ITV

Tag: Financial

  • Sri Adhikari Bros reports 21.4%higher revenue, 19.9% higher PAT in Q2-2015

    Sri Adhikari Bros reports 21.4%higher revenue, 19.9% higher PAT in Q2-2015

     BENGALURU: Sri Adhikari Brothers Television Network Limited (SAB TV) reported 21.4 per cent y-o-y growth in Total Income from Operations (TIO) in Q2-2015 to Rs 22.01 crore from Rs 18.13 crore in Q2-2014 and a 11.1 per cent growth from Rs 19.81 crore in Q1-2015. Year to date, during HY-2015, the company reported growth of 20.7 per cent to Rs 41.83 crore from Rs 34.65 crore in HY-2014.

     PAT for the current quarter increased 19.9 per cent to Rs 2.73 crore (12.4 per cent of TIO) from Rs 2.28 crore (12.6 per cent of TIO) in the corresponding year ago quarter and was 3.9 per cent more than the Rs 2.63 crore (13.3 per cent of TIO) in the immediate trailing quarter. For HY-2015, SAB TV reported 31.4 per cent growth in PAT to Rs 5.4 crore from Rs 4.11 crore in HY-2014.

     SAB TV’s total expenditure (TE) in Q2-2015 at Rs 18.24 crore (82.9 per cent of TIO) was 18.3 per cent more than the Rs 15.42 crore (85 per cent of TIO) in Q2-2014. In HY-2015, TE at Rs 35.07 crore was 14.2 per cent more than the Rs 30.70 crore in HY-2015.

     The company’s production/direct (production) expense in Q2-2015 at Rs 14.07 crore (63.9 per cent of TIO) was 27.1 per cent more than the Rs 11.07 crore (61 per cent of TIO) in Q2-2014 and 7.5 per cent more than the Rs 13.09 crore (66.1 per cent of TIO) in Q1-2015. For HY-2015, SAB TV’s production expense was 24.9 per cent at Rs 27.16 crore (64.9 per cent of TIO) in HY-2015 than the Rs 21.75 crore in HY-2014.

    SAB TV’s interest/finance cost (interest) Q2-2015 at Rs 1.06 crore (4.8 per cent of TIO) was more than double (2.4 times) than the Rs 0.44 crore (2.4 per cent of TIO) in Q2-2014 and more than 2.8 times the Rs 0.38 crore (1.9 per cent of TIO) in Q1-2015. Interest cost in HY-2015 at Rs 1.43 crore (3.4 per cent of TIO) was 65.2 per cent more than the Rs 0.87 crore (2.5 per cent of TIO) in HY-2014.

     

    Click here to read the unaudited financial statement

     

  • Prime Focus Q1-2015 revenue up 78%, loss widens to Rs 22 crore because of global integration process

    Prime Focus Q1-2015 revenue up 78%, loss widens to Rs 22 crore because of global integration process

    BENGALURU: Prime Focus Limited (PFL) reported 78.3 per cent growth in Income from Operations (TIO) in the quarter ended 30 September 2015 (Q1-2015, current quarter) to Rs 350.17 crore from Rs 196.38 crore (quarter ended 30 September 2013, or Q2-2014) and 76.6 per cent more than the Rs 199.5 crore in Q5-2014 (q-o-q).

    Notes: (1) 100,00,000 = 100 lakh = 10 million =1 crore

    (2) The company had filed results for a15 month period ended 30 June 2014, hence comparison is being done between Q1-2015 and Q2-2014 as well as Q5-2014 (quarter ended 30 June 2014).

    The company’s loss widened to Rs 22.02 crore in Q1-2015 from the Rs 8.78 crore in Q5-2015. The company had reported a profit of Rs 21.34 crore (10.9 per cent of TIO) in Q2-2014. PFL, in its earnings release, says that loss for the quarter has risen to Rs 22.02 crore because margins have been impacted primarily due to seasonal effects and due to significant duplication of costs in the creative services business in the first quarter post-merger. The company has initiated a global Integration process at its London, Vancouver and Indian facilities across both these entities. Consequently, the effects of the first phase of one time integration costs are also reflected in the financials claims PFL.

    Let us look at the other numbers reported by PFL in Q1-2015

    The company’s total expenditure (TE) in Q1-2015 at Rs 385.6 crore (110.1 per cent of TIO), which was more than double (2.15 times) the Rs 179.42 crore (91.4 per cent of TIO) in Q2-2014 and 80 per cent more than the Rs 214.52 crore (107.5 per cent of TIO) in Q5-2014.

    Figures A and B below show PFL’s major expense heads. As is obvious, a major expense head for the company is employee benefit expense or EBE.

    PFL’s EBE in Q1-2015 at Rs 232.77 crore (60.4 per cent of TIO) was almost triple (2.91 times) the Rs 79.84 crore (40.7 per cent of TIO) in Q2-2014 and more than double (2.1times) the Rs 111.50 crore (55.9 per cent of TIO) in Q5-2015. Fig B indicates that EBE also shows a linear upward trend in terms of percentage of TIO over the seven quarters starting Q4-2013 until the current quarter Q1-2015.  EBE has been the highest in Q1-2015, both in terms of absolute rupees and in terms of percentage of TIO during the period under consideration.

     Finance and Interest cost in Q1-2015 at Rs 15.84 crore (4.25 per cent of TIO) was 42.8 per cent more than the Rs 11.09 crore (5.6 per cent of TIO) in Q2-2014 and 9.5 per cent less than the Rs 17.5 crore (8.8 per cent of TIO) in Q5-2015.

    PFL executive chairman and group CEO Namit Malhotra said, “It has been an eventful quarter for us as a Group, where PFW (Prime Focus World) completed the merger with Double Negative (D-Neg) which we all are very excited about. At the same time, we initiated a significant integration and consolidation exercise across our global footprint.”

    “These extra ordinary onetime costs juxtaposed with seasonally the slowest quarter in the Industry has had

    a major impact on our bottomline. The integration process with D-Neg has started well with the strategic assumptions playing out as expected. Post D-Neg integration, we are proud to announce that we have now become a fully integrated Tier I provider of creative services solutions globally. Our focus on cost stays high – we have shut down our London and Vancouver VFX operations in PFW. The RMW’s FMS business merger is awaiting regulatory

    accelerated growth path we are extremely positive approval post which we expect to complete the transaction expeditiously. PFT is witnessing increasing traction for its products in the International markets and we are very excited about the growth opportunities there in addition to the continued momentum in India. With all our businesses on an accelerated growth path, we are very excited about the future, as you look beyond the one time integration costs, there are significant post-merger revenue and margin enhancement opportunities ahead,” added Malhotra.

     

    Click here to read full unaudited results

  • Virgin Media reports lowest cable customer churn in Q3-2014

    Virgin Media reports lowest cable customer churn in Q3-2014

     BENGALURU:  Virgin Media Inc (Virgin Media), a wholly-owned subsidiary of Liberty Global plc (Liberty Global) and a leading cable operator in the United Kingdom (UK) reported lowest ever annual customer churn in Q3-2014 (Quarter  ended 30 September 2014), since Virgin Media was formed in 2007 at 14.9 per cent as compared to a churn of 15.3 per cent in Q3-2013. This churn record has contributed to cable customer growth more than doubling to 35,000, the highest quarterly customer additions since Q4 2012, says the company.

     

    Note: Currency mentioned in this report is ? or British Pound

     

    The company’s selected results for Q3-2014 say, ‘The number of subscribers to each of our cable products increased, with 88,000 organic RGUs (revenue generating units) added y-t-d (nine month period ended 30 September 2014 or 9M-2014) , including  70,000 in Q3, compared to declines of 16,000 and 7,000 in the respective prior year periods. This can be partially attributed to the successful launch of our “Big Bundles” in Q2 2014, which offer combinations of our cable products and resulted in the acquisition of more double- and triple-play customers than during the same period last year. Average Monthly Revenue per Customer Relationship increased 2 per cent to ? 48.98 year-over-year.’

     

    Virgin Media reported 2.3 per cent growth in revenue in Q3-2014 at ? 1046.8 million from ? 1022.8 million in Q3-2013. 9M-2014 revenue grew 1.7 per cent to ? 3145 million from ? 3092 million in 9M-2013.

     

    Four segments contribute to Virgin Media’s revenues – ‘Cable Subscription’, ‘Mobile Subscription’, ‘Business’ and ‘Other’

     

    Television subscription revenue in Q3-2014 fell 3.3 per cent to ? 234.7 million from ? 242.6 million in Q3-2013. Y-t-d, television subscription revenue fell 1.5 per cent to ? 717.9 million from ? 728.6 million in 9M-2013.

     

    Overall cable subscription revenue includes revenue from television, internet and telephony. Cable subscription revenue for the quarter grew 3 per cent to ? 724.5 million form ? 703.6 million in Q3-2013. Within cable subscription, internet revenue grew 19.8 per cent to ? 259.8 million in Q3-2014 from ? 216.9 million in Q3-2014. Telephony subscription revenue fell 5.8 per cent to ? 230 million in Q3-2014 from ? 244.1 million in Q3-2014.

     

    For 9M-2014, cable subscription revenue increased 3.3 per cent to ? 2188.9 million from ? 2119.0 million in 9M-2013. Internet revenue in 9M-2014 grew 16.2 per cent to ? 756.2 million from ? 650.7 million in 9M-2013. Telephony revenue for 9M-2014 fell 3.4 per cent to ? 714.8 million from ? 739.7 million in 9M-2013.

     

    Virgin Media says that it is the first provider of all four broadband, TV, mobile phone and home phone services in the UK. The Company’s cable network – the result of multi-billion pound private investment – delivers ultrafast broadband to over half of all U.K. homes, with speeds of up to 152 Mbps, as well as market-leading connectivity to thousands of public and private sector organisations across the country.

     

    Virgin Media says that it has developed UK’s most advanced interactive television service, and was the first to offer HD TV and access to connected services through the set-top box to millions of British households. It also launched the world’s first virtual mobile network and is one of the largest fixed-line home phone providers in the country.

  • News Corp revenue up 4%, EBIDTA up 21% in Q1-2015

    News Corp revenue up 4%, EBIDTA up 21% in Q1-2015

    BENGALURU: News Corporation (News Corp., company) reported 4 per cent growth in revenue in Q1-2015 (Quarter ended 30 September 2014, or current quarter) to US$ 2150 million from US$ 2072 million in the corresponding year ago quarter Q1-2015.

     

    The company’s EBIDTA increased 21 per cent to US$ 170 million in Q1-2015 from US$ 141 million in Q1-2014. The y-o-y EBITDA improvement was driven primarily by strong revenue performances in the Book Publishing, Digital Real Estate Services and Digital Education segments, combined with lower expenses related to the capitalization of Amplify Learning’s software development costs, partially offset by declines at the News and Information Services segment.

     

    The following segments contribute to News Corps numbers: News and Information Services, Book Publishing, Cable Network Programming, Digital Real Estate Services, Digital Education, and ‘Other’.

     

    Segment Results

     

    News and Information services

     

    Revenues for Q1-2015 decreased US$ 44 million, or 3 per cent, compared to Q1-2014. Australian newspaper revenues were relatively flat, reflecting modest advertising revenue declines and favourable foreign currency fluctuations.

