ITV

Category: Financials

  • Vodafone India revenue up 17.7 per cent in Q3-2015

    Vodafone India revenue up 17.7 per cent in Q3-2015

    BENGALURU: Vodafone Group Plc announced results for the quarter ended 31 December, 2014 (Q3-2015). Group revenue was ?10.9 billion and Group service revenue was ?9.8 billion. On an organic basis Group service revenue decreased 0.4 per cent (Q2-2015: -1.5 per cent) and, excluding the impact of mobile termination rate (‘MTR’) cuts, Group service revenue grew 0.2 per cent (Q2-2015: -0.9 per cent).

     

    At the time of writing this report 1 (one) British Pound Sterling (?) equals 94.27 Indian Rupees (Rs)

     

    Vodafone Group CEO Vittorio Colao said, “We have achieved another quarter of improving revenue trends in most of our major markets. Growth in India has accelerated again, driven by data. In Europe, improved commercial execution in both mobile and fixed over the last few quarters, combined with strong data demand and a more stable pricing environment, is supporting the steady recovery in the top line. Our recent cable acquisitions continue to perform well, with good progress made on integration.

     

    “Our Project Spring investment programme is well advanced, with 4G coverage in Europe now 65 per cent, dropped call rates down to 0.64 per cent, and 26 million homes now passed by our own next generation networks: our customers are really beginning to notice the difference in experience that this investment delivers. We are confident that, over time, this will translate into further improvements in customer perception, ARPU and churn,” he added.

     

    India numbers

     

    Vodafone India revenue in Q3-2015 increased 17.1 per cent to ?1103 million from ?937 million in Q3-2014. The breakup of India services are: Mobile In-bundle revenue of ?221 million in Q3-2015 was 44.4 per cent more than the ?153 million in the year ago quarter. Mobile out-of-bundle revenue was up 9.3 per cent to ?647 million in the current quarter from ?592 million in the corresponding quarter of last year. Mobile incoming revenue at ?152 million in Q3-2015 was 6.2 per cent lower than the ?162 million in Q3-2014. Fixed line revenue went up almost seven fold to ?48 million from ?7 million in Q3-2014. ‘Other’ revenue increased 52.2 per cent to ?35 million in Q3-2015 from ?23 million in Q3-2014.

     

    Excerpts from Vodafone quarterly earnings:

     

    Service revenue increased 15.0 per cent (Q2-2015- 13.2 per cent), with an acceleration in quarterly revenue trends driven by data uptake and customer growth.

     

    Data revenue continued to grow strongly, with mobile internet revenue up 70 per cent. This was supported by 30 per cent growth in data customers to 59 million, of which 16.6 million were 3G, and 40 per cent growth in average data usage per customer. Voice rates per minute remained flat, with average minutes of use down 6.6 per cent. Total mobile customers increased 4.8 million in the quarter giving a closing customer base of 178.7 million.

     

    We continue to make good progress on Project Spring with 5,500 radio sites added in the quarter, (26,000 since the build commenced) taking our 3G outdoor coverage in targeted urban areas to 90 per cent. The expansion of our retail store footprint also remains on track. M-Pesa continues to expand and now has 337,000 active customers, generating 78,000 transactions per day, supported by over 85,000 agents.

     

     

    Click here to read interim management statement for the quarter

    Click here to read Vodafone Group’s interim management statement

  • Q3-2015: Sony predicts higher loss for FY-2015

    Q3-2015: Sony predicts higher loss for FY-2015

    BENGALURU: About four months ago Sony Corp (Sony) had announced an expected loss of ? 50 billion for the financial year ending 31 March, 2015 (FY-2015). While announcing its forecast results for the third quarter ended 31 December, 2014 (Q3-2015), the company upgraded that figure by almost 5 times – to ? 230 billion as it wrote down the book value of its mobile communications (MC) unit.

     

    While the MC unit will cross the revenue target of ? 900 to 1100 billion during FY-2015, it is likely to incur a loss of ? 215 billion on a higher forecast income of ? 1320 billion. Sony had earlier predicted that the MC unit would have a positive operating margin of between 3 to 5 per cent.

     

    Note: Due to the aftermath of a cyber attack on Sony Pictures Entertainment Inc. (“SPE”), a consolidated subsidiary of Sony Corp (Sony) the results of which are reported as the Pictures business segment, had a serious disruption of its network and IT infrastructure. In order to provide timely disclosure of currently available financial information on a consolidated basis and foreach of its segments, Sony is disclosing forecasted results, which include the estimated impact of the cyberattack, on a consolidated basis and for the Pictures segment. Sony is also disclosing the actual results of its other segments, whose results were not impacted by the cyber attack, for the third quarter ended 31 December, 2014.The forecasts for consolidated results and the Pictures segment for the third quarter are based on the information currently available to management, and the actual results may differ from these forecasts. Sony plans on announcing its actual results for the third quarter by 31 March, 2015.

     

    Nine segments contribute to Sony numbers: Mobile Communications, Game & Network Services (G&NS), Imaging Products & Solutions (IP&S), Home Entertainment & Sound (HE&S),  Devices, Pictures, Music, Financial services, All other.

     

    The company reported a 6.1 per cent increase in operating revenue/sales in Q3-2015 at ? 2257.8 billion as compared to the ? 2410.7 billion reported in the year ago quarter.  Sony says that this increase is primarily due to the favourable impact of foreign exchange rates, an increase in MC segment sales reflecting an increase in unit sales of smartphones, an increase in Devices segment sales due to the strong performance of image sensors, and an increase in G&NS segment sales reflecting the strong performance of PlayStation 4 (PS4). This increase is expected to be partially offset by a decrease in sales in All Other, primarily related to Sony’s exit from the PC business, and a decrease in sales in the Pictures segment, mainly due to lower Motion Pictures and Television Productions sales. On a constant currency basis, sales are expected to decrease by 1per cent y-o-y.

     

    Operating income is expected to increase 89.4 billion yen y-o-y to 178.3 billion yen ($1,474 million). During the current quarter, the net income attributable to Sony stockholders more than trebled (went up 3.4 times) to ? 89 billion from ? 26.4 billion in Q3-2014.

     

    This increase is expected primarily due to an improvement in the operating results of the Devices, HE&S, G&NS, and IP&S segments. This improvement is expected to be partially offset by a decrease in operating income in the Pictures segment.

     

    Segment Results

     

    Mobile communications

    MC reported a y-o-y growth of 28.7 per cent in sales to ? 429 billion in the current quarter from the ?   333.2 billion in Q3-2014. Operating income from this segment grew 46.2 per cent to ? 9.3 billion from ? 6.3 billion reported in the year ago quarter.

     

    Game & Network Services (G&NS)

     

    Sales for the G&NS increased 16.8 per cent y-o-y (an 8 per cent increase on a constant currency basis) to ? 531.5 billion ($4,393 million). The company says that this increase was primarily due to an increase in PS4 hardware unit sales, the favourable impact of foreign exchange rates and an increase in network services revenue, partially offset by a decrease in PlayStation®3 (PS3) hardware and PS3 software sales. Sales to external customers increased 19.7 per cent y-o-y.

     

    Operating income of the unit increased ? 15.2 billion y-o-y to ? 27.6 billion yen ($228 million). This increase was primarily due to increase in sales, partially offset by the impact of the decrease in PS3 software sales, the unfavourable impact of the appreciation of the US dollar, as well as the recording of an ? 11.2 billion ($93 million) write-down of PS Vita and PS TV components.

    Imaging Products & Solutions (IP&S)

     

    Sales increased 1.5 per cent y-o-y (a 5 per cent decrease on a constant currency basis) to ? 201.0 billion ($1,661 million), primarily due to the favourable impact of foreign exchange rates, partially offset by a  decrease in unit sales of digital cameras.

     

    Operating income increased ? 10.9 billion y-o-y to ? 23.0 billion ($190 million). This increase was mainly due to a reduction in selling, general and administrative expenses and the favourable impact of foreign exchange rates, partially offset by the decrease in sales of digital cameras.

     

    Home Entertainment & Sound (HE&S)

     

    HE&S unit sales increased 2.3 per cent y-o-y (a 5 per cent decrease on a constant currency basis) to ? 413.3 billion ($3,416 million). This increase was primarily due to the favourable impact of foreign exchange rates and an increase in sales of televisions, partially offset by a decrease in Audio and Video sales. Unit sales of LCD televisions increased mainly due to an increase in North America and Europe, partially offset by a decrease in Latin America.

     

    Operating income increased ? 18.9 billion y-o-y to ? 25.3 billion ($209 million). This increase was primarily due to cost reductions, partially offset by the unfavourable impact of the appreciation of the US dollar.

     

    In Televisions, sales increased 10.1 per cent y-o-y to ? 280.6 billion ($2,319 million). This increase was primarily due to the increase in unit sales, and the favourable impact of foreign exchange rates. Operating income of ? 9.3 billion ($77 million) was recorded, compared to an operating loss of ? 5.0 billion in the same quarter of the previous fiscal year.

     

    Devices

     

    Devices sales increased 38.6 per cent y-o-y (a 26 per cent increase on a constant currency basis) to ?292.9 billion ($2,421million). This increase was due to an increase in sales of image sensors reflecting higher demand for mobile products, the favourable impact of foreign exchange rates, as well as an increase in sales of camera modules. Sales to external customers increased 47.2 per cent y-o-y.

     

    Operating income of ? 54.5 billion yen ($451 million) was recorded, compared to an operating loss of ? 23.5 billion in the same quarter of the previous fiscal year. This improvement was primarily due to the recording of a ? 32.1 billion impairment charge related to long-lived assets in the battery business in the same quarter of the previous fiscal year, the above-mentioned increase in sales of image sensors, and the favourable impact of foreign exchange rates.

     

    Pictures forecast

     

    As a result of the cyber attack, Sony has disclosed forecasted results for the Pictures segment, which include the estimated impact of the cyber attack, for Q3-2015.

     

    Pictures unit sales are expected to have decreased 11.7 per cent y-o-y (a 23 per cent decrease on a constant currency (U.S. dollar) basis) to ? 197.6 billion yen ($1,633 million). The expected decrease in sales on a US dollar basis is primarily due to a decrease in sales for Motion Pictures and Television Productions. The expected decrease in Motion Pictures sales is due to lower home entertainment and theatrical revenues. The expected decrease in home entertainment revenues is due to fewer major home entertainment releases in the current quarter as compared to the same quarter of the previous fiscal year while theatrical revenues are expected to have decreased due to the stronger worldwide performance of theatrical releases in the same quarter of the previous fiscal year. The expected decrease in Television Productions sales is due to the same quarter of the previous fiscal year benefitting from higher home entertainment and subscription video on demand (SVOD) revenues for the US television series ‘Breaking Bad’.

     

    Operating income is expected to have decreased ? 21.9 billion y-o-y to ? 2.4 billion ($20 million) due to decrease in Motion Pictures and Television Productions sales. The current quarter is expected to include approximately $15 million U.S. dollars (?  1.8 billion) in investigation and remediation costs relating to the above-mentioned cyberattack.

     

    Music

    Music unit sales increased 13.1 per cent y-o-y (a 3 per cent increase on a constant currency basis) to ? 163.6 billion ($1,352 million) due to the favourable impact of the depreciation of the yen against the US dollar and an increase in Recorded Music sales. Recorded Music sales increased on a constant currency basis due to the strong performance of several releases and higher digital streaming revenues. Best-selling titles included One Direction’s Four, AC/DC’s Rock or Bust, Pink Floyd’s The Endless River, Foo Fighters’ Sonic Highways and Garth Brooks’ Man Against Machine.

     

    Operating income increased ? 3.7 billion y-o-y to ? 25.4 billion yen ($210 million). This increase was due to the favourable impact of foreign exchange rates and the increase in Recorded Music sales.

     

    Financial services

    Financial services revenue increased 8.1 per cent y-o-y to ? 304.9 billion ($2,520 million) due to an increase in revenue at Sony Life. Revenue at Sony Life increased 8.2 per cent y-o-y to ? 279.1 billion ($2,307 million) due to an increase in insurance premium revenue reflecting an increase in policy amount in force, as well as an improvement in investment performance.

     

    Operating income increased ? 4.5 billion y-o-y to ? 50.9 billion ($420 million). This increase was mainly due to an increase in operating income at Sony Life. Operating income at Sony Life increased ? 2.9 billion y-o-y to ? 51.2 billion ($423 million) due to an improvement in investment performance in the general account.

     

    All other

     

    All other unit sales decreased 46.7 per cent y-o-y to ? 144.3 billion ($1,193 million). This decrease was due to a decrease in sales reflecting Sony’s exit from the PC business.

     

    Operating loss decreased ? 0.5 billion y-o-y to ? 14.3 billion ($118 million). Operating loss was essentially flat y-o-y due to a decrease in PC operating loss, partially offset by the deterioration of operating results in the disc manufacturing business.

     

  • Q3-2015: Airtel Digital TV services segment posts 11.4% y-o-y subscriber growth

    Q3-2015: Airtel Digital TV services segment posts 11.4% y-o-y subscriber growth

    BENGALURU: Bharti Airtel Limited (Airtel) reported y-o-y growth of 5.8 per cent to Rs 23217.1 crore in Q3-2015 from the Rs 21938.5 crore in Q3-2014. The company says that consolidated mobile data revenues at Rs 2,872 crore grew by 61.9 per cent y-o-y, uplifted by higher data usage. Mobile data revenues now contribute more than 85 per cent of the incremental revenues of the company. India revenues registered a growth of 12.6 per cent y-o-y across segments, led by 13.0 per cent in mobile, 13.2 per cent in Telemedia and 15.8 per cent in Digital TV.

     

    Overall, the company reported an 8.9 per cent growth in number of subscribers across 20 countries in the current quarter to 31,29,05,000 from 28,74,09,000 in Q3-2014 and a 3 per cent growth from 30,37,09,000 in the immediate trailing quarter. Airtel’s Digital TV services subscribers grew 11.4 per cent in Q3-2015 to 98,10,000 from 88,07,000 in Q3-2014 and 2.8 per cent from 95,40,000 in Q2-2015.

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore

     

    Revenue from Digital TV services segment grew 15.8 per cent to Rs 623.4 crore in Q3-2015 from Rs 538.4 crore in Q3-2014. During 9M-2015, digital TV services revenue grew EBIDTA for the segment grew 76 per cent to Rs 170.7 crore from Rs 97.2 crore in the year ago quarter. The company reported Rs 7.7 crore positive operating cash in Q3-2015 versus a negative Rs 13.7 crore cash flow in Q3-2014.

     

    Capex for this segment increased by 47 per cent to Rs 163 crore in Q3-2015 as compared to the Rs 110.9 crore in Q3-2014. 9M-2015 capex increased 48 per cent to Rs 651.2 crore in the current quarter from Rs 439.1 crore in 9M-2014. Airtel’s cumulative investments in the segment increased 18 per cent to Rs 5298.4 crore in Q3-2015 from Rs 4471.2 crore in Q3-2014.

     

    Airtel MD and CEO, India & South Asia Gopal Vittal said, “Airtel’s revenue growth in India has continued to accelerate. Revenue growth of 12.6 per cent in Q3-2015 is the highest in 9 quarters. We remain focused on driving topline through stepped up customer acquisitions with continued focus on churn, ensuring pricing stability, and path-breaking innovations in mobile data. Our mobile data growth is at 74.3 per cent in Q3-2015. On the regulatory front, the industry has welcomed the announcement of the timetable for the spectrum auctions in March 2015.”

  • Q3-2015: Siti Cable reports 26% y-o-y revenue growth; Cable segment grows 34%

    Q3-2015: Siti Cable reports 26% y-o-y revenue growth; Cable segment grows 34%

    BENGALURU: Essel group’s Subhash Chandra led Siti Cable Network Limited (Siti Cable) reported a 26.1 per cent rise in Total Income from Operations (TIO) to  Rs 223.4 crore in Q3-2015 from Rs 177.3 crore in the corresponding year ago quarter and was almost flat (down 0.3 per cent) as compared to the Rs 223.8 crore in Q2-2015.

     

    Revenue from Siti Cable’s Cable segment grew 34.3 per cent y-o-y in Q3-2015 to Rs 209.5 crore from Rs 156 crore in Q3-2015 and remained almost flat (reduced by 0.5 per cent) as compared to the Rs 210.6 crore in Q2-2015.

     

    Revenue from Siti Cable’s broadband segment grew 61 per cent to Rs 7 crore in Q3-2015 from Rs 4.3 crore in the corresponding quarter of last year and grew 13 per cent from Rs 6.2 crore in Q2-2015.

     

    The company’s EBIDTA in the current quarter grew 43.1 per cent to Rs 50.1 crore from Rs 35 crore in Q3-2014 and 9.4 per cent from Rs 45.8 crore in Q2-2015.

     

    Subscription numbers

    The company’s cable subscription universe grew to 1.05 crore in the current quarter from 1 crore in the previous quarter. Digital subscription base grew to 0.485 crore in Q3-2015 from 0.46 crore in Q2-2015. Siti Cable added 3 lakh digital subscribers in Q3-2015 as compared to the 2.5 lakh digital subscribers in Q2-2015. It reported 54000 subscribers in Q3-2015 as compared to the 48000 subscribers in Q2-2015.

     

    “Siti Cable Network is fully geared to provide the benefits of digitization to the Indian subscriber. The company continues to provide leadership in the areas of best practices, systems implementation and compliances. Although some minor challenges remain, the company is leading the industry on a new and evolved growth trajectory,” said Siti Cable chairman Dr. Subhash Chandra.

     

    “Siti Cable maintained its growth momentum in the third quarter as well while improving EBITDA Margin from 20.5 percent to 22.4 percent q-o-q. Last mile operators have realized that digitization is a reality now. We see less resistance towards digitization from the LCOs in phase 3 and  4 towns. In fact they see digital cable STB as an opportunity towards offering more channels, better services to their consumers and realising better revenues from their existing customer base. It also helps them in retaining their customer, who would otherwise move to competing technology like DTH for want of better quality services”, said Siti Cable executive director and CEO said V D Wadhwa.

  • Consumer products segment leads Disney’s record profits for Q1-2015

    Consumer products segment leads Disney’s record profits for Q1-2015

    BENGALURU: The Walt Disney Company Inc (Disney) reported 17.4 per cent higher operating income (op inc) of $3545 million (27.7 per cent of all segment operating revenue or TIO) for Q1-2015 (quarter ended 27 December, 2014, current quarter) versus $3020 million (24.5 per cent of TIO) in quarter ended 28 December, 2013 – Q1-2014.Op Inc in Q1-2015 was 27.7 per cent more than the Op Inc reported for the immediate trailing quarter (Q4-2014, previous quarter, quarter ended 27 September, 2014) at $2775 million (22.4 per cent of TIO).

     

    Leading the growth with a 45.6 per cent y-o-y increase in Q1-2015 at $626 million from the $430 million was its Consumer Products segment (CP).CP’s Op Inc in Q1-2015 grew 65.2 per cent from the $379 million in Q4-2014.Though a couple of Disney’s segments reported drops in revenues, Op Inc of all of Disney’s other segments – Media Networks (MN), Parks & Resorts (P&R), Studio Entertainment (SE) and Interactive, also showed positive y-o-y and q-o-q growth.

