News Corporation reported record full year operating income of $4.45 billion, up 15% over the previous fiscal year. Operating income growth was led by record results at the company's Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite, and Magazines and Inserts segments. For the fourth quarter, operating income grew 18% to $1.2 billion on 9% revenue growth. Segment highlights included a 26% increase in operating income at Cable Network Programming, an 85% rise at Direct Broadcast Satellite Television (SKY Italia), and a 25% gain at Magazines and Inserts.
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 4th Qtr - FY05 - June 30, 2005 - US Dollars finance9
News Corporation reported record financial results for the fiscal year ended June 30, 2005, with revenues increasing 15% to $23.9 billion and operating income growing 22% to $3.6 billion. Operating income increased across all segments, led by double-digit growth at Filmed Entertainment, Cable Network Programming, Magazines and Inserts, and Newspapers. The company also completed several strategic acquisitions and investments over the fiscal year and ended with over $6 billion in cash.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
news corp 2nd Qtr - FY05 - December 31, 2004 - US Dollars finance9
News Corporation reported operating income of $954 million for the quarter ended December 31, 2004, an increase of 24% from the previous year. Revenues increased 18% to $6.6 billion. Net income increased 80% to $386 million. Key contributors to growth were strong home entertainment sales and cable network advertising revenue increases. The Filmed Entertainment and Cable Network Programming segments saw double-digit operating income increases.
news corp 2nd Qtr - FY08 - December 31, 2007 - US Dollarsfinance9
News Corporation reported record second quarter operating income of $1.4 billion, a 24% increase over the previous year, driven by growth across most business segments. Net income increased to $832 million. Cable Network Programming operating income rose 23% on gains at Fox News Channel, regional sports networks, and international channels. Television operating income more than doubled due to higher ratings and pricing at Fox Broadcasting. [END SUMMARY]
News Corporation reported record full year operating income of $3.9 billion, up 9% over the previous fiscal year. Operating income increased across most business segments, led by 23% growth at Cable Network Programming and a $212 million improvement at SKY Italia. Fourth quarter operating income grew 8% to $1 billion on 11% higher revenues. Segments like Filmed Entertainment, Television, Cable Network Programming, and Direct Broadcast Satellite Television saw double-digit percentage increases in operating income for the quarter. The company invested in digital properties like MySpace and saw strong growth across its existing businesses.
news corp 2nd Qtr - FY07 - December 31, 2006 - US Dollars finance9
News Corporation reported a 24% increase in operating income for the second quarter ended December 31, 2006 compared to the same period the previous year. Income from continuing operations grew 18% year-over-year. Filmed entertainment delivered a 57% increase in operating income due to strong box office performances. Cable network programming operating income increased by $13 million driven by higher affiliate revenues at Fox News Channel. Newspapers operating income grew by $101 million compared to the prior year which included a large redundancy provision.
- News Corporation reported third quarter operating income of $1.0 billion, up 14% from the previous year, due to growth at its television, cable, and magazine segments.
- Net income more than doubled to $820 million, driven by higher operating income and increased equity earnings from affiliates like DIRECTV.
- The company also announced a doubling of its stock repurchase program to $6 billion, having already repurchased $2.5 billion.
news corp 4th Qtr - FY05 - June 30, 2005 - US Dollars finance9
News Corporation reported record financial results for the fiscal year ended June 30, 2005, with revenues increasing 15% to $23.9 billion and operating income growing 22% to $3.6 billion. Operating income increased across all segments, led by double-digit growth at Filmed Entertainment, Cable Network Programming, Magazines and Inserts, and Newspapers. The company also completed several strategic acquisitions and investments over the fiscal year and ended with over $6 billion in cash.
news corp 3rd Qtr - FY08 - March 31, 2008 - US Dollars finance9
News Corporation reported operating income of $1.4 billion for the third quarter of fiscal year 2008, a 16% increase over the previous year. Television operating income increased 53% due to lower programming costs and strong ratings and advertising at FOX. Cable network programming operating income grew 17% from gains at channels like Fox News, FX and international channels. Filmed entertainment operating income decreased due to strong results the previous year. Overall, the company saw revenue growth across many of its business segments.
