Tuesday, November 06, 2012 4:49 PM ET
Boosted by the sale of NDS Group Ltd., News Corp. saw a significant year-over-year jump in its fiscal first-quarter earnings.
The company on Nov. 6 reported quarterly net income attributable to stockholders of $2.23 billion, or 94 cents per share, up from $738 million, or 28 cents per share, in the year-ago period.
The company said its fiscal first-quarter results included $1.38 billion of net income, which principally came from a pretax gain on the sale of NDS Group, as well as a $75 million pretax gain from the company's participation in BSkyB's share-repurchase program.
Excluding the net income effects of these and other special items, as well as the charges related to the investigations in the U.K. and the proposed separation of the company's entertainment and publishing businesses, fiscal first-quarter adjusted EPS totaled 43 cents, up from 32 cents in the year-ago period.
News Corp.'s total revenue for the quarter was $8.14 billion, up 2% from $7.96 billion in the prior-year quarter.
Looking at the company's different segments, cable network programming revenues jumped 16% year over year to $2.45 billion, as affiliate revenue grew 16% and 25% at the domestic and international cable channels, respectively. Domestic network growth reflected higher rates across all networks, led by growth at the company's regional sports networks and FOX News. Advertising revenue at the domestic cable channels, meanwhile, grew 8% year over year, also led by growth at the RSNs and Fox News.
As to the other segments, filmed entertainment revenues slid to $1.75 billion, down slightly from $1.78 billion, while television revenues rose to $959 million from $923 million. DBS revenues dropped to $817 million from $922 million, and publishing revenues fell to $2.02 billion from $2.07 billion.
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