today that the show’s success comes with a cost. The company just reported Q2 net income of $58.7M, -56.8% vs the period last year, on revenues of $522.1M, +37.6%. The top line beat the consensus forecast for $514.6M. But earnings at 83 cents a share missed the Street’s target of 85 cents.

CEO Josh Sapan says his company “continued to create value for our shareholders by investing in high-quality original programming that builds our brands, strengthens our relationships with distributors and advertisers and creates highly passionate and dedicated viewers.”

At the National Networks unit — which includes AMC, WE tv, IFC, and SundanceTV — operating cash flow declined 9.4% to $136.9M while revenues increased 8.7% to $398M. Helped by Mad Men on AMC, ad sales increased 11.3% to $164M while payments from distributors increased 7% to $234M. But the company notes that the bottom line fell mostly due to “higher programming and marketing expense” vs last year.

Investors may be more impressed with the numbers for AMC’s international business, a source of concern following the $1B acquisition of Liberty Global’s Chellomedia. The deal popped the revenue number 830.6% to $124.6M. Yet with expenses under control, operating cash flow improved to a $19.5M gain from last year’s nearly $14M loss.