     

    The company says that total segment advertising revenues declined 7 per cent, driven by weakness primarily in the print advertising market and the absence of results from LMG, partially offset by the benefit from foreign currency fluctuations. Circulation and subscription revenues declined 1 per cent, primarily due to the decline in professional information business revenues at Dow Jones, the absence of results from LMG and lower print circulation volume, partially offset by cover price increases in the U.K. and at several Australian newspapers as well as higher subscription pricing at The Wall Street Journal and WSJ.com. Adjusted revenues declined 3 per cent compared to the prior year.

     

    Segment EBITDA decreased US$28 million in the current quarter, or 21per cent, as compared to the prior year. Results were impacted by revenue weakness at Dow Jones coupled with the sale of LMG and incremental dual rent and other facility costs related to the relocation of the Company’s London operations of US$14 million, partially offset by an increase at News Corp Australia.

     

    Book Publishing

     

    Revenues in Q1-2015 increased US$ 78 million, or 24 per cent, compared to the prior year driven by the inclusion of the results of Harlequin and continued popularity of the Divergent series by Veronica Roth. The company claims that it sold more than 3.5 million net units of the Divergent series in the quarter helped by the release of Four: A Divergent Collection. E-book revenues improved by 28 per cent versus the prior year period, primarily driven by Harlequin, and represented 22 per cent of consumer revenues. Segment EBITDA increased US$ 12 million, or 28 per cent, from Q1-2014 due to higher revenues coupled with ongoing operational efficiencies and higher contribution to profits from ebooks, as well as a modest benefit from the acquisition of Harlequin. The improvements were partially offset by approximately US$ 5 million of transaction fees related to the acquisition of Harlequin. Adjusted revenues increased 6 per cent and Adjusted Segment EBITDA increased 23 per cent, compared to the prior year.

     

    Cable Network Programming

     

    In the first quarter of fiscal 2015, revenues increased US$ 7 million, or 5 per cent, compared Q1-2014, primarily due to higher affiliate pricing and increased subscribers. Segment EBITDA in the quarter increased US$ 3 million, or 10 per cent, due to higher revenues, partially offset by higher programming rights and other production costs. Adjusted revenues increased 4 per cent and Adjusted Segment EBITDA increased 10 per cent, compared to the prior year.

     

     

    Digital Real Estate Services

     

    Revenues in the quarter increased $22 million, or 24 per cent, compared to Q1-2014, primarily reflecting higher residential listing depth product penetration and higher pricing. Segment EBITDA in the quarter increased US$ 13million, or 30 per cent, compared to the prior year primarily due to the increased revenues as noted above, partially offset by higher marketing costs and US$ 2 million of incremental costs related to the proposed acquisition of Move,Inc. (“Move”). Adjusted revenues and Adjusted Segment EBITDA increased 23 per cent and 32 per cent, respectively, compared to the prior year.

     

    Digital Education

     

    Revenues in the quarter increased US$ 15 million, or 56 per cent, compared to the prior year primarily due to higher revenues at Amplify Learning, driven by the adoption of early grade print and hybrid learning products, and at Amplify Access. Segment EBITDA in Q1-2015 improved US$ 27 million, or 53 per cent, from the prior year, primarily due to the capitalization of Amplify Learning’s software development costs of US$ 15 million and higher revenues.

     

    Other

     

    Segment EBITDA in Q1-2015 improved by US$ 2 million compared to Q1-2014, due to lower fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”) of approximately US$ 3 million.

    The net expense related to the U.K. Newspaper Matters was US$ 14 million for the three months ended 30 September 2014 as compared to US$ 17 million for the three months ended 30 September 2013.

     

    Click here to read the earnings release

  • Q2-2015: Saregama reports lower results

    Q2-2015: Saregama reports lower results

    BENGALURU: Indian custodians of music company Saregama Limited (Saregama) reported a 9.5 per cent drop in Total Income from Operations (TIO) in Q2-2015 to Rs 41.20 crore from the Rs 45.53 crore in the corresponding year ago quarter (Q2-2014) and a drop of 2.4 per cent from the Rs 42.31 crore reported in the immediate trailing quarter (Q1-2015). PAT for the current quarter (Q2-2015) fell 16.5 per cent to Rs 2.08 crore (5 percent of TIO) from Rs 2.49 crore (5.5 per cent of TIO) in Q2-2014 and fell by 38.1 per cent from the Rs 3.36 crore (7.9 per cent of TIO) in Q1-2015.

     

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

     

    In the six month period ended 30 September 2014 (HY-2015), Saregama’s TIO increased 2.7 per cent to Rs 83.51 crore from Rs 81.34 crore in HY-2014. PAT for HY-2013 at Rs 5.44 crore increased 25.9 per cent to Rs 5.44 crore (6.5 percent of TIO) from Rs 4.32 crore (5.3 percent of TIO) in HY-2014.

     

    Revenue Streams

     

    The company’s net sales income in Q2-2015 at Rs 15.33 crore (37.2 per cent of TIO) was 6.4 per cent lower than the Rs 16.37 crore (36 per cent of TIO) in Q2-2014, and 1.7 per cent more than the Rs 15.07 crore (35.6 per cent of TIO) in Q1-2015. For HY-2015, net sales income increased 4.1 per cent to Rs 30.40 crore (36.4 per cent of TIO) from Rs 29.19 crore (35.9 per cent of TIO) in HY-2014.

     

    License Fee income in Q2-2015 at Rs 25.80 crore (62.6 per cent of TIO) was 11.3 per cent lower than the Rs 29.08 crore (63.9 per cent of TIO) in Q2-2014 and 4.9 per cent less than the Rs 27.12 crore (64.1 per cent of TIO) in Q1-2015. License Fee income rose 1.7 per cent to Rs 52.92 crore (63.4 per cent of TIO) in HY-2015 from Rs 52.04 crore (64 per cent of TIO) in HY-2014.

     

    Segment Results:

     

    Two segments’ contribute to Saregama’s revenue – Music and Films and Television serials (TV).

     

    Music

     

    Saregama’s Music segment reported 11.9 per cent drop in operating revenue to Rs 25.96 crore (63 per cent of TIO) in Q2-2015 from Rs 29.46 crore (64.7 per cent of TIO) in Q2-2014 and a drop of 6.9 per cent from Rs 27.88 crore (65.9 per cent of TIO) in Q1-2015. For HY-2015, operating revenue fell 1.3 per cent to Rs 53.84 crore from Rs 54.55 crore in HY-2014.

     

    The segment reported 20.9 per cent drop in operating profit to Rs 6.61 crore in the current quarter from Rs 8.36 crore in Q2 2014 and 48.7 per cent drop from the Rs 12.89 crore in Q1-2015. Operating profit from the music segment increased 10.4 per cent to Rs 19.5 crore from Rs 17.67 crore in HY-2014.

     

    Films and Television serials (TV)

     

    Operating revenue from the TV segment fell 5.2 per cent in Q2-2015 to Rs 15.24 crore (37 per cent of TIO) from Rs 16.07 crore (35.3 per cent of TIO) in Q2-2014 and increased 5.6 per cent from the Rs 14.43 crore (34.1 per cent of TIO) in Q1-2015. In HY-2015, operating from the TV segment rose 10.8 per cent to Rs 29.67 crore (35.5 per cent of TIO) from Rs 26.79 crore (32.9 per cent of TIO) in HY-2014.

     

    This segment reported less than one thirteenth (1/13.37 times) the operating profit in Q2-2015 at Rs 0.19 crore as compared to the Rs 2.54 crore in Q2-2014. For Q1-2015, the segment had reported operating loss of Rs 0.82 crore. In HY-2015, TV segment reported operating loss of Rs 0.63 crore against an operating profit of Rs 2.91 crore in HY-2014.

     

    Let us look at the other numbers reported by Saregama for Q2-2014.

     

    Saregama’s Total Expenditure (TE) in Q2-2015 at Rs 40.33 crore (97.9 per cent of TIO) was 7.5 per cent lower than the Rs 43.6 crore (95.8 per cent of TIO) in Q2-2014 and 3 per cent more than the Rs 39.16 crore (92.6 per cent of TIO) in Q1-2015. For HY-2015, TE increased 2.3 per cent to Rs 79.49 crore (95.2 per cent of TIO) in HY-2014.

     

    Saregama paid 44.9 per cent lower Royalty Fees in Q2-2015 at Rs 4.58 crore (11.1 per cent of TIO) as compared to the Rs 8.31 crore (18.3 per cent of TIO) in Q1-2014 and 14.2 per cent lower than the Rs 5.34 crore (12.6 per cent of TIO) in Q1-2015. HY-2015 Royalty Fees paid by the company fell 15.6 per cent to Rs 9.92 crore (11.9 per cent of TIO) from Rs 11.75 crore (14.4 per cent of TIO) in HY-2014.

     

    Saregama’s cost of production of films, television and portal (Production cost) in Q2-2015 at Rs 14.44 crore (35 per cent of TIO) was 4.4 per cent more than the Rs 13.83 crore (30.4 per cent of TIO) in Q2-2014 and 4.9 per cent more than the Rs 13.76 crore (32.5 per cent of TIO) in Q1-2015. HY-2015 production cost at Rs 28.19 crore (33.8 per cent of TIO) was 23.6 per cent more than the Rs 22.80 crore (28 per cent of TIO) in HY-2014.

  • Q3-2014; Gannett broadcasting segment doubles revenue, Operating income; company moots split

    Q3-2014; Gannett broadcasting segment doubles revenue, Operating income; company moots split

    BENGALURU:  International media and marketing solutions company and diverse local content provider Gannett reported 15.2 per cent growth in its Total Net Operating Revenues (TNOR) to $ 1443.14 million for the 13 week period ended 28 September 2014 (Q3-2014). TNOR for the corresponding period ended 29 September 2013 (Q3-2013, current quarter) was $ 1252.89 million.  TNOR grew at 13.5 per cent for the 39 week period ended 28 September 2014 (9M-2014) to $ 4307.21 million from $ 3793.32 million during the 39 week period ended 29 September 2013 (9M-2013).

     

    The company’s operating income (OI) attributable to Gannett Co grew 48.6 per cent to $ 118.52 million in Q3-2014 from $ 79.75 million in Q3-2013. OI for 9M-2014 grew 29.6 per cent to $ 386.14 million from $ 297.93 million in 9M-2013

     

    Segment and sub-segment results

     

    Broadcasting segment

     

    The company’s broadcast segment reported more than doubling (2.05 times) of net operating revenue in the current quarter to $ 416.51 million from $ 203.36 million in Q3-2013. Further, Operating revenue for the segment almost doubled (1.97 times) in 9M-2014 to $ 1197.04 million from $ 606.91 million in 9M-2013.

     

    OI from this segment more than doubled (2.12 times) to $ 177.97 million in the current quarter from $ 83.81 million in Q3-2013. For 9M-2013, OI from broadcasting segment went up 90 per cent to $ 503.84 million from $ 265.58 million in Q3-2013.

     

    Publishing segment

    The company’s publishing segment has three sub-segments-publishing advertising, publishing circulation and all other publishing. Publishing segment reported a 3.6 drop in operating revenue to $ 826.82 million in Q3-2014 from the $ 858.09 million in Q3-2014. OI from this segment fell by half a per cent to $ 62.42 million in 9M-2014 from $ 62.74 million in 9M-2013.

     

    All other publishing saw the steepest fall in operating revenue of 12.4 per cent to $ 55.1 million in Q3-2014 from $ 62.89 million in the corresponding period of the previous year. During 9M-2014, operating income at $ 173.12 million was 5.8 per cent lower than the $ 183.75 million in Q3-2013.

     

    Publishing advertising operating revenue also dropped 4.9 per cent to $ 494.9 million from $ 520.19 million in Q3-2013. Operating revenue fall in 9M-2014 was even steeper at 5.1 per cent and $ 1526.28 million from $1609.16 million in 9M-2013.

     

    Publishing revenue operating income rose fractionally by 0.7 per cent to $ 276.83 million in Q3-2014 from $ 275 million in Q3-2013. 9M-2014 operation revenue from this segment however fell half a per cent to $ 836.76 million from $ 840.63 million in 9M-2013.

     

    Digital segment

     

    Digital segment saw operating revenue grow 4.4 per cent to $ 199.8 million in Q3-2014 from $ 191.45 million in Q3-2013. Operating revenue in 9M-2014 grew 3.8 per cent to $ 573.92 million from $ 552.88 million in 9M-2013.

     

    OI from Gannett’s publishing segment in Q3-2014 was 15 per cent to $ 48.34 million from $ 42.05 million in Q3-2013. 9M-2014 OI  rose 6.9 per cent to $ 107.86 million from $ 100.93 million in 9M-2013.

     

    Company split mooted

    On 5 August 2014, Gannett announced plans to create two publicly traded companies: one exclusively focused on its broadcasting and digital businesses, and the other on its publishing business. The planned separation of the publishing business will be implemented through a tax-free distribution to Gannet’s shareholders of shares of a new entity formed to hold its publishing assets.

    Gannett says that it expects to complete the transaction in mid-2015, subject to a number of conditions. There can be no assurance regarding the ultimate timing of the proposed transaction or that it will be completed, cautions the company.

    On 1 October 2014, Gannet completed the acquisition of the remaining 73 per cent interest in Classified Ventures LLC, which owns Cars.com, for $ 1.8 billion cash.

    About Gannett’s businesses

    Gannett’s broadcasting segment currently includes 46 television stations that it either owns or services through shared service agreements. Excluding owner-operators, Gannett claims that it is the no 1 NBC affiliate group; no 1 CBS affiliate group; and the no 4 ABC affiliate group. These stations cover almost a third of the U.S. population in markets with approximately 35 million households.  It claims to be the largest independent television station group of major network affiliates in the top 25 U.S. markets.

    The primary categories of Gannett’s broadcasting segment revenue are: 1) core advertising which includes local and national non-political advertising; 2) political advertising revenues which are seasonal with peaks occurring in even years (e.g., 2014 and 2012) and particularly in the fourth quarter of those years; 3) retransmission revenues representing fees paid by satellite and cable networks and telecommunications companies to carry Gannett’s television signals on their network; 4) digital revenues generated through advertising on the stations’ web, tablet and mobile products; and 5) other revenues, which consist of payments by advertisers to television stations for other services, such as producing advertising material.

    Within its publishing segment, Gannett says that it provides content through 82 loca

     

    Click here for the financial statement

  • CBS revenue up 2 per cent for Q3-2014, operating income down 2.4 per cent

    CBS revenue up 2 per cent for Q3-2014, operating income down 2.4 per cent

    BENGALURU: CBS Corporation (CBS) reported a 2 per cent growth in revenue in Q3-2014 at $  3367 million from $  3302 million reported in the year ago quarter. However, 9M-2014 revenue fell 3 per cent to $ 10125 million from $ 10434 million in 9M-2013.

     

    The company’s operating income before depreciation and amortisation (OIBDA) in Q3-2014 at $ 814 million was 2.4 per cent less than the $ 834 million in Q3-2013. 9M-2014 at $ 2477 million was 2 per cent lower than the $  2527 million in 9M-2013.

     

    Entertainment, Cable Networks, Publishing; and Local Broadcasting segments contribute to CBS numbers. Poor OIBDA results from CBS Entertainment segment which contributes a major portion to revenue and OIBDA, resulted in lower operating income.

     

    Segment results

     

    Entertainment

     

    CBS Entertainment segment reported revenue growth of 1.4 per cent in Q3-2014 to $ 1911 million from $ 1884 million in Q3-2013. However, for 9M-2014, revenue at $ 6049 million fell 5.9 per cent from $ 6431 million in 9M-2013.

     

    Entertainment segment’s OIBDA fell sharply by 22.3 per cent q-o-q to $ 335 million in Q3-2014 from $ 431 million.  OIBDA during 9M-2014 fell 12.8 per cent to $ 1168 million from $ 1340 million in 9M-2013.

     

    Cable Networks

     

    This segment reported 4.7 per cent growth in revenue to $ 624 million in Q3-2014 from $ 596 million in the corresponding year ago quarter. Revenue during HY-2014 at $ 1677 million was 5.3 per cent more than the $ 1592 million in 9M-2013.

     

    OIBDA from this segment rose 4.2 per cent to $ 272 million in Q3-2014 from $ 261 million in Q3-2013. During 9M-2014, OIBDA from CBS Cable Network segment rose 7.3 per cent to $ 750 million from $ 699 million.

     

    Publishing

     

    CBS Publishing segment saw a 11.2 per cent fall in revenue to $ 199 million in Q3-2014 from $ 224 million in Q3-2013. Revenue from this segment fell 3.6 per cent to $ 563 million in 9M-2014 from $ 584 million in 9M-2013.

     

    OIBDA for publishing segment remained flat at $ 43 million in Q3-2014 and Q3-2013. For 9M-2014, OIBDA was 5.3 per cent more at $ 80 million as compared to the $ 76 million in 9M-2013.

     

    Local Broadcasting

     

    Revenue from this segment increased 6.1 per cent to $ 680 million in Q3-2014 from $ 641 million in Q3-2013. Revenue from local broadcasting in 9M-2014 fell by a 0.3 per cent to $ 1971 million from $ 1977 million in 9M-2013.

     

    OIBDA for this segment rose 18.2 per cent in Q3-2014 to $ 214 million from $ 181 million in Q3-2013. 9M-2014 OIBDA rose 2.7 per cent to $ 652 million from $ 635 million in 9M-2013.

