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Net income from continuing operations in the reported quarter was $473 million or 93 cents per share compared with $591 million or $1.06 per share in the prior-year quarter. However, adjusted EPS of 91 cents was in line with the Zacks Consensus Estimate of $1.17.
Total revenue in the reported quarter was $3,314 million, down 16% year over year and also below the Zacks Consensus Estimate of $3,547 million. Poor performance of the Filmed Entertainment business has resulted in the slowdown of revenue growth. Quarterly operating income was $797 million, down 22% year over year.
During the reported quarter, Viacom bought 13.3 million common shares for $700 million. At the end of the first quarter of fiscal 2013, Viacom had $671 million in cash & cash equivalent and $8,371 million in outstanding debt on its balance sheet compared with cash and cash equivalent of $848 million and outstanding debt of $8,131 at the end of fourth quarter of fiscal 2012. Debt-to-capitalization ratio at the end of the reported quarter was 0.54 compared with 0.52 at the end of fiscal 2012.
Media Networks Segment
Quarterly revenue of $2,394 million inched down 2% year over year, mainly hurt by weaker advertising revenues. Quarterly operating profit was $1,021 million, down 9% year over year. However, domestic affiliate revenues and worldwide affiliate revenues rose 4% and 3%, respectively. Domestic and worldwide advertising revenue dropped 6% year over year.
Filmed Entertainment Segment
Quarterly revenue dropped 37% year over year to $975 million, hamstrung by lack of popular movie releases and lower home entertainment title releases. Quarterly operating loss was $142 million.
Global Theatrical revenue fell by a whopping 42% year over year primarily due to poor movie releases than the year-ago quarter. Worldwide Home Entertainment slumped 43% coupled with steep fall in television license fees by 24%. However, Worldwide Filmed Entertainment ancillary revenues fell by 14%.
Currently, Viacom has a Zacks Rank #3 (Hold).
Other Stocks to Consider
Certain other companies belonging to the same media sector that are yet to report financial results are CBS Corporation ( CBS - Analyst Report ) , News Corp. ( NWSA - Analyst Report ) and Time Warner Inc. ( TWX - Analyst Report ) . All the three have a Zacks Rank #3 (Hold).
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