Wednesday, July 23, 2014

Viacom 4Q earnings up 13 pct despite revenue drop

February 19. 2013 5:30PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Viacom Inc., owner of the Paramount movie studio and cable TV channels such as Nickelodeon and Comedy Central, said Thursday that its net income grew 13 percent in its fourth fiscal quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.

Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier. After adjusting for one-time items, earnings came to $1.21 per share.

Analysts surveyed by Fact Set were expecting adjusted earnings of $1.17 per share.

Revenue fell 17 percent to $3.36 billion from $4.05 billion and below the $3.41 billion analysts expected.

The company's Paramount Pictures movie studio division saw revenue fall 39 percent to $1.09 billion in the fiscal fourth quarter because it had no blockbuster release. Its lone release in the quarter, the documentary Katy Perry: Part of Me, sold $32 million in tickets worldwide. A year ago, it released Transformers: Dark of the Moon, which has sold $1.1 billion in tickets.

Viacom said it had eight movies on its release schedule for the holiday quarter, including Rise of the Guardians, a cartoon produced by DreamWorks Animation SKG Inc., and Flight, a Denzel Washington drama released Nov. 2 in North America. Viacom has been the distributor of DreamWorks Animation movies, though News Corp.'s 20th Century Fox is replacing Viacom next year.

Revenue at Viacom's cable TV network business was largely unchanged at $2.29 billion.

The advertising environment has slowed for most major media conglomerates, and Viacom faces additional challenges of audience weakness at its major TV networks.

Viacom said increases in fees from cable and satellite companies to carry its channels were countered by declines in advertising revenue. Ad revenue fell 6 percent in the U.S. and 7 percent worldwide.

For the full fiscal year, earnings fell 7 percent to $1.98 billion, or $3.69 per share, compared with $2.14 billion, or $3.59 per share, a year ago. Revenue fell 7 percent to $13.9 billion.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds