Viacom reports record Q1 2003 results

NEW YORK: The news continues to be good for Viacom Inc. The media powerhouse, parent company of MTV and Nickelodeon, today reported record results for the first quarter ended 31 March, 2003 (January-December fiscal).

For the first quarter of 2003, Viacom revenues increased 7 per cent to a record $6.05 billion from $5.67 billion for the same quarter last year, led by 14 per cent growth in video and 13 per cent growth in cable networks segments. Operating income increased 14 per cent to a record $987 million from $866 million, led by double-digit growth in cable networks, television and video segments, a company release says.

First quarter 2003 net earnings before cumulative effect of change in accounting principle increased 26 per cent to $462 million, from $367 million in the same quarter last year. Viacom's first quarter net earnings were $443 million versus a net loss of $1.11 billion for the same prior-year period.

The company's EBITDA (operating income before depreciation and amortization of $241 million) in the first quarter of 2003 increased 12 per cent to a record $1.23 billion from $1.09 billion. Free cash flow for the first quarter of 2003 was $592 million versus $380 million for the same prior-year period. The increase in free cash flow was principally due to earnings growth and lower payments for interest, taxes and working capital versus the first quarter of 2002. Free cash flow reflects the Company's net cash flow provided by operating activities of $699 million less capital expenditures of $108 million.

Sumner M. Redstone, chairman and CEO of Viacom was quoted as saying, "Viacom is off to a strong start in 2003, with high single-digit revenue increases, double-digit gains in operating income and a 26 per cent increase in net earnings in the first quarter. Additionally, we continue to generate strong levels of free cash flow, in line with our goal to convert a significant amount of our earnings into free cash flow. Our ability to deliver results to shareholders speaks to the quality and diversity of our business lines as well as the superior performance of our management team. These factors, supported by our strong balance sheet, will continue to drive our results for the rest of 2003 and beyond."

Mel Karmazin, president and COO of Viacom was quoted in the same release as saying, "We began 2003 as we ended 2002, with record results and excellent prospects for continued growth. Once again, the strength of Viacom's cable networks and television operations, which turned in operating income gains of 21 per cent and 13 per cent, respectively, paced the company's growth. Our video operations also turned in an outstanding performance in the quarter with 25 per cent operating income growth. Cable networks and television drove a 6 per cent overall increase in Viacom's first quarter advertising revenues, an outstanding accomplishment, particularly in light of the continuing economic challenges and the absence of significant contributions from our radio and outdoor businesses. As contributions from radio and outdoor grow, shareholders will benefit from the full strength of Viacom's assets. This, along with the continued superior performance of our other segments and the prospect of a promising television upfront sales season, will keep us on track to deliver strong results for the full year."

Latest Reads
Hunt for Zee Business head continues

MUMBAI: Zee Business, an arm of Zee Media Corporation, has seen several transitions in its management this year. The channel was initially headed by Amish Devgan, who decided to move away after serving for 14 years. It was then led by Zee Media Corporation’s then CEO for content Samir Ahluwalia,who...

Television TV Channels People
'King' content will take over monopolistic media entities, says Arnab Goswami

NEW DELHI: The future of news lies in breaking away from the interdependence of politicians and the media on each other.

Television TV Channels News Broadcasting
Animated 'Ramayana' a global Diwali gift on web, mobile

NEW DELHI: Thirty episodes of the animated series Ramayana will be available around the world on the nexGTv web and mobile platforms during Diwali.

Television TV Shows Animation
Sports Minister lauds b'casters, other stakeholders in promoting sports

NEW DELHI: India’s Sports Minister Vijay Goel said on Wednesday that digital media broadcasting will play a critical role in bringing about change in sports broadcasting in India but broadcasters must also focus on how sports as a product is delivered to audiences in rural areas so as to popularise...

Television TV Channels Sports
Know your karma on IBN7 with 'Karm Path'

In an attempt to give its viewers a refreshing start of the day, IBN7 is launching a new show titled Karm Path. Starting 27 October, the show will predict what the day holds. The show is a differentiator in its own genre as it connotes the supremacy of deeds over destiny.

Television TV Channels News Broadcasting
Big Ganga available on Tata Sky now

Big Ganga has strengthened its distribution with DTH service provider Tata Sky.

Television TV Channels Regional
TV is story-teller's new novel; audience is Bharat, not India: Star's Banerjee

MUMBAI: Since five to six years, television has become the talking point. Th series such as 'Breaking Bad' to Transparent to Narcos to 'Game of Thrones' to 24, and now POW (Prisoners of Wars) has changed the experience of television viewing.

Television TV Channels GECs
Star World to air 1-5 of 'Homeland'

Star World and Star World HD is all geared up to air the pulse-pounding action series 'Homeland.' The show tackles geopolitical moral conundrums of our current world. It has recently unveiled the teaser for the upcoming season 6 shows how Carrie Mathison will circumvent around another international...

Television TV Channels English Entertainment
Share all World Cup, T-20 feeds with Prasar Bharati, rights holder told

The telecast of all official one-day and Twenty-20 matches played by the Indian Men’s Cricket Team will henceforth have to be shared by the rights holder with the public broadcaster Prasar Bharati under the Sports Broadcasting Signals (Mandatory Sharing with Prasar Bharati) Act 2007.

Television TV Channels Terrestrial

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories