Viacom Revs Off 4% As Operating Income Rises
April 29, 2010 at 4:26 AM (PT)
VIACOM TODAY (4/29) reported strong double-digit growth in operating income, net earnings from continuing operations and diluted earnings per share (EPS) for the quarter ended MARCH 31st, 2010, reflecting solid growth in Media Networks and improvement in Filmed Entertainment.
Revenues for the quarter totaled $2.79 billion, a decline of 4% from the prior year, as growth in affiliate and advertising revenues was more than offset by lower feature film revenues. Operating income increased 21% to $534 million reflecting solid growth in Media Networks. Net earnings from continuing operations attributable to VIACOM were $243 million, a 37% increase over the prior year, with diluted earnings per share (EPS) of $0.40, up 38% versus the first quarter of 2009.
Exec. Chairman SUMNER M. REDSTONE said, "VIACOM is off to an excellent start this year, delivering a strong performance, including outstanding bottom-line results. As the economy continues to strengthen, VIACOM's operational and financial discipline and fervent focus on content should continue to produce increasingly significant benefits across all of our businesses."