     

    Disney’s TIO for Q1-2015 grew 8.8 per cent y-o-y to $13391 million from $12309 million and was 8.1 per cent higher q-o-q than the $12389 million in Q4-2015.

     

    “This was yet another incredibly strong quarter for our Company, with diluted EPS up 23 per cent driven by record revenue as well as significant growth in segment operating income, ” said Disney chairman and CEO Robert A Iger.”Our results once again reflect the strength of our brands and high quality content and demonstrate that our proven franchise strategy creates long-term value across all of our businesses”

     

    Disney Segment results

     

    Media Networks

     

    MN is Disney’s largest segment, both in terms of revenue and Op Inc.MN reported 2.7 per cent growth in Op Inc to $1495 million (41.2 per cent of all Op Inc) in the current quarter from the $1455 million (48.2 per cent of all Op Inc) in Q1-2014 and a growth of 4 per cent from $1437 million (51.8 per cent of all Op Inc) in Q4-2014.

     

    During Q1-2015, MN revenue grew 10.8 per cent to $5860 million (43.8 per cent of TIO) from $5290 million (43 per cent of TIO) in Q1-2014 and was 12.3 per cent more than the $5217 million (42.1 per cent of TIO) in the previous quarter.

     

    Two sub-segments contribute to MN – Cable Networks and Broadcasting

     

    Cable Networks

     

    Cable Networks reported 11 per cent growth in revenue in Q1-2015 to $4166 million from $3759 million in Q1-2014.Cable Network’s Op Inc fell two per cent to $1255 million from $1277 million in Q1-2014.

     

    Disney says that Operating income at Cable Networks decreased two per cent due to a decrease at ESPN, which was partially offset by increases at the worldwide Disney Channels and ABC Family.

     

    The decrease at ESPN was due to higher programming and production costs and, to a lesser extent, higher marketing, general and administrative and technical costs and lower advertising revenue.These decreases were partially offset by affiliate fee contractual rate increases, a reduction in revenue deferrals as a result of changes in contractual provisions related to annual programming commitments and an increase in subscribers, taking into account the new SEC Network.

     

    Programming and production cost increases were due to a contractual rate increase for NFL programming and rights costs for the SEC Network.ESPN advertising revenue decreased due to lower ratings for certain of our programs, partially offset by higher rates.

     

    The increase at the worldwide Disney Channels was due to higher affiliate rates for the domestic channels and higher international advertising revenues, partially offset by higher programming costs.

     

    International advertising revenues were driven by the company’s new channel in Germany, which was launched in January 2014.Increased programming costs were driven by higher pilot write-offs and costs for the new channel in Germany.The increase at ABC Family was due to higher affiliate revenue due to higher rates and increased advertising revenue reflecting higher units sold.

     

    Broadcasting

     

    Revenue from Broadcasting grew 11 per cent to $1694 million in Q1-2015 from $1531 million in Q1-2014.Op Inc for this sub-segment grew 35 per cent to $240 million from $178 million in Q1-2014.

     

    The company says that Operating income at Broadcasting increased due to an increase in affiliate fees and higher program sales.These increases were partially offset by lower advertising revenue.

     

    The increase in affiliate revenues was due to contractual rate increases and new contractual provisions.Program sales growth included higher sales of Criminal Minds, Scandal and Once Upon A Time.Lower advertising revenue was due to fewer units sold at the ABC Television Network, partially offset by an increase at the owned television stations due to higher political advertising and an increase from higher primetime rates.

     

    Parks & Resorts

     

    P&R revenue in the current quarter at $3910 million (29.2 per cent of all revenue) was 8.7 per cent more than the $3597 million (29.2 per cent of TIO) in Q1-2014 but was 1.3 per cent lower than the $3960 million (32 per cent of TIO) in the previous quarter.

     

    P&R reported 20 per cent growth in Op Inc to $805 million (22.7 per cent of all Op Inc) in Q1-2015 from $671 million (22.2 per cent of all Op Inc) and a growth of 17.2 per cent from the $687 million (24.8 per cent of all Op Inc) in the previous quarter.

     

    Disney says that Operating income growth for the quarter was driven by an increase at domestic operations, partially offset by a decrease at its international operations.

     

    Higher operating income at Disney’s domestic operations reflected both higher volumes and guest spending growth at its parks and resorts and, to a lesser extent, at its cruise business, partially offset by higher costs.Guest spending growth at Disney’s parks and resorts reflected higher average ticket prices and increased merchandise, food and beverage spending.The volume increase at its cruise business reflected higher passenger cruise ship days due to the impact of the Disney Magic being in dry-dock for a portion of the prior-year quarter.Increased costs were driven by labour and other cost inflation, higher pension and post-retirement medical costs and increased depreciation driven by new attractions.

     

    The decrease at Disney’s international operations was driven by higher Shanghai Disney Resort pre-opening expenses, the impact of a weaker Japanese yen on Tokyo Disney Resort royalties and higher costs at Hong Kong Disneyland Resort, partially offset by an increase at Disneyland Paris.The increase at Disneyland Paris was due to higher guest spending, attendance and occupied room nights, partially offset by higher costs driven by higher volumes, new guest offerings and marketing costs.The increase in guest spending was driven by higher average ticket prices.

     

    Studio Entertainment

     

    SE reported a 1.8 per cent drop in revenue to $1858 million (13.9 per cent of TIO) in the current quarter from $1893 million (15.4 per cent of TIO) reported for the year ago quarter and a 4.5 per cent growth from the $1178 million (14.4 per cent of TIO) in the previous quarter.

     

    SE Op Inc in Q1-2015 grew 30 per cent to $544 million (15.3 per cent of all Op Inc) in the current quarter from $409 million (13.5 per cent of all Op Inc) in Q1-2014 and more than doubled (up 2.14 times) from $254 million (9.2 per cent of all Op Inc) in the previous quarter.

     

    The company says that higher operating income was due to an increase in home entertainment results, higher revenue share with the Consumer Products segment due to the performance of Frozen merchandise and higher TV/SVOD distribution results driven by more titles available internationally.These increases were partially offset by lower theatrical distribution results.

     

    The increase in home entertainment results was driven by higher unit sales and lower per unit costs.

     

    Unit sales growth was driven by Marvel’s Guardians of the Galaxy, Frozen and Maleficent in the current quarter compared to Monsters University and The Lone Ranger in the prior-year quarter, which did not include the release of a Marvel title.The decrease in unit costs reflected distribution cost savings and lower production cost amortization reflecting a higher amortization rate on The Lone Ranger in the prior year quarter.

     

    Lower theatrical distribution results reflected the performance of Big Hero 6 in the current quarter compared to Frozen in the prior-year quarter.In addition, the current quarter included the continuing performance of Marvel’s Guardians of the Galaxy, which was released in the fourth quarter of fiscal 2014 whereas the prior-year quarter included the release of Marvel’s Thor: The Dark World.

     

    Consumer Products

     

    CP Op Inc has been mentioned above.CP revenue in Q1-2015 grew 22.5 per cent to $1379 million (10.3 per cent of TIO) from $1126 million (9.1 per cent of TIO) in Q1-2014 and was 28.6 per cent more than the $1072 million (8.7 per cent of TIO) in the immediate trailing quarter.

     

    Disney says that higher operating income was due to increases at its Merchandise Licensing and Retail businesses.The increase in operating income at Merchandise Licensing was due to the performance of merchandise based on Frozen and, to a lesser extent, Disney Channel properties, Mickey and Minnie, Spider-Man and Avengers.

     

    At Disney’s Retail business, higher operating income for the quarter was due to comparable store sales growth and higher online sales in all regions driven by sales of Frozen merchandise.

     

    Interactive

     

    Interactive is Disney’s smallest in terms of revenue and Op Inc.Interactive reported revenue of $384 million (3.1 per cent of TIO) in Q1-2015, $403 million (3.3 per cent of TIO) in Q1-2014 and $362 million (2.9 per cent of TIO) in Q4-2014.

     

    Op Inc for the Interactive segment grew to US 73 million in Q1-2015 versus the $55 million in Q1-2014 and $18 million in Q4-2014.

     

    The company says that improved operating results were due to an increase at its mobile games business driven by the success of Tsum Tsum and Frozen Free Fall as well as lower product development costs due to fewer titles in development.This increase was partially offset by lower results at our console games business reflecting higher per unit costs driven by the mix of Disney Infinity products sold, lower unit sales and higher marketing costs.The decrease in unit sales was driven by lower sales of Infinity accessories and catalogue titles, partially offset by higher sales of Infinity starter packs.

     

    Click here to read first quarter earnings for fiscal 2015

  • Mattel reports lower results for Q4-2015 and FY-2014; CEO Stockton takes the fall, quits

    Mattel reports lower results for Q4-2015 and FY-2014; CEO Stockton takes the fall, quits

    BENGALURU:  Mattel, Inc (Mattel) reported a 6 per cent drop in worldwide sales from Q4-2014 (quarter ended 31 December 2014, current quarter) to US$ 1994 million from US$ 2113.2 million in Q4-2014. Worldwide sales for FY-2014 (year ended 31 December 2014) fell 7.3 per cent to US$ 6023.8 million from US$ 6484.9 million in FY-2013.

     

    For the quarter, the company reported net income of US$ 149.9 million, or US$ 0.44 per share, which includes a negative impact of US$ 0.05 per share from MEGA Brands integration costs and a negative tax impact of US$ 0.03 per share, compared to last year’s fourth quarter net income of US$ 369.2 million, or US$ 1.07 per share. For the year, the Company reported net income of US$ 498.9 million, or US$ 1.45 per share, which includes a negative impact of US$ 0.16 per share from MEGA Brands acquisition and integration costs 3 and a tax benefit of US$ 0.13 per share, compared to last year’s net income of US$ 903.9 million, or US$ 2.58 per share, which included a tax benefit of US$0.09.

     

    Bryan Stockton resigned from his position as chairman and CEO, as well as from the board of directors of Mattel on 26 January 2015. The company announced Christopher Sinclair’s appointment as Mattel chairman and Interim CEO on the same day.

     

    “We are disappointed with our results but moving forward with a heightened sense of urgency to make the necessary changes to enhance our brand relevance and improve our execution,” said Sinclair. “Over the next few months, I will be focused on working with the management team to thoroughly evaluate the business in order to identify how we can improve our top-line performance and drive profitability. I am confident in our ability to revitalize our brands and our business and fully committed to delivering greater value for shareholders.”

     

    Sales by Brand

     

    Mattel Girls and Boys Brands

     

    For the fourth quarter, worldwide gross sales for Mattel Girls & Boys Brands were US$ 1.23 billion, down 9 percent versus the prior year. Worldwide gross sales for the Barbie brand were down 12 per cent. Worldwide gross sales for Other Girls brands were down 3 per cent. Worldwide gross sales for the Wheels category, which includes the Hot Wheels and Matchbox brands, were up 2 per cent. Worldwide gross sales for the Entertainment business, which includes Radica and Games, were down 21 per cent.

     

    For the year, worldwide gross sales for Mattel Girls & Boys Brands were US$ 3.90 billion, down 10 percent versus the prior year. Worldwide gross sales for the Barbie brand were down 16 per cent. Worldwide gross sales for Other Girls brands were down 2 per cent. Worldwide gross sales for the Wheels category, which includes the Hot Wheels and Matchbox brands, were up 1 percent. Worldwide gross sales for the Entertainment business, which includes Radica and Games, were down 20 per cent.

     

    Fisher-Price Brands

     

    Fourth quarter worldwide gross sales for Fisher-Price Brands, which includes the Fisher-Price Core, Fisher-Price Friends and Power Wheels  brands, were US$ 578.9 million, down 11 percent versus the prior year. For the year, worldwide gross sales for Fisher-Price Brands were US$ 1.84 billion, down 13 per cent versus the prior year.

     

    American Girl Brands

     

    Fourth quarter gross sales for American Girl Brands, which offers American Girl-branded products directly to consumers, were US$ 318.3 million, down 4 percent versus the prior year. For the year, gross sales for American Girl Brands were US$ 620.7 million, down 2 percent versus the prior year.

     

    Construction and Arts & Crafts Brands

     

    Construction and Arts & Crafts Brands

     

    Fourth quarter gross sales for Construction and Arts & Crafts Brands, which includes the MEGA BLOKS and RoseArt brands, were US$ 130.0 million. For the year, gross sales for Construction and Arts & Crafts Brands were US$ 315.0 million. Mattel acquired MEGA Brands Inc. on 30 April 2014.

