Viacom Inc. (VIA, Financial) filed Quarterly Report for the period ended 2011-06-30.
Viacom Inc. Cl A has a market cap of $2.65 billion; its shares were traded at around $51.35 with a P/E ratio of 16.3 and P/S ratio of 0.3. The dividend yield of Viacom Inc. Cl A stocks is 1.9%. Viacom Inc. Cl A had an annual average earning growth of 29.9% over the past 5 years.
Adjusted operating income increased $224 million, or 9%, to $2.795 billion in the nine months ended June 30, 2011. Media Networks adjusted operating income increased $382 million, principally reflecting the increased revenues, partially offset by increased expenses. Filmed Entertainment contributed a partially offsetting decrease of $132 million, principally reflecting the lower home entertainment revenues. Adjusted results for the nine months ended June 30, 2011 exclude the impact of the current year restructuring charge, while the adjusted results for the nine months ended June 30, 2010 exclude the impact of asset impairment. Including the impact of the current year restructuring charge and prior year asset impairment, operating income increased $270 million, or 11%, in the nine months ended June 30, 2011.
Adjusted net earnings from continuing operations attributable to Viacom increased $151 million and $253 million in the quarter and nine months ended June 30, 2011, respectively, principally due to the increase in tax-affected adjusted operating income described above and higher equity income principally due to EPIX generating equity income this year as compared with losses in the prior year. Our effective income tax rate was 34.5% in the quarter and nine months ended June 30, 2011, as compared with 36.1% in the quarter and 35.8% in the nine months ended June 30, 2010, excluding the impact of discrete items. The reduction in this years effective rate is principally due to a change in international mix of income. Adjusted diluted EPS from continuing operations increased $0.28 per diluted share to $0.99 for the quarter and $0.46 per diluted share to $2.72 for the nine months.
Worldwide revenues increased $326 million, or 16%, to $2.391 billion in the quarter, and $650 million, or 10%, to $6.853 billion in the nine months ended June 30, 2011, driven by increases in advertising revenues and affiliate fees. Domestic revenues were $2.036 billion in the quarter, an increase of $250 million, or 14%, and $5.787 billion in the nine months ended June 30, 2011, an increase of $568 million, or 11%. International revenues were $355 million in the quarter, an increase of $76 million, or 27%, and $1.066 billion in the nine months ended June 30, 2011, an increase of $82 million, or 8%. Foreign exchange had a 10-percentage point and 2-percentage point favorable impact on international revenues in the quarter and nine months ended June 30, 2011, respectively.
Operating expenses increased $46 million, or 6%, to $765 million in the quarter, and $156 million, or 7%, to $2.258 billion in the nine months ended June 30, 2011. Production and programming expenses increased $43 million, or 7%, in the quarter, and $154 million, or 8%, in the nine months, principally reflecting expenses associated with our continuing investment in programming. Distribution and other expenses were essentially flat in both periods.
Adjusted operating income increased $222 million, or 27%, to $1.033 billion in the quarter, and $382 million, or 15%, to $2.890 billion in the nine months ended June 30, 2011, principally reflecting the higher advertising and affiliate revenues, partially offset by our continuing investment in programming and the higher SG&A costs.
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Viacom Inc. Cl A has a market cap of $2.65 billion; its shares were traded at around $51.35 with a P/E ratio of 16.3 and P/S ratio of 0.3. The dividend yield of Viacom Inc. Cl A stocks is 1.9%. Viacom Inc. Cl A had an annual average earning growth of 29.9% over the past 5 years.
Highlight of Business Operations:
Adjusted operating income increased $179 million, or 22%, to $995 million in the quarter ended June 30, 2011. Media Networks adjusted operating income increased $222 million, principally reflecting the increased revenues, partially offset by increased expenses. Filmed Entertainment contributed a partially offsetting decrease of $20 million, principally reflecting the timing and mix of theatrical releases, partially offset by higher income from home entertainment and television license fee revenues. Corporate expenses and equity-based compensation increased $13 million and $10 million, respectively, principally reflecting an increase in incentive compensation costs driven by improved operating results and stock performance. Adjusted results for the quarter ended June 30, 2011 exclude the impact of a restructuring charge. Including the impact of the restructuring charge, operating income increased $165 million, or 20%, in the quarter ended June 30, 2011.Adjusted operating income increased $224 million, or 9%, to $2.795 billion in the nine months ended June 30, 2011. Media Networks adjusted operating income increased $382 million, principally reflecting the increased revenues, partially offset by increased expenses. Filmed Entertainment contributed a partially offsetting decrease of $132 million, principally reflecting the lower home entertainment revenues. Adjusted results for the nine months ended June 30, 2011 exclude the impact of the current year restructuring charge, while the adjusted results for the nine months ended June 30, 2010 exclude the impact of asset impairment. Including the impact of the current year restructuring charge and prior year asset impairment, operating income increased $270 million, or 11%, in the nine months ended June 30, 2011.
Adjusted net earnings from continuing operations attributable to Viacom increased $151 million and $253 million in the quarter and nine months ended June 30, 2011, respectively, principally due to the increase in tax-affected adjusted operating income described above and higher equity income principally due to EPIX generating equity income this year as compared with losses in the prior year. Our effective income tax rate was 34.5% in the quarter and nine months ended June 30, 2011, as compared with 36.1% in the quarter and 35.8% in the nine months ended June 30, 2010, excluding the impact of discrete items. The reduction in this years effective rate is principally due to a change in international mix of income. Adjusted diluted EPS from continuing operations increased $0.28 per diluted share to $0.99 for the quarter and $0.46 per diluted share to $2.72 for the nine months.
Worldwide revenues increased $326 million, or 16%, to $2.391 billion in the quarter, and $650 million, or 10%, to $6.853 billion in the nine months ended June 30, 2011, driven by increases in advertising revenues and affiliate fees. Domestic revenues were $2.036 billion in the quarter, an increase of $250 million, or 14%, and $5.787 billion in the nine months ended June 30, 2011, an increase of $568 million, or 11%. International revenues were $355 million in the quarter, an increase of $76 million, or 27%, and $1.066 billion in the nine months ended June 30, 2011, an increase of $82 million, or 8%. Foreign exchange had a 10-percentage point and 2-percentage point favorable impact on international revenues in the quarter and nine months ended June 30, 2011, respectively.
Operating expenses increased $46 million, or 6%, to $765 million in the quarter, and $156 million, or 7%, to $2.258 billion in the nine months ended June 30, 2011. Production and programming expenses increased $43 million, or 7%, in the quarter, and $154 million, or 8%, in the nine months, principally reflecting expenses associated with our continuing investment in programming. Distribution and other expenses were essentially flat in both periods.
Adjusted operating income increased $222 million, or 27%, to $1.033 billion in the quarter, and $382 million, or 15%, to $2.890 billion in the nine months ended June 30, 2011, principally reflecting the higher advertising and affiliate revenues, partially offset by our continuing investment in programming and the higher SG&A costs.
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