news corp 4th Qtr - FY08 - June 30, 2008 - US Dollars finance9
News Corporation reported record full year operating income of $5.4 billion, up 21% from the previous fiscal year. All business segments saw increased profits except for Television. Key highlights included record results at Filmed Entertainment, Cable Network Programming, and Direct Broadcast Satellite. Fox News Channel saw a 14% increase in operating income for the quarter and 35% increase for the full year. SKY Italia added over 366,000 subscribers over the past year and saw operating income increase 37% for the quarter and 198% for the full year. HarperCollins had 62 books on the New York Times bestseller list during the quarter.
news corp 2nd Qtr - FY05 - December 31, 2004 - US Dollars finance9
News Corporation reported operating income of $954 million for the quarter ended December 31, 2004, an increase of 24% from the previous year. Revenues increased 18% to $6.6 billion. Net income increased 80% to $386 million. Key contributors to growth were strong home entertainment sales and cable network advertising revenue increases. The Filmed Entertainment and Cable Network Programming segments saw double-digit operating income increases.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
news corp 1st Qtr - FY07 - September 30, 2006 - US Dollarsfinance9
News Corporation reported operating income of $851 million for the quarter ended September 30, 2006, down 6% from the previous year. Cable network programming operating income grew 26% due to growth at regional sports networks and FX. Television operating income increased 20% from higher advertising revenues at FOX Network and television stations. Filmed entertainment operating income was $239 million, down from record results the prior year.
news corp 1st Qtr - FY08 - September 30, 2007 - US Dollarsfinance9
News Corporation reported operating income of $1.05 billion for the quarter ended September 30, 2007, up 23% from the previous year. Revenues increased 19% to $7.1 billion. Several segments saw double-digit operating income growth including filmed entertainment, up 51% due to box office success, and cable network programming, up 16% due to growth at Fox News Channel. Operating income declined at newspapers due to increased depreciation from new printing operations in the UK.
news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollarsfinance9
News Corporation reported third quarter operating income of $889 million, up 9% year-over-year. Revenues increased 17% to $6 billion. Cable network programming and filmed entertainment saw double-digit operating income growth. Television operating income declined due to higher programming costs. BSkyB contributions increased while DIRECTV losses widened.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
News Corporation reported operating income of $920 million for the quarter ended December 31, 2005, a 4% decrease from the previous year. Revenues increased to $6.7 billion. Income from continuing operations increased to $694 million. Several segments saw double-digit earnings growth including Cable Network Programming, Television, and Book Publishing, but this was offset by a $99 million redundancy provision in Newspapers and lower results from Filmed Entertainment compared to a record quarter last year.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
news corp 1st Qtr - FY09 - September 30, 2008 - US Dollarsfinance9
News Corporation reported operating income of $953 million for the quarter ended September 30, 2008, a 9% decline from the previous year, due to decreases in several segments including filmed entertainment, television, and book publishing. However, cable network programming and Sky Italia saw double-digit percentage profit increases. Chairman Rupert Murdoch stated he was pleased with the performance of cable networks and Sky Italia and was confident the company could manage through difficult economic times due to its diversified assets and strong balance sheet.
- Disney reported earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million, while diluted EPS rose 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. The company also announced plans to divest approximately 50 radio stations in mid-size markets.
CBS Corporation reported strong financial results for the third quarter of 2006, with operating income up 4% to $646 million led by increases at the television and outdoor segments. Net earnings from continuing operations were up 26% to $324 million and earnings per share increased 27% to $0.42 per share. Free cash flow saw a significant increase of 65% to $432 million. While revenues were slightly down, solid profit increases in key business segments and lower interest expenses contributed to improved bottom line results.
Clear Channel Communications reported financial results for the second quarter of 2005, with total revenue decreasing 1% to $2.46 billion compared to the same period in 2004. Net income was $220.7 million, down from $253.8 million the previous year. Radio broadcasting revenue declined 7% due to reducing commercial minutes, though average rates increased. Outdoor advertising revenue rose 7% domestically and 4% internationally. Live entertainment revenue was flat as fewer domestic music events offset increases in other areas. The company also announced plans to restructure its France operations and increase its existing share repurchase program to $1 billion.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
news corp 3rd Qtr - FY07 - March 31, 2007 - US Dollars finance9
News Corporation reported record operating income of $1.2 billion for the third quarter of 2007, up 23% from the previous year. Several segments contributed to growth, including filmed entertainment with a record $410 million in operating income, up 82% due to strong box office and home entertainment sales. Cable network programming operating income grew 34% on higher affiliate revenues. Direct broadcast satellite television operating income in Italy grew 32% on subscriber additions. Overall revenues increased 21% to $7.5 billion while net income grew 6% to $871 million.