     

    Company Quotes

     

    “CBS continues to succeed on the strength of its tremendous content,” said CBS executive chairman, Sumner Redstone. “Les and his team are optimising the Company for future growth at every turn, and I have the utmost confidence in their ability to increasingly drive shareholder value in these dynamic times of great opportunity.”

     

    “Our third quarter growth reflects the success of our efforts to create and monetize our premium content,” said CBS president and CEO Leslie Moonves. “I am particularly pleased with the CBS Television Network’s encouraging start to the fall season, which has reloaded our owned content pipeline in a big way with Madam Secretary, Scorpion, and NCIS: New Orleans, along with new owned hits from Showtime and The CW. Our local businesses had a strong quarter as well, including increasing political spending and higher retransmission consent fees. Also during the quarter, we renegotiated new station affiliate contracts with LIN Media, Tribune Broadcasting, Media General, and Gray Television with more to come later this year, bringing us that much closer toward our stated goal of $ 2 billion in retransmission consent and reverse compensation revenues by 2020. We are also capitalizing on growing consumer demand by expanding into emerging platforms. This includes the recent launch of CBS All Access, which allows our “super fans” to watch CBS wherever they are. At the same time, we are returning more value to shareholders than ever before, and we continue to have great confidence in our future as a content company in this ever-expanding marketplace.”

     

    Company speak

     

    Revenues of $ 3.37 billion for the third quarter of 2014 increased 2 per cent from $ 3.30 billion for the same quarter a year ago. This growth was driven by a 4 per cent increase in content licensing and distribution revenues from higher international and domestic licensing of television programming.

     

    Advertising revenues grew 2 per cent, driven by the broadcast of Thursday Night Football on CBS and political revenues associated with midterm elections. Affiliate and subscription fees were even with the third quarter of 2013, because of a significant pay-per-view boxing event a year ago that affected the revenue stream comparison by six percentage points. Cable affiliate fees, retransmission revenues, and fees from CBS Television Network affiliated stations all continued to grow in this year’s third quarter.

     

    Adjusted OIBDA of $ 814 million was down 2 per cent as a result of an increased investment in television programming, mainly associated with new contracts with the National Football League (“NFL”). The investment in NFL programming contributed to the successful launch of three new CBS-owned television series in the 2014/2015 television broadcast season, which all generated higher ratings in their respective time periods compared with the prior year.

     

    Adjusted net earnings from continuing operations were $ 400 million for the third quarter of 2014 compared with net earnings from continuing operations of $ 431 million for the same prior-year period. The decline primarily reflects the higher programming investment as well as losses of $ 23 million ($ .04 per diluted share) associated with changes in foreign exchange rates. Adjusted net earnings from continuing operations per diluted share for the third quarter of 2014 grew 6 per cent, to $ .74, from diluted net earnings per share from continuing operations of $ .70 for the same quarter in 2013.

     

    The increase was driven by lower weighted average shares outstanding from the split-off of CBS Outdoor Americas Inc. (“Outdoor Americas”) on 16 July 2014, as well as the Company’s ongoing share repurchase programme.

     

    Operating income was $ 668 million for the third quarter of 2014 compared with $ 764 million for the same prior-year period. Operating income for the third quarter of 2014 included restructuring charges of $ 26 million and a noncash impairment charge of $ 52 million in connection with a radio station swap. Net earnings from continuing operations were $ 72 million for this year’s third quarter compared with $ 431 million for the same quarter a year ago. In addition to the items above, net earnings for the third quarter of 2014 included a loss on early extinguishment of debt of $ 219 million, net of tax ($ .40 per diluted share), associated with the Company’s debt refinancing and a discrete tax item of $19 million. Adjusted results exclude the impact from all of these non-comparable items.

     

    Net earnings per diluted share of $3.03 for the third quarter of 2014 include a gain of $1.56 billion recognised in connection with the split-off of Outdoor Americas.

     

    Click here to read the financial release

     

    Click here to read the consolidated results 

  • ENIL reports 42 per cent higher PAT for Q2-2015

    ENIL reports 42 per cent higher PAT for Q2-2015

    BENGALURU:  Indian private FM player Entertainment Network (India) Limited (ENIL) reported 42 per cent higher y-o-y PAT for Q2-2015 at Rs 23.30 crore (22.4 per cent of Total Income from Operations or TIO) as compared to the Rs 16.41 crore (19 per cent of TIO). PAT in Q2-2015 was 4.3 per cent lower than the Rs 24.35 crore (26.1 per cent of TIO) in Q1-2015. For HY-2015, ENIL reported 32.2 per cent growth in PAT to Rs 47.65 crore (24.1 per cent of TIO) from Rs 36.33 crore (21.15 per cent of TIO) in HY-2014.

     

    Notes:  (1) 100,00,000 = 100 lakh = 10 million = 1 crore

     

    ENIL Total Income from Operations (TIO) in Q2-2015 at Rs 104.03 crore was 11.6 per cent more than the Rs 93.26 crore in Q1-2015 and 20.2 per cent more than the Rs 86.55 crore in Q2-2014. For HY-2015, TIO at Rs 197.63 crore was 15 per cent more than the Rs 171.78 crore in HY-2014.

     

    Let us look at the other numbers reported by ENIL

     

    ENIL total expense (TE) in Q2-2015 at Rs 80.89 crore (77.8 per cent of TIO) was 21.5 per cent more than the Rs 66.58 crore (71.4 per cent of TIO) in Q1-2015 and 16.8 per cent more than the Rs 69.24 crore (80 per cent of TIO) in Q2-2014. For HY-2015, TE at Rs 147.47 crore (74.6 per cent of TIO) was 11.4 per cent more than the Rs 132.38 crore (77.1 per cent of TIO) in HY-2014.

