Viacom – VIA – Remains committed to pursuing its long-term strategy of international expansion
Viacom Inc. (NASDAQ: VIA) reported financial results for the fiscal third quarter, which ended June 30, 2012. Revenues decreased 14% to $3.24 billion, driven primarily by the mix of Filmed Entertainment titles and lower advertising revenues. Adjusted operating income was $903 million in the quarter, down 9%, reflecting the overall decline in revenues, partially offset by lower expenses. Adjusted net earnings from continuing operations attributable to Viacom declined 12% in the quarter to $512 million, and adjusted diluted earnings per share from continuing operations decreased 2% to $0.97 per diluted share.
The comparison with 2011 was impacted by the fact that Viacom’s 2011 third quarter included substantial timing benefits from major films and television event programming, as well as digital distribution agreements.
Sumner M. Redstone, Executive Chairman of Viacom, said, “We continue to develop outstanding creative content on every platform while efficiently executing Viacom’s strategy. We are confident that Viacom’s unrivaled portfolio of powerful brands will continue to grow and evolve over the long term as we entertain and inspire new audiences around the world every day.”
Philippe Dauman, President and Chief Executive Officer of Viacom, said, “Despite challenging year-on-year comparisons with last year’s strong third quarter, Viacom remains committed to pursuing its long-term strategy of international expansion, continued programming investment and ongoing focus on operational discipline. Viacom continues to bring cultural powerhouses to fans around the world, and we are aggressively investing in our brands to create new hits, like Workaholics and Legend of Korra, now the most watched kid’s program on cable in the quarter. Paramount also continued to strengthen its platform by aligning its slate to provide upcoming releases with the best possible opportunity to succeed in the global marketplace.
“Looking forward, we will continue to operate efficiently to maintain our competitive and creative edge, and over time, return significant value to shareholders.”
VIA Quarterly revenues of $3.24 billion decreased from $3.77 billion in the prior year. Media Networks revenue declined 5% to $2.27 billion, driven by lower advertising and ancillary revenues. Domestic advertising revenues decreased 7%, impacted by the timing of event-driven programming compared with the prior year’s quarter. Worldwide advertising revenues decreased 9% in the quarter. Domestic affiliate revenues decreased 1%, reflecting the significance of digital affiliate revenues in the same quarter last year. Excluding the impact of digital distribution arrangements, our domestic affiliate revenue growth rate was in the high-single digits. Worldwide affiliate fees increased 1%.
About Viacom – VIA
Viacom (VIA) is home to the world’s premier entertainment brands that connect with audiences through compelling content across television, motion picture, online and mobile platforms in over 160 countries and territories.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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