  • Zee Learn reports lowered results for Q3-2015

    Zee Learn reports lowered results for Q3-2015

    BENGALURU: The Essel group’s education company Zee Learn Limited (Zee Learn) reported lowered results for Q2-2015. Total Income from operations (TIO) for Q3-2015 at Rs 19.84 crore was 12.8 per cent less than the Rs 22.76 crore in Q2-2015 and 12.6 per cent less than the Rs 22.70 crore in the corresponding year ago quarter. For 9M-2015, Zee Learn’s TIO at Rs 79.90 crore was 0.3 percent less than the Rs 80.13 crore in 9M-2014.

     

    Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore

     

     PAT for Q3-2015 at Rs 1.09 crore (5.5 per cent of TIO) was 4 per cent less than Rs 1.14 crore (5 per cent of TIO) in Q2-2015). In Q2-2014, the company had reported a loss of Rs 3.38 crore. For 9M-2015 PAT at Rs 5.8 crore (7.3 per cent of TIO) was more than 14 times (14.4 times) the PAT of Rs 0.40 crore (0.5 percent of TIO) in 9M-2014.

     

     Let us look at the other Q3-2015 and 9M-2015 figures reported by Zee Learn

     

     Zee Learn’s Total expenditure (TE) in Q3-2015 at Rs 16.91 crore (85.2 per cent of TIO) was 11.8 per cent less than the Q2-2015 TE at Rs 19.18 crore (84.3 per cent of TIO) and was 29.6 per cent lower than the Rs 24 crore (105.7 per cent of TIO) in Q3-2014. 9M-2015 TE at Rs 62.76 crore (78.6 per cent of TIO) was 18.8 per cent less than the Rs 77.27 crore (96.4 per cent of TIO) in 9M-2014.

     

     The company’s marketing, advertisement and publicity expense (marketing expense) in Q3-2105 at Rs 1.41 crore (7.1 per cent of TIO) was 11.1 per cent less than the Rs 1.58 crore (6.9 per cent of TIO) in the immediate trailing quarter and was 28.3 per cent less than the Rs 1.95 crore (8.6 per cent of TIO) in Q3-2014. Marketing expense in 9M-2015 at Rs 5.45 crore (6.8 per cent of TIO) was 26.7 per cent lower than the Rs 7.44 crore (9.6 per cent of TIO) in 9M-2014.

     

    Employee Benefit Expense (EBE) for Q3-2015 at Rs 6.33 crore was 8.4 per cent more than the Rs 5.84 crore (25.7 per cent of TIO) in Q2-2015 and was 14.4 per cent lower than the Rs 7.4 crore (32.6 per cent of TIO) in the year ago quarter.  EBE for 9M-2015 at Rs 18.91 crore (23.7 per cent of TIO) was 18.6 per cent lower than the Rs 23.22 crore (32.6 per cent of TIO) in 9M-2014.

     

    Operating cost in Q3-2015 at Rs 0.75 crore (3.8 per cent of TIO) was 47 per cent more than the Rs 0.51 crore (2.2 per cent of TIO) in Q2-2015 and was 8.4 per cent lower than the Rs 0.82 crore (3.6 per cent of TIO) in Q3-2014. In 9M-2015, operating cost at Rs 1.94 crore (2.4 per cent of TIO) was 19.8 per cent lower than the Rs 2.42 crore (3 per cent of TIO) in 9M-2014.

     

    Depreciation and amortisation expense (depreciation) in Q3-2015 at Rs 1.51 crore (7.6 per cent of TIO) was 10.1 per cent lower than the Rs 1.67 crore (7.4 per cent of TIO) in Q2-2015 and was 13.1 per cent lower than the Rs 1.73 crore (7.6 per cent of TIO) in Q3-2014. 9M-2015 depreciation at Rs 5.13 crore (6.4 per cent of TIO) was 2.2 per cent more than the Rs 5.02 crore (6.3 per cent of TIO) in 9M-2014.

     

     Other expense in Q3-2015 at Rs 4.31 crore (21.7 per cent of TIO) was 21.4 per cent less than the Rs 5.49 crore (24.1 percent of TIO) in Q2-2015 and was 27.4 per cent lower than the Rs 5.94 crore (26.2 per cent of TIO) in Q2-2014. Operating cost in 9M-2015 at Rs 15.78 crore (19.7 per cent of TIO) was 8.8 per cent lower than the Rs 17.30 crore (21.6 per cent of TIO) in 9M-2014.

  • Q3-2015: PVR reports almost four fold Q2-2015 PAT

    Q3-2015: PVR reports almost four fold Q2-2015 PAT

    BENGALURU: Last fiscal (FY-2014), Indian motion picture exhibition, production and distribution house PVR Limited (PVR) entered the Rs 1000 crore club by posting operating income (TIO) of Rs 1351.23 crore for the year. The company’s PAT in Q3-2015 almost quadrupled (went up 3.88 times) to Rs 31.59 crore from Rs 8.15 crore and was 2.27 times the PAT of Rs 13.91 crore in the corresponding quarter of last year (Q3-2014). However, year to date (TTD) PAT for 9M-2015 at Rs 47.2 crore was 15 per cent less than the Rs 55.33 crore in 9M-2014.

     

     Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore.

     

     In Q3-2015, the company recorded a rise in TIO of 5.3 per cent to Rs 419.35 crore from Rs 399.30 crore in the immediate trailing quarter and recorded a 24.8 per cent jump from the Q3-2014 TIO of Rs 336.66 crore. In 9M-2015, PVR reported TIO of Rs 1182.77 crore, up 14.1 per cent from the Rs 1037 crore in 9M-2014.

     

    Let us look at the other Q2-2015 and HY-2015 numbers reported by PVR:

     

     PVR reported a drop in Total Expenditure in Q3-2015 of 0.6 per cent at Rs 369.47 crore as compared to the Rs 372.66 crore for Q2-2015, and 19.9 per cent more than the Rs 308.24 crore in Q3-2014. For 9M-2015, TE was 18.1 per cent higher at Rs 1078.81 crore against Rs 913.54 crore in 9M-2014.

     

     The company’s Film Exhibition Cost (FEC) in Q3-2015 went up 5.6 per cent to Rs 98.49 crore from Q2-2015 FEC of Rs 93.25 crore and was 18.2 per cent more than the Rs 83.34 crore in Q3-2014. 9M-2015 FEC at Rs 279.22 crore was 7 per cent more than the Rs 260.89 crore in 9M-2014.

     

     The cost of Food and Beverages consumed (food) in Q3-2015 at Rs 30.05 crore was 4.9 per cent more than the Rs 28.65 crore in Q2-2015 and was 37.3 per cent more than the Rs 21.89 crore in Q3-2014. For 9M-2015 food costs rose sharply by 23.5 per cent to Rs 86.33 crore from Rs 69.92 crore in 9M-2014.