- News Corporation reported a 19% increase in operating income for the quarter ended September 30, 2005 to $909 million, driven by double-digit revenue growth of 10% to $5.7 billion.
- Several segments saw double-digit operating income growth including Filmed Entertainment (up 26%), Cable Network Programming (up 19%), and Magazines and Inserts (up 19%). SKY Italia also significantly improved results.
- Chairman Rupert Murdoch commented that the company delivered strong gains across most segments and has invested in new media businesses experiencing explosive growth, positioning News Corporation well for continued strong returns.
news corp 1st Qtr - FY07 - September 30, 2006 - US Dollarsfinance9
News Corporation reported operating income of $851 million for the quarter ended September 30, 2006, down 6% from the previous year. Cable network programming operating income grew 26% due to growth at regional sports networks and FX. Television operating income increased 20% from higher advertising revenues at FOX Network and television stations. Filmed entertainment operating income was $239 million, down from record results the prior year.
news corp 1st Qtr - FY08 - September 30, 2007 - US Dollarsfinance9
News Corporation reported operating income of $1.05 billion for the quarter ended September 30, 2007, up 23% from the previous year. Revenues increased 19% to $7.1 billion. Several segments saw double-digit operating income growth including filmed entertainment, up 51% due to box office success, and cable network programming, up 16% due to growth at Fox News Channel. Operating income declined at newspapers due to increased depreciation from new printing operations in the UK.
news corp 3rd Qtr - FY05 - March 31, 2005 - US Dollarsfinance9
News Corporation reported third quarter operating income of $889 million, up 9% year-over-year. Revenues increased 17% to $6 billion. Cable network programming and filmed entertainment saw double-digit operating income growth. Television operating income declined due to higher programming costs. BSkyB contributions increased while DIRECTV losses widened.
The Walt Disney Company reported higher earnings for both the fiscal year and quarter ended September 30, 2000. For the year, earnings per share increased 42% excluding Disney's interest in the Internet Group and 90% including it, while revenues grew 9% and operating income rose 26%. In the fourth quarter, EPS rose 82% excluding the Internet Group and diluted EPS was $0.11 including it, with revenues up 6% and operating income increasing 58%. Media Networks, Parks & Resorts, and Studio Entertainment saw revenue and profit gains for the year and quarter.
news corp 2nd Qtr - FY09 - December 31, 2008 - US Dollarsfinance9
News Corporation reported financial results for the second quarter of fiscal year 2009. While revenue was $7.9 billion, adjusted operating income declined 42% to $818 million due to weakness across many business segments. A $8.4 billion non-cash impairment charge related to goodwill and assets resulted in a net loss of $6.4 billion for the quarter. The company is implementing cost cuts in response to the economic downturn.
News Corporation reported operating income of $920 million for the quarter ended December 31, 2005, a 4% decrease from the previous year. Revenues increased to $6.7 billion. Income from continuing operations increased to $694 million. Several segments saw double-digit earnings growth including Cable Network Programming, Television, and Book Publishing, but this was offset by a $99 million redundancy provision in Newspapers and lower results from Filmed Entertainment compared to a record quarter last year.
- The Walt Disney Company reported higher earnings for the quarter and nine months ended June 30, 2000 compared to the prior year.
- Earnings per share increased 50% to $0.30 for the quarter and 26% to $0.72 for the nine months when excluding Disney's interest in the Internet Group.
- All of Disney's business segments saw revenue and operating income increases for the quarter and nine months, with particular growth in Media Networks, Parks & Resorts, and cable television activities.
Viacom reported financial results for the second quarter of 2005, with revenues increasing 10% to $5.9 billion led by growth across business segments. Operating income rose 4% to $1.4 billion, paced by increases at Cable Networks and Outdoor. Net earnings from continuing operations increased 6% to $762 million. The company is on track to deliver mid-single digit growth in revenues and operating income, and high-single digit growth in earnings per share for 2005.
news corp 1st Qtr - FY09 - September 30, 2008 - US Dollarsfinance9
News Corporation reported operating income of $953 million for the quarter ended September 30, 2008, a 9% decline from the previous year, due to decreases in several segments including filmed entertainment, television, and book publishing. However, cable network programming and Sky Italia saw double-digit percentage profit increases. Chairman Rupert Murdoch stated he was pleased with the performance of cable networks and Sky Italia and was confident the company could manage through difficult economic times due to its diversified assets and strong balance sheet.
- Disney reported earnings for the quarter ended December 31, 1999, with revenues increasing 5% to $6.8 billion and operating income increasing 8% to $1.1 billion compared to the same period last year.
- Key drivers of increased revenues and operating income were strong performances from Who Wants to Be a Millionaire at ABC and record attendance at Walt Disney World, along with growth at ESPN and Disney's cable networks.
- Earnings per share increased 9% to $0.25, while net income rose 7% to $515 million, excluding Disney's retained interest in GO.com. Including GO.com, net income increased 1% to $324 million.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2001. For the quarter, revenues decreased 1% to $6 billion while net income decreased 3% to $479 million. For the nine months, revenues increased 1% to $19.4 billion while net income increased 17% to $1.4 billion. Disney acquired Fox Family Worldwide for $3 billion in cash to strengthen its family programming. The company also announced job cuts of 4,000 positions to reduce costs. Disney's performance was solid overall despite a soft economy, with growth in studio films and cost cuts helping to offset weaker parks attendance.
Clear Channel Communications reported financial results for the first quarter of 2007, with revenues increasing 8% to $1.6 billion compared to the first quarter of 2006. Expenses increased 5% to $1.1 billion, and income before discontinued operations increased 2% to $99.2 million. The company also discussed progress on divesting its television group and certain radio stations, with definitive agreements in place that are expected to net approximately $1.4 billion in proceeds after taxes and transaction costs. Pacing information showed radio revenues pacing down 1.6% for Q2 2007 and 0.6% for the full year, while outdoor revenues were pacing up 6.7% for Q2 and 5.9% for the
- Disney reported higher revenues and earnings per share for the third quarter and first nine months of fiscal year 2006 compared to the same periods in 2005. Revenues increased 12% for the quarter and 5% year-to-date, while EPS grew 36% and 24% respectively.
- All of Disney's operating segments experienced growth in revenues and operating income for the quarter, led by Parks and Resorts and Studio Entertainment. Higher guest spending and attendance boosted Parks, while successful film releases increased profits at Studio Entertainment.
- Disney completed its acquisition of Pixar in May 2006, which added to earnings and increased outstanding shares. The company continues to invest in its brands and repurchase stock.
The Walt Disney Company reported higher earnings for the quarter and six months ended March 31, 2000. Revenue increased 14% to $6.2 billion for the quarter and 9% to $13 billion for the six months. Net income grew 31% to $369 million for the quarter and 16% to $884 million for the six months, excluding the retained interest in GO.com. Chairman and CEO Michael Eisner attributed the solid results to the strength of the Media Networks division and continued success of properties like Who Wants to Be a Millionaire, while noting new management changes aimed at accelerating the turnaround of the Studios and Consumer Products units.
- The Walt Disney Company reported higher earnings before restructuring and impairment charges for both the quarter and six months ended March 31, 2001 compared to the same period in the previous year.
- Earnings increased 33% for the quarter and 31% for the six months when excluding restructuring and impairment charges.
- Segment operating income increased at Parks & Resorts, Media Networks, Studio Entertainment, and Consumer Products, but decreased at Internet Group.
- Restructuring and impairment charges totaled $1 billion for the quarter and $1.2 billion for the six months, primarily related to the closure of the GO.com portal business.
CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million, while diluted EPS rose 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. The company also announced plans to divest approximately 50 radio stations in mid-size markets.
CBS Corporation reported strong financial results for the third quarter of 2006, with operating income up 4% to $646 million led by increases at the television and outdoor segments. Net earnings from continuing operations were up 26% to $324 million and earnings per share increased 27% to $0.42 per share. Free cash flow saw a significant increase of 65% to $432 million. While revenues were slightly down, solid profit increases in key business segments and lower interest expenses contributed to improved bottom line results.
