Viacom Reports Better Q1 Profit As Advertising Rebounds

April 30, 2010 - PRLog -- Leading entertainment content company and owner of BET Networks, MTV Networks and Paramount Pictures, Viacom Inc.,  today reported strong double-digit growth in operating income for the quarter ended March 31, 2010, reflecting better TV revenues and a narrowed loss in the film unit.

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“The overall mood of our clients is increasingly optimistic,” said Philippe Dauman, president and CEO of Viacom.  “The advertising environment is definitely on an upswing.”

However, revenues for the quarter totaled $2.79 billion, a decline of 4% from the prior year, as growth in affiliate and advertising revenues was 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.

Film unit revenue declined 18% in the first quarter, but its operating loss narrowed from $123 million to $86 million. Theatrical revenue declined 6% due to lower contributions from films originally released in the fourth quarter. Media Networks revenue increased 4%.

Although he did not mention any specific forecasts, Philippe Dauman said the company is expecting further improvements in second quarter and full-year earnings.

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