     

     PVR’s other expense (OE) in Q3-2015 at Rs 39.85 crore also increased by 9.5 per cent from Rs 32.78 crore in Q2-2015 and was 22.7 per cent more than the Rs 32.49 crore in Q3-2014. OE in 9M-2015 was up by 21.6 per cent at Rs 116.88 crore as compared to the Rs 96.1 crore in 9M-2014.

     

    Segment Revenue

     

     Three segments add to PVR’s numbers – movie exhibition, movie production and distribution and others that comprises bowling, gaming and restaurant services.

     

     Movie Exhibition

     

     The largest contributor to PVR revenues is movies exhibition. Revenue from this segment increased 7.1 per cent to Rs 393.48 crore from Rs 367.28 crore in Q2-2015 and increased 24.7 per cent from Rs 315.59 crore in Q3-2014. For 9M-2015, revenues from the movies exhibition segment increase 13.1 per cent to Rs 1099.89 crore from Rs 971.90 crore in 9M-2014.

     

    Though this segment reported an 82.6 per cent growth in operating profits to Rs 50.55 crore in Q3-2015 from Rs 27.14 crore in Q-2015 and growth of 83.3 per cent from Rs 27.58 crore in Q3-2014, its operating profit fell 15.9 per cent in 9M-2015 to Rs 104.06 crore from Rs 123.74 crore in 9M-2014.

     

    Movie production and distribution

     

    Revenue from PVR’s MPD segment in Q3-2015 fell 37.2 per cent to Rs 11.85 crore from Rs 18.87 crore in Q2-2015 and was 75 per cent more as compared to the Rs 6.77 crore in Q3-2014. In 9M-2015, revenue from the MPD segment went up 2.01 times to Rs 37.71 crore from Rs 18.72 crore in 9M-2014.

     

    This segment returned an operating profit of Rs 0.43 crore in Q3-2015, Rs 1.34 crore in Q2-2015 and an operating profit of Rs 2.54 crore in Q3-2014. For 9M-2015, this segment reported a lower operating profit of Rs 1.21 crore versus an operating profit of Rs 1.59 crore in 9M-2014.

     

    Others

     

    PVR’s Others segment reported a 4.5 per cent increase in revenue in Q3-2015 to Rs 19 crore from Rs 18.19 crore in Q2-2015 and an increase of 10.2 per cent from Rs 17.24 crore in Q3-2104. For 9M-2015, this segment’s revenue at Rs 56.69 crore was 3.3 per cent more than the Rs 54.86 crore in 9M-2014.

     

    Loss from PVR’s Other segment was lower at Rs 0.13 crore in Q3-2015 as compared to the Rs 0.96 crore in Q2-2015 and loss of Rs 1.65 crore in Q3-2014. For 9M-2015, loss from this segment was lower at Rs 1.34 crore as compared to a loss of Rs 1.67 crore in Q3-2014.

  • Times Warner Cable FY-2014 operating income up 1.1 per cent

    Times Warner Cable FY-2014 operating income up 1.1 per cent

    BENGALURU: Time Warner Cable Inc (TWC) reported a 1.1 per cent growth in operating income in FY-2014 at $4632 million from $4580 million in FY-2013. For Q4-2014 (quarter ended 31 December, 2014, current quarter), TWC operating income at $1226 million was 4.5 per cent more than the  $1173 million in the corresponding quarter of last year.

     

    TWC revenue for FY-2014 at $22812 million was 3.1 per cent more than the $22120 million in the previous year. Q4-2014 revenue at $5970 million was 3.8 per cent more than the $5577 million in Q4-2013.

     

    Time Warner Cable chairman and CEO Rob Marcus said, “Our fourth quarter marked a strong finish to a really positive year for Time Warner Cable. As a result of record Q4 subscriber net adds and the investments we made all year in our plant, products and customer care, we enter 2015 with tremendous operating momentum.”

     

    Marcus added, “We continue to expect the Comcast merger to close soon; until then, we remain one hundred per cent committed to executing our plan.”

     

    Financial Highlights

     

    FY-2014 revenue grew 3.1 per cent year over year with Business Services revenue up 22.8 per cent, residential high-speed data revenue up 10.4 per cent and advertising revenue up 10.6 per cent.

     

    Fourth-quarter 2014 revenue grew 3.8 per cent year over year with Business Services revenue up 22.6 per cent, residential high-speed data revenue up 7.4 per cent and advertising revenue up 19.4 per cent.

     

    Full-year Adjusted OIBDA was $8.2 billion – up 3.1 per cent year over year. Operating Income of $4.6 billion increased 1.1 per cent y-o-y. Fourth-quarter Adjusted OIBDA was $2.1 billion – up 5.6 per cent year over year. Operating Income of $1.2 billion increased 4.5 per cent y-o-y.

     

    Full-year Adjusted Diluted EPS increased 14.4 per cent to $7.56. Diluted EPS increased 7.0 per cent to $7.17.  Fourth-quarter Adjusted Diluted EPS increased 11.5 per cent to $2.03. Diluted EPS increased 3.2 per cent to $1.95.

     

    Operational Highlights

     

    Fourth-quarter subscriber performance in each category: Total customer relationship net additions of 67,000. Residential high-speed data net additions of 168,000 and revenue from this segment grew 7.4 per cent to $1644 million in Q4-2014 from $1531 million in Q4-2013. FY-2014 revenue from this segment grew 10.4 per cent to $6428 million from $5822 million in the previous year.

     

    Residential voice net reported additions of 295,000, and a revenue decline of 4.7 per cent at $470 million in the current quarter from $493 million in Q4-2013. FY-2014 revenue from this segment declined 4.7 per cent to $1932 million from $2027 million in FY-2013.

     

    Residential video net subscribers declined 38,000, and revenue from this segment fell 2.8 per cent to $2464 million in the current quarter from $2536 million in Q4-2013. FY-2014 revenue from this segment fell 4.6 per cent to $10002 million from $10481 million in FY-2013.

     

    Residential triple play net additions were 273,000 says TWC.

     

    TWC says that full-year capital expenditures of $4.1 billion reflect the company’s accelerated investment in “TWCMaxx,” improved customer experience and network expansion.

     

    The roll out of TWC Maxx, including the “all digital” conversion and Internet speeds of up to 300 Mbps, was completed in New York City and Los Angeles during 2014. The company expects to complete the roll out in Austin, Texas in early 2015 and plans to expand TWC Maxx to Charlotte, Dallas, Hawaii, Kansas City, Raleigh, San Antonio and San Diego in 2015.