     

    The company’s production expense in Q2-2015 at Rs 4.52 crore (4.3 per cent of TIO) was 9.5 per cent more than the Rs 4.13 crore (4.4 per cent of TIO) in Q1-2015 and 11.2 per cent more than the Rs 4.06 crore (4.7 per cent of TIO) in Q2-2014. In HY-2015, production expense at Rs 8.64 crore (4.4 per cent of TIO) was 9.6 per cent more than the Rs 7.88 crore (4.6 per cent of TIO) in HY-2014.

     

    The company paid 13.3 per cent higher license fee in Q2-2015 at Rs 5.27 crore (5.1 per cent of TIO) as compared to the Rs 4.65 crore (5 per cent of TIO) in Q1-2015 and 13.2 per cent more than the Rs 465.1 crore (5.4 per cent of TIO) in Q2-2014. For HY-2015, ENIL paid license fee of Rs 9.91 crore (5 per cent of TIO), which was 6.2 per cent more than the Rs 9.34 crore (5.4 per cent of TIO) in HY-2014.

     

    The company almost doubled (up 1.97 times) its marketing expense in Q2-2015 to Rs 23.73 crore (22.8 per cent of TIO) from Rs 12.03 crore (12.9 per cent of TIO) in Q1-2015 and increased it by 38.9 per cent from Rs 17.09 crore (19.7 per cent of TIO) in Q2-2014. Marketing expense for HY-2015 at Rs 35.77 crore (18.1 per cent of TIO) was 29.1 per cent higher than Rs 27.69 crore (16.1 per cent of TIO) in HY-2014.

     

    Employee Benefit Expense (EBE) in Q2-2015 at Rs 20.17 crore (19.4 per cent of TIO) was 1.2 per cent lower than the Rs 20.41 crore (21.9 per cent of TIO) in Q1-2015 and 8.7 per cent more than the Rs 18.55 crore (21.4 per cent of TIO) in Q2-2014. HY-2015 EBE was higher by 8.1 per cent at Rs 40.57 crore (20.5 per cent of TIO) than the Rs 37.55 crore (21.9 per cent of TIO) in HY-2014.4

     

    Other expense in Q2-2015 rose 11 per cent to Rs 19.05 crore (18.3 per cent of TIO) from Rs 17.17 crore (18.4 per cent of TIO) in Q1-2015 and was 12.4 per cent more than the Rs 16.95 crore (19.6 per cent of TIO) in Q2-2014. Other expense in HY-2015 rose 5.9 per cent to Rs 36.22 crore (18.3 per cent of TIO) from Rs 34.21 crore (19.9 per cent of TIO) in HY-2014.

     

    “The radio sector has again turned out an impressive performance, not surprising considering that it accounts for more than 30 per cent of media consumption time, but gets only 5-6 per cent of advertising revenues. We believe radio will continue to grow faster than other media in the future as well. We are excited that the PM himself believes so strongly in radio, and hope that the Ministry of I&B under Mr. Arun Jaitley will quickly complete the auctions process commenced by Mr. Prakash Javadekar. Overall, we remain buoyant about radio’s prospects in the years to come,” said ENIL CEO Prashant Panday.

  • Godrej Consumer Products ‘Soaps’ category sees strong turnaround in Q2-2015 with new marketing campaign

    Godrej Consumer Products ‘Soaps’ category sees strong turnaround in Q2-2015 with new marketing campaign

    BENGALURU: Godrej Consumer Products Limited (GCPL) reported 9.1 per cent growth in Total Income from Operations (TIO) in Q2-2015 to Rs 2060.12 crore from Rs 1888.51 crore in Q1-2015 and 5 per cent growth from Rs 1961.72 crore in Q2-2015. For HY-2015, TIO grew 7 per cent to Rs 3948.63 crore from Rs 3668.62 crore in HY-2014.

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

    The company in its press release says that despite the Soaps category continued de-growth in this quarter the company saw a good turnaround with sales growth of 13 per cent. Godrej No. 1 recorded a sharp uptick in growth rates, aided by new marketing campaign and focused activation programmes. The launch of Cinthol’s new germ protection variant “Confidence+” has received an encouraging response, adds the company.

    The company’s Ad and Publicity spend (Ad spend)  at Rs 211.69 crore ( 10.3 per cent of TIO) for the current quarter was 15.4 per cent lower than the Rs 250.20 crore (13.2 per cent of TIO) in the immediate trailing quarter and was 4 per cent lower than the Rs 220.60 crore in the corresponding quarter of last year.

    Over a 10 quarter period starting Q1-2013 until Q2-2015, ad spend shows an upward linear trend in absolute rupee terms, while the spends seems to have flattened out to in terms of percentage of TIO. GCPL‘s ad spend in terms of absolute rupees has been in Q1-2015 at Rs 250.20 crore above. In terms of percentage of TIO, the company’s ad spend was highest in Q1-2014 at 13.8 per cent of TIO. Please refer to Fig A below.

    GCPL’s  PAT in Q2-2015 at Rs 234.53 (11.4 per cent of TIO) crore in Q2-2015 was 63.5 per cent higher than the Rs 143.45 crore in Q1-2015 and 20.3 per cent higher that the Rs 195.97 crore (9.9 per cent of TIO) in Q2-2014. For HY-2015, PAT at Rs 377.98 crore was 15.4 per cent more than the Rs 327,68 crore in HY-2014.

    Over the10 quarter period under consderation, PAT has been highest in Q4-2013, both in terms of absolute rupees and in terms of percentage of TIO at Rs 334.14 crore and 19.4 per cent of TIO. Over the period under consideration, PAT in terms of absolute rupees shows an upward linear trend, while PAT in terms of percantage of TIO shows a slight downward trend, probably on account  of the high PAT in Q4-2013 mentioned above. Please refer to Fig B below.

