[opendtv] News Corporation Reports Third Consecutive Year of Double-Digit Revenue and Operating Income Growth
- From: Monty Solomon <monty@xxxxxxxxxx>
- To: undisclosed-recipient: ;
- Date: Fri, 13 Aug 2004 11:03:25 -0400
News Corporation Reports Third Consecutive Year of Double-Digit
Revenue and Operating Income Growth
- Aug 11, 2004 04:10 PM (BusinessWire)
NEW YORK--(BUSINESS WIRE)--Aug. 11, 2004--The News Corporation
Limited (NYSE:NWS, NWSA):
-- EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE
30, 2004 IN U.S. DOLLARS PREPARED FOR THE U.S. MARKET.
AUSTRALIAN READERS SHOULD REFER TO THE AUSTRALIAN DOLLAR
EARNINGS RELEASE
-- NET PROFIT INCREASES 57% TO A RECORD $1.6 BILLION AND RECORD
CASH FLOW FROM OPERATIONS OF $2.4 BILLION GROWS 47% OVER
FISCAL 2003
-- FULL YEAR OPERATING INCOME INCREASES 21% TO A RECORD $3.1
BILLION ON REVENUE GROWTH OF 20%
-- FOURTH QUARTER OPERATING INCOME OF $747 MILLION, A 31%
INCREASE, ON REVENUE GROWTH OF 20%
FULL YEAR HIGHLIGHTS
-- Record Filmed Entertainment operating income up 38% on
continued strength of home entertainment sales of film and
television titles and string of theatrical hits.
-- Strong advertising growth at Fox News and FX and higher
affiliate revenues at the Regional Sports Networks drives
record operating income up 43% at Cable Network
Programming.
-- Television segment operating income up 12% as higher
pricing increases advertising revenues at the broadcast
network and fuels record operating income at television
stations and STAR.
-- All print businesses report higher earnings contributions:
advertising and circulation revenue gains in the U.K. and
Australia drive record operating income at Newspapers,
higher contributions from free-standing inserts volume
lifts Magazines and Inserts; array of bestsellers fuels
record operating income at Book Publishing.
-- Completed acquisition of a 34% interest in The DIRECTV
Group.
-- Announced plan of reorganization that would change the
Company's place of incorporation to the United States by
the end of calendar 2004.
QUARTER HIGHLIGHTS
-- Tenth consecutive quarter of revenue and operating income
growth.
-- Higher earnings contributions across nearly all operating
segments led by double-digit growth at Television, Cable
Network Programming and Newspapers segments.
-- SKY Italia operating losses decline $49 million from a
year ago as subscriber base expands to nearly 2.7 million
with over 90% of new subscribers opting for a
premium-programming tier.
The News Corporation Limited (NYSE:NWS, NWSA) today reported
fourth quarter consolidated revenues of $5.5 billion, a 20% increase
over the $4.6 billion in the prior year, and full year revenues of
$21.0 billion, an increase of 20% over the $17.5 billion reported a
year ago.
Consolidated operating income for the fourth quarter of $747
million was up 31% over the $570 million reported a year ago. For the
full year, operating income was a record $3.1 billion, an increase of
21% over the $2.5 billion reported in fiscal 2003 despite the
inclusion of $267 million in losses from SKY Italia during the current
year. Fiscal 2003 results included $68 million in losses from SKY
Italia for the two months ended June 30, 2003. The Company's 31%
fourth quarter growth and record full year operating income were
driven by double-digit increases across nearly all of its operating
segments.
Net profit for the fourth quarter was $399 million, an increase of
$29 million over the $370 million reported in the fourth quarter a
year ago. For the full year net profit was $1.6 billion, an increase
of $601 million over the $1.0 billion in fiscal 2003. Net profit
before other items in the fourth quarter increased to $429 million
($0.29 per ADR) versus $320 million ($0.24 per ADR) reported in the
prior year and full year net profit before other items increased to
$1.7 billion ($1.20 per ADR), an increase of $585 million over the
$1.1 billion ($0.83 per ADR) reported in fiscal 2003. Fourth quarter
and full year increases were primarily due to higher consolidated
operating income and significant improvement in net profit from
associated entities.
...
- http://finance.lycos.com/home/news/story.asp?story=43049882
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