Clear Channel Communications reported financial results for the second quarter of 2005, with total revenue decreasing 1% to $2.46 billion compared to the same period in 2004. Net income was $220.7 million, down from $253.8 million the previous year. Radio broadcasting revenue declined 7% due to reducing commercial minutes, though average rates increased. Outdoor advertising revenue rose 7% domestically and 4% internationally. Live entertainment revenue was flat as fewer domestic music events offset increases in other areas. The company also announced plans to restructure its France operations and increase its existing share repurchase program to $1 billion.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2003. Revenues increased for the quarter to $6.2 billion but segment operating income was flat at $2.3 billion for the nine months. Net income decreased to $885 million for the nine months due to charges taken in the first quarter. Disney expects results to improve over the next 12-18 months due to the success of films like Finding Nemo and Pirates of the Caribbean. However, continued weakness at Euro Disney may impair Disney's $522 million investment if Euro Disney is unable to obtain financing and waivers for debt covenants.
- News Corporation reported record revenue and operating income for the fourth fiscal quarter and full year ended June 30, 2004.
- Fourth quarter revenue increased 20% to $5.5 billion and operating income increased 31% to $747 million. Full year revenue increased 20% to $21 billion and operating income increased 21% to a record $3.1 billion.
- Net profit increased 57% for the full year to a record $1.6 billion, driven by double-digit growth across most business segments, including filmed entertainment, cable networks, and newspapers.
Disney reported financial results for Q3 2005, with EPS up 41% over Q3 2004 to $0.41 per share. Media Networks saw significant growth, with operating income up 48% due to higher revenues at ESPN and the ABC television network. Parks and Resorts also grew operating income by 6% on higher guest spending and attendance. Studio Entertainment saw a decline in home entertainment sales offset somewhat by better theatrical and television distribution results. Consumer Products revenues and profits fell due to the sale of the Disney Stores business the prior year.
- News Corporation reported a 22% increase in operating income and a 54% increase in net profit before other items for the third quarter of fiscal year 2004 compared to the same period the previous year.
- Nearly all of the Company's operating segments experienced double-digit earnings growth, including cable network programming, newspapers, television, and book publishing.
- The Company completed the sale of the Los Angeles Dodgers franchise and real estate assets during the quarter for $421 million.
- EPS for Disney increased 27% in the quarter and 15% over the prior six months, driven by growth across all operating segments led by Studio Entertainment.
- Revenues increased 9% in the quarter to $7.8 billion and 5% over six months to $16.5 billion. Segment operating income rose 14% in the quarter and 8% over six months.
- EPS and revenue growth were driven by increases in operating income from Media Networks, Parks and Resorts, Studio Entertainment, and Consumer Products.
- Disney reported improved financial results for its fiscal year ended September 30, 2003 compared to the previous year. Earnings per share increased 8% for the full year and 122% for the fourth quarter.
- Strong performances from Studio Entertainment and Media Networks drove the overall earnings growth, though Parks and Resorts experienced declines in revenue and profits.
- Cash flow from operations increased significantly over the previous year, allowing Disney to reduce its total and net borrowings.
The Walt Disney Company reported higher earnings for the third quarter and first nine months of fiscal year 2004 compared to the prior year periods. Diluted earnings per share grew 21% for the quarter and between 96-110% year-to-date, driven by operating income growth at Media Networks, Parks and Resorts, and Consumer Products segments. Segment operating income increased 14% for the quarter and 53% year-to-date. However, Studio Entertainment segment operating income declined for the quarter due to weaker theatrical performance and higher costs. Excluding the impact of consolidating Euro Disney and Hong Kong Disneyland, net borrowings decreased $2.4 billion from the prior year through use of free cash flow to repay debt.
Net income and EPS for Disney increased in the first quarter of 2001 compared to the previous year. Net income rose 27% to $594 million and EPS grew 22% to $0.28, excluding accounting changes and the Internet Group. Overall revenues for Disney grew 7% to $7.3 billion for the quarter, with strong results from Parks & Resorts and improvements in home video and theatrical distribution offsetting declines in consumer products. The Walt Disney Company will convert shares of Internet Group stock to Disney stock in March 2001, consolidating financial reporting under one class of common stock.
The Walt Disney Company reported financial results for the quarter and nine months ended June 30, 2002. Revenues decreased 3% to $5.8 billion for the quarter, and segment operating income decreased 26% to $828 million. For the nine months, revenues decreased 4% to $18.7 billion and operating income decreased 32% to $2.3 billion. Earnings per share were $0.18 for the quarter and $0.52 for the nine months. Results were negatively impacted by softness in the travel industry and weak advertising markets. The Company expects earnings to be lower in the current fourth quarter compared to the prior year.