    Commenting on the financial performance of Q2-2015, Godrej group chairman Adi Godrej said,

    “Consumer demand remained subdued in the second quarter of fiscal year 2014-2015, making this one of the slowest years of growth for the Indian FMCG industry in over a decade. We have however, continued to outperform the market and our brands have further strengthened their leadership positions. Our net profit grew strongly this quarter at 20 per cent. Sales were however impacted by a soft performance in the household insecticide category due to the deficient and delayed monsoon in India, and the impact of an adverse forex translation in our international businesses. Overall, our international businesses delivered a good constant currency growth of 12 per cent. Indonesia, our largest international business, achieved a strong constant currency growth of 15 per cent.”

    “We believe that the Indian FMCG industry is now showing early signs of recovery. Growth has improved in the latter part of this quarter, particularly in September. While any recovery is likely to be gradual, we believe that after many quarters, environmental indicators are now trending in the right direction. We are confident that the second half of this year will be better than the first half.

    In this uncertain environment, we continue to focus on sustaining and extending leadership in our core categories. We are managing our costs prudently in the near term, while investing for the longer term. We are also continuing our pace of launching exciting new products.

    The medium and long-term growth prospects in India and our other emerging markets remain robust. I am confident that with our clear strategic focus, differentiated product portfolio, superior execution and top-notch team, we will continue to deliver industry-leading results,” added Godrej.

     

    Click here to read the unaudited financial result

     

    Click here to read the press release

  • Den Networks reports growth in operational and subscription revenue for Q2-2015

    Den Networks reports growth in operational and subscription revenue for Q2-2015

    BENGALURU: Den Networks Ltd (Den Networks) reported   that its cable business operational revenues stood at Rs 286.22 crore, up 11 per cent y-o-y from Rs 258.06 crore in Q2-2014 and that its cable business subscription revenues for Q2-2015 were Rs 146.75 crore, up 49.2 per cent y-o-y from Rs 98.34 crore in Q2-2014.

     

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

     

    Den Networks Total Income from Operation (TIO) at Rs 291.72 crore in the current quarter fell 2.4 per cent from Rs 298.81 crore in the immediate trailing quarter and was 7.3 per cent more than the Rs 271.87 crore in Q2-2014. TIO in HY-2015 at Rs 590.53 crore was 9.2 per cent more than the Rs 540.57 crore in HY-2014.

     

    Den Networks recently launched its high speed broadband and says that the service is gaining great traction and has achieved 9,600 subscribers at an average ARPU of Rs 740 per month.

     

    The company also says that its joint venture (JV) with Snapdeal.com has been received extremely well. Within the first month, Den Networks claims that the company has clocked an annualised Gross Merchandise Value (GMV) in excess of Rs 50 crore based on the annualised latest daily run rate and is expected to scale significantly as the channel gets distributed across networks.

     

    Den Networks COO M G Azhar said, “We are pleased with the overall company’s financial performance as the company continues to invest in transforming from B2B to B2C environment. The Company has started seeing traction in its recently launched broadband services and also in the Den Snapdeal home shopping channel.”

     

    Let us look at the other numbers reported by Den Networks

     

    Total Expense (TE) in Q2-2015 at Rs 297.81 crore (102.1 per cent of TIO) was 4.5 per cent more than the Rs 284.93 crore (95.4 per cent of TIO) in Q1-2015 and 32.7 per cent more than the Rs 224.43 crore (82.6 per cent of TIO) in Q2-2014. HY-2015 TE at Rs 582.74 crore (98.7 per cent of TIO) was 28.3 per cent more than the Rs 454.12 crore in HY-2014.

     

    The company’s content cost in Q2-2015 at Rs 108.91 crore (37.3 per cent of TIO) was 2.3 per cent more than the Rs 106.42 crore (35.6 per cent of TIO) and was 20.3 per cent higher than the Rs 90.54 crore (33.3 per cent of TIO) in Q2-2014. For HY-2015, content cost at Rs 215.33 crore (36.5 per cent of TIO) was 22.7 per cent more than the Rs 175.55 crore (32.5 per cent of TIO) in HY-2014.

     

    The company’s operational, administrative and other costs (admin cost) in Q2-2015 at Rs 78.61 crore (26.9 per cent of TIO) was 11.6 per cent more than the Rs 70.47 crore (23.6 per cent of TI) in Q1-2015 and 18.5 per cent more than the Rs 66.34 crore (24.4 per cent of TIO) in Q2-2014. Admin cost for HY-2015 at Rs 149.08 crore was (25.2 per cent of TIO) was 3.1 per cent more than the Rs 144.66 crore (26.8 per cent of TIO) in HY-2014.

     

    The company reported a loss of Rs 20.45 crore in Q2-2015 versus a PAT of Rs 1.12 crore (0.37 per cent of TIO) in Q1-2015 and a PAT of Rs 11.18 crore (4.1 per cent of TIO) in Q2-2014. The company reported loss at Rs 19.33 crore in HY-2015 as compared to a PAT of Rs 21.33 crore in HY-2014.

     

    The company’s EBIDTA (without considering other income) in Q2-2015 fell 28.4 per cent to Rs 40.94 crore (14 per cent of TIO) from Rs 57.16 crore (19.1 per cent of TIO) in Q1-2015 and fell 51.5 per cent from the Rs 84.48 crore (31.1 per cent of TIO). As per Den Networks investor presentation for the current quarter, its broadband service has eroded Rs 10 crore and its soccer franchise Delhi Dynamos has eroded another Rs 5 crore from Q2-2015 EBIDTA.

     

    Other Income for the periods under consideration is as follows: Q2-2015 – Rs 22.47 crore; Q1-2015 – Rs 18.65 crore; Q2-2014 – Rs 4.71 crore; HY-2015 Rs 41.12 crore; HY-2014 – Rs 11.4 crore.

     

    Click here for the investor update

     

    Click here for the press release