Film negatively impacts Viacom's 2Q results
MUMBAI: US media conglomerate Viacom has reported financial results for the fiscal second quarter which ended 31 March.
Revenues decreased by six per cent to $3.14 billion, primarily due to lower film revenues and partially offset by an increase in Media Networks revenues as ad revenue increased over the prior year. Operating income declined by nine per cent to $847 million, reflecting lower film results and an increase in Media Networks programming investment expense, partially offset by the increase in advertising and affiliate revenues.
Adjusted net earnings from continuing operations attributable to Viacom were $481 million, and adjusted diluted earnings per share from continuing operations were $0.96 per diluted share.
Viacom executive chairman Sumner M Redstone said, "Viacom continues to build momentum by developing unparalleled entertainment content for audiences throughout the world. I am fully confident that our proven executive team will deliver even greater success, by driving Viacom‘s vibrant businesses and returning outstanding value for shareholders."
Viacom president CEO Philippe Dauman said, "Viacom‘s ongoing strategy of focused investment in creative content and broad multiplatform distribution of our brands accelerated improvement in our business in the quarter. Viacom‘s media networks are continuing to develop innovative new original programming for all of our audiences, and building unique experiences for our established brands that move beyond the television screen.
"As a result, ratings are up at several networks, and advertising revenues have returned to year-over-year growth, up two percent, with eight points of sequential improvement over the December quarter. Paramount is also executing on its strategic plan, and successfully positioned ‘G.I. Joe: Retaliation‘, ‘Hansel and Gretel: Witch Hunters‘ and ‘Pain And Gain‘ for global success, and the year ahead remains strong, with audiences eagerly awaiting our upcoming tentpole releases - ‘Star Trek Into Darkness‘ and ‘World War Z‘."