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MUMBAI:
Discovery has reported a seven per cent jump in its revenue
to $1.14 billion for the fiscal second quarter ended 30 June
2012.
Adjusted
OIBDA increased by six per cent to $543 million, while net
income rose 15 per cent to $293 million.
Discovery
president, CEO David Zaslav said, “Discovery’s consistent
focus on investing in our global platform, building new brands
and developing additional growth opportunities resulted in
continued strong operating results during the second quarter.
The steps we have taken to broaden our international content
offerings, along with the continued evolution of pay-tv globally,
are driving international expansion, while domestically we
are generating significant returns from the sustained programming
initiatives and audience growth across our younger networks."
The
rise in revenue was led by six per cent growth at US Networks
and 10 per cent growth at International Networks.
Adjusted
Operating Income Before Depreciation and Amortization (1)
(“OIBDA”) grew six per cent to $543 million, driven
by an eight per cent increase at US Networks and a two per
cent increase at International Networks. Excluding the impact
of foreign currency fluctuations, total company revenues increased
10 per cent and Adjusted OIBDA increased by 11 per cent.
Second
quarter net income available to Discovery stockholders of
$293 million increased by $39 million compared to $254 million
for the second quarter a year ago, primarily due to strong
operating performance in the current year and lower taxes
primarily due to a re-organisation of certain operations partially
offset by the impact of foreign currency fluctuations.
Free
cash flow was $138 million for the second quarter, a decrease
of $60 million from the second quarter of 2011, as increased
operating performance was more than offset by higher content
investment and increased tax payments versus a year ago. For
the last 12 months, free cash flow increased by five per cent
over the previous twelve month period. Free cash flow is defined
as cash provided by operating activities less acquisitions
of property and equipment.
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