CBS Corporation reported its second quarter 2008 results, with revenues up 1% to $3.4 billion. Net earnings were up 1% to $408 million and diluted EPS up 11% to $0.61 per share. Free cash flow for the quarter was $464 million, down from $570.5 million in the previous year. CBS also announced plans to divest approximately 50 radio stations in mid-size markets and completed its acquisition of CNET Networks.
News Corporation reported operating income of $760 million for the second quarter of fiscal year 2004, an increase of 4% over the previous year. Revenues increased 19% to $5.6 billion due to double-digit growth in cable network programming, newspaper, and book publishing segments. Net profit increased 51% to $361 million compared to the same period last year. The company saw strong performance across most business segments, with particular growth in cable networks, newspapers in the UK and Australia, and book sales. The acquisition of an interest in Hughes Electronics, including DirecTV, was also completed during the quarter.
The Walt Disney Company reported its financial results for the fiscal year and quarter ended September 30, 2001. For the year, revenues remained flat while operating income decreased slightly. Earnings per share were flat. For the quarter, revenues and operating income decreased compared to the previous year. The decreases were due to softness in the media networks and studio entertainment segments due to lower ratings and box office revenues. Parks and resorts were also negatively impacted by decreased attendance following the conclusion of a special event the previous year and impacts of September 11th.
- Disney reported higher earnings per share (EPS) for the second quarter and first half of fiscal year 2004 compared to the previous year, led by growth in operating income at Media Networks, Parks and Resorts, and Consumer Products segments.
- Cash flow from operations for the first half of 2004 was $2.5 billion, more than double the prior year period. Free cash flow for the first half was $2 billion compared to $481 million in the previous year.
- Disney expects full year EPS growth of 50% or more excluding potential impacts like the sale of Disney Stores, and double-digit average annual EPS growth from 2004 through 2007.
Similar to news corp 4th Qtr - FY07 - June 30, 2007 - US Dollars (13)
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The document is the 2000 annual report of HCA - The Healthcare Company. It summarizes that in 2000, HCA achieved strong financial and operating performance including over 6% revenue growth, improved margins, and investments of over $1.5 billion in facilities. The company also repurchased $874 million of its common stock. This performance was driven by a focus on patient, physician, and employee satisfaction as well as initiatives to standardize processes while decentralizing decision-making power. Going forward, HCA aims to further develop shared services and a focus on patient safety to strengthen its position.
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The document is a notice and proxy statement for the 2008 Annual Meeting of Shareholders of General Dynamics Corporation. It notifies shareholders that the meeting will be held on May 7, 2008 to elect directors, conduct an advisory vote on selecting KPMG LLP as the independent auditor, and consider two shareholder proposals. It provides instructions for shareholders on attending the meeting, voting procedures, revoking proxies, and vote requirements.
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news corp 4th Qtr - FY07 - June 30, 2007 - US Dollars
1. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
NEWS CORPORATION REPORTS RECORD FULL YEAR
OPERATING INCOME OF $4.45 BILLION; GROWTH OF 15%
OVER FISCAL 2006
FULL YEAR EARNINGS PER SHARE FROM CONTINUING
OPERATIONS INCREASES 24% TO $1.08; CASH FROM
OPERATIONS OF $4.1 BILLION
FOURTH QUARTER OPERATING INCOME GROWS 18% TO $1.2
BILLION ON REVENUE GROWTH OF 9%
FULL YEAR FINANCIAL HIGHLIGHTS
• 15% operating income growth driven by record results at Filmed Entertainment,
Cable Network Programming, Magazines and Inserts and Direct Broadcast Satellite
segments.
• Filmed Entertainment delivers operating income contribution of $1.2 billion, up
12%, on strong theatrical release slate and continued success of film and
television home entertainment titles.
• Cable Network Programming operating income up 26% on affiliate revenue
growth at the Fox News Channel, the FX Network and the Regional Sports
Networks and increased contributions from the Fox International Channels.
• SKY Italia generates operating income of $221 million, an improvement of $182
million versus a year ago, reflecting net subscriber additions of 368,000 over the
past 12 months as the subscriber base expands to 4.2 million.
