Viacom Down 5% In Q1
February 3, 2011 at 4:18 AM (PT)
VIACOM has reported financial results for the fiscal 2011 first quarter ended DECEMBER 31st, 2010. Revenues in the quarter decreased 5% to $3.83 billion as strong growth in advertising, affiliate and theatrical revenues was offset primarily by anticipated declines in home entertainment.
Adjusted operating income was $1.04 billion, down 13% versus the prior year's adjusted results due to lower profits in the Filmed Entertainment segment, which were driven principally by the mix and number of home entertainment releases. Adjusted net earnings from continuing operations attributable to VIACOM were down 11% to $620 million with adjusted diluted EPS from continuing operations of $1.02, an 11% decline from the prior year's adjusted results of $1.14 per share.
Executive Chairman SUMNER M. REDSTONE said, "VIACOM is off to a solid start to what is shaping up to be a very strong year. Our businesses are strong, our creative engines are producing more hits than ever and, most importantly, we are continuing to deliver greater shareholder value."