     

    TWC says that it deployed more than eight million new set-top boxes, digital-to-analogue converters and advanced modems in customers’ homes during 2014.

     

    It says further that during 2014, TWC added nearly 70,000 commercial buildings to its network, ending the year with connectivity to 930,000 commercial buildings. TWC claims that it achieved record “on-time” performance with technicians arriving at more than 97 per cent of customer appointments within the designated one-hour appointment window during the fourth quarter.

     

    TWC, the second largest US cable TV operator is being bought by the largest US Cable TV operator Comcast Corp in a friendly takeover for $45.3 billion subject to various approvals.

  • Viacom’s Media Networks revenue up 4.4 per cent; adjusted diluted EPS up 7.5 per cent

    Viacom’s Media Networks revenue up 4.4 per cent; adjusted diluted EPS up 7.5 per cent

    BENGALURU:  Viacom Inc (Viacom) reported a 4.4 per cent revenue growth for its Media Networks segment to $2654 million for its first quarter ended 31 December, 2014 (Q1-2015, current quarter) from $2541 million in the corresponding year ago quarter (Q1-2014).  ‘Adjusted operating income before tax’ from the segment dropped fractionally by 0.9 per cent to $1104 million in Q1-2015 from the $1114 million reported in Q1-2014.

     

    The company reported an 8 per cent increase in ‘adjusted diluted EPS’ of $1.29 in Q1-2015 against $1.2 reported for Q1-2015. Adjusted Net Earnings totalled $538 million (includes a loss of $24 million due to pension settlement) down 1.6 per cent from $547 million in the year ago quarter.

     

    Viacom executive chairman Sumner M. Redstone said, “Viacom’s powerful entertainment brands continue to lead the way in reaching global audiences with groundbreaking content. Our outstanding management team has positioned Viacom for continued success.”

     

    Viacom president and CEO Philippe Dauman added, “Viacom’s focus on developing popular franchise properties and constantly expanding our growing international presence drove solid top line results and record earnings per share this quarter. We continued to deliver increased revenues in our media networks operations driven by steady growth in affiliate revenues, and also benefited from Paramount Pictures’ Oscar-nominated Interstellar and our very successful company-wide franchise, Teenage Mutant Ninja Turtles.”

     

    “The media business is evolving faster than ever, but our mission remains unchanged: to continually develop more and better entertainment programming and deliver it to our engaged audiences on every screen and on every platform worldwide. To maintain our leadership position, we will continue to innovate and to manage our business as effectively and efficiently as possible, embracing change and adopting new technologies to better measure and monetize our content and meet industry-wide challenges. Viacom is financially strong and extremely well positioned for the future, with the talent and the creativity to grow our core business and continue to deliver increasing value to our investors”, informed Dauman.

     

    Results and Revenues

     

    Viacom reported a 7.9 per cent drop in profit after tax (PAT) for Viacom and non-controlling interests in Q1-2015 to $513 million (excludes a loss of $24 million due to pension settlement) from $547 million in Q1-2014. Operating income fell 2.6 per cent to $935 million from $960 million in the corresponding year ago quarter.

     

    The company’s total revenues were up 4.6 per cent in Q1-2015 to $3344 million from $3197 million in Q1-2014. Revenues from the other segment that contributes to Viacom revenues – Filmed Entertainment were up 5.7 per cent in Q1-2015 to $720 million from $681 million in Q1-2015. Adjusted operating loss from this segment fell in Q1-2015 to $60 million from $74 million in the year ago quarter.

     

    Media Networks

     

    Revenues from Viacom’s major segment – Media Networks have been reported above. Three streams contribute to Viacom’s Media Networks segment – Advertising; Affiliate fees; and Ancillary. All the three reported increase in revenue.

     

    Media Networks ‘Advertisement’ stream’s revenue in Q1-2015 at $1367 million was 3.2 per cent more y-o-y than the $1325 million in Q1-2014.  ‘Affiliate fees’ went up 6.2 per cent in the current quarter to $1132 million from $1066 million in the year ago quarter. Revenues from the ‘Ancillary’ stream increased 3.3 per cent to $155 million in Q1-2015 from $150 million in Q1-2014.

     

    The company says that domestic affiliate revenues rose 8 per cent and worldwide affiliate revenues grew 6 per cent, primarily due to rate increases. Domestic advertising revenues declined 6 per cent, reflecting lower ratings. Worldwide advertising revenues rose 3 per cent, reflecting a 60 per cent increase in international advertising revenues driven by contributions from Channel 5, which was acquired by Viacom in September 2014. The 4.4 per cent increase in Media Networks revenues includes an unfavourable 1 per cent impact of foreign exchange.

     

    Filmed Entertainment

     

    Revenues from Viacom’s Filmed Entertainment segment improved 5.7 per cent in Q1-2015 to $720 million from $681 million in the corresponding year ago quarter.  Four streams contribute to Viacom’s Filmed Entertainment segment – theatrical; home entertainment; license fees; and ancillary. While revenues from the license fees stream fell, revenues from the other three streams improved in Q1-2015 as compared to Q1-2014.

     

    Revenues from the ‘Theatrical’ stream increased 6.3 per cent to $316 million in the current quarter from $276 million in Q1-2014. The ‘Home Entertainment’ stream revenues in Q1-2015 improved by 16.2 per cent to $316 million from $272 million in the corresponding quarter of last year. As mentioned above, revenues from the License Fees stream fell 9.1 per cent to $189 million from $208 million. Revenues from the ‘Ancillary’ stream increased 9.5 per cent in Q1-2015 to $46 million from $42 million in Q1-2015.

     

    Viacom says that Teenage Mutant Ninja Turtles which was released theatrically in the fiscal fourth quarter of 2014 remained a strong performer in the current quarter, complementing the current quarter releases and helping to drive a 5.7 per cent increase in theatrical revenues and a 16.2 per cent gain in home entertainment revenues. Home entertainment revenues reflect two film releases in the current quarter, compared with none in the same prior year period. License fees declined 9.1 per cent resulting from the mix of available titles.

     

    Stock Repurchase Program

     

    For the quarter ended 31 December, 2014, Viacom repurchased 10.2 million shares under its stock repurchase program, for an aggregate purchase price of $750 million. As of 28 January, 2015, Viacom had $5.62 billion remaining in its $20 billion stock repurchase program. As of 31 December, 2014, Viacom had 407 million shares of common stock outstanding says the company.