Viacom Inc. (NASDAQ:VIA) filed Quarterly Report for the period ended 2010-03-31.
Viacom Inc. has a market cap of $2.04 billion; its shares were traded at around $39.02 with a P/E ratio of 15.2 and P/S ratio of 0.2. VIA is in the portfolios of Donald Yacktman of Yacktman Asset Management Co., Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Worldwide revenues decreased $119 million, or 4%, to $2.786 billion in the quarter ended March 31, 2010 driven by a decrease of $201 million in Filmed Entertainment revenues. The decrease principally reflects the success of the DVD release of Dreamworks Animations Madagascar: Escape 2 Africa in the prior year period, for which there was no comparable title in 2010. Theatrical revenues also declined, primarily due to lower year-over-year revenues from the films originally released in the fourth quarter, which were partially offset by the strength of our current quarter releases, including Shutter Island. Media Networks contributed a partially offsetting increase of $73 million, principally reflecting increases in affiliate fees and advertising revenues.
Operating income increased $92 million, or 21%, to $534 million in the quarter ended March 31, 2010. Media Networks contributed $55 million of the increase, principally reflecting the higher affiliate and advertising revenues, partially offset by our continuing investment in programming. Filmed Entertainments operating loss narrowed by $37 million, principally reflecting lower costs due to fewer theatrical releases in the quarter.
Net earnings attributable to Viacom increased $68 million in the quarter ended March 31, 2010, principally due to the increase in tax-effected operating income described above. Diluted EPS from continuing operations increased $0.11 per diluted share from $0.29 in 2009 to $0.40 in 2010.
Worldwide revenues increased $73 million to $1.938 billion in the quarter ended March 31, 2010. Increases in affiliate and advertising revenues were partially offset by a decrease in ancillary revenues. Domestic revenues were $1.647 billion, an increase of $21 million, or 1%. International revenues were $291 million, an increase of $52 million, or 22%, with foreign exchange contributing 8 percentage points to international growth.
Operating expenses were flat at $715 million for the quarter ended March 31, 2010. Distribution and other expenses decreased $27 million, or 17%, principally driven by lower Rock Band costs. Production and programming expenses increased $27 million, or 5%, reflecting expenses associated with our continuing investment in programming.
Worldwide revenues decreased $201 million, or 18%, to $886 million in the quarter ended March 31, 2010. Domestic revenues were $422 million, a decline of $171 million, or 29%. International revenues were $464 million, a decline of $30 million, or 6%, including an 8-percentage point favorable impact from foreign exchange.
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