• Print businesses aggregate operating income increases 16% on strength of free-
standing inserts and in-store marketing products at Magazines and Inserts.
Newspaper segment comparisons benefit from a $99 million redundancy
provision taken in prior year’s second quarter results.
• Fox Interactive Media achieves first year of profitability on strength of advertising
and search revenue growth at MySpace.
FULL YEAR STRATEGIC HIGHLIGHTS
• Purchased nearly $1.3 billion of stock under the authorized $6.0 billion stock
repurchase program bringing total purchases to $3.9 billion.
• Entered into an agreement with Liberty Media Corporation to acquire Liberty’s 16.3
percent interest in News Corporation (approximately 325 million shares of Class A
Common Stock and 188 million shares of Class B Common Stock) in exchange for
the Company’s interest in The DIRECTV Group, three Regional Sports Networks and
approximately $588 million of cash.
• Completed sale of investment in Sky Brasil, a Brazilian DTH platform, for $302
million, and a portion of investment in Phoenix Satellite Television Holdings for
approximately $164 million.
• Announced plan to sell nine television stations and explore strategic options for the
News Outdoor Group.
2. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
NEW YORK, NY, August 8, 2007 – News Corporation (NYSE: NWS, NWSA; ASX: NWS,
NWSLV) today reported fourth quarter net income from continuing operations of $890
million ($0.28 per share on a diluted combined basis1) an increase of $172 million or
24% from the $718 million ($0.23 per share on a diluted combined basis1) reported in the
fourth quarter a year ago. The year-on-year growth primarily reflects increased
consolidated operating income partially offset by a decrease in Other income, primarily
from the unrealized change in fair value of certain outstanding exchangeable debt
securities.
For the full year, net income from continuing operations was $3.4 billion ($1.08 per share
on a diluted combined basis1), an increase of $614 million, or 22%, from the $2.8 billion
($0.87 per share on a diluted combined basis1) reported in fiscal 2006. The full year
results primarily reflect increased consolidated operating income, higher equity earnings
of affiliates and an increase in Other income, which mainly includes gains from the sale
of Sky Brasil and Phoenix Satellite Television Holdings partially offset by a decrease
from the unrealized change in fair value of certain outstanding exchangeable debt
securities.
Fourth quarter consolidated operating income of $1.2 billion increased 18% over the
$1.0 billion reported a year ago on revenues of $7.4 billion, up 9% from the $6.8 billion
reported in the fourth quarter of fiscal 2006. The year-on-year operating income growth
for the quarter was primarily driven by double-digit percentage increases at the Cable
Network Programming, Direct Broadcast Satellite Television, Magazine and Inserts and
Newspaper segments.
Record full year operating income of $4.45 billion increased 15% over the $3.9 billion
reported a year ago on revenues of $28.7 billion, up 13% from the $25.3 billion reported
in fiscal 2006. The full year operating income growth was led by record contributions
from the Filmed Entertainment, Cable Network Programming, Direct Broadcast Satellite,
and Magazines and Inserts segments and by a $136 million improvement at the
Newspaper segment.
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said:
“News Corporation once again delivered robust financial results in fiscal 2007
with our fifth consecutive year of record profits on double-digit revenue and
operating income growth. While we continued to benefit from the strength of our
traditional assets, we also generated significant financial momentum across our
developing platforms, including $221 million of profits at SKY Italia, continued
growth at our international cable channels and the first full year of profitability at
Fox Interactive Media. The continued expansion of these assets and the further
evolution of our traditional businesses in the digital world will pave the way for
sustained growth in the years to come.
“We also took several strategic steps during the year which we expect will unlock
increased value for our shareholders. We continued to be aggressive with our
stock buyback program, repurchasing nearly $1.3 billion worth of shares. This
(1)
See supplemental financial data on page 14 for detail on earnings per share
Page 2
3. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
does not reflect the significant stock buyback that will take place when the
Company’s deal with Liberty Media closes later this calendar year. In addition to
the stock swap with Liberty for DIRECTV, we have also announced our intention
to explore opportunities to divest our interest in several television stations, as
well as News Outdoor. Our ability to capitalize on attractive valuations for these
assets will further strengthen our balance sheet and, along with the momentum
we are generating across our diverse asset base, provide additional financial
flexibility heading into fiscal 2008.”
Consolidated Operating Income 3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
US $ Millions
Filmed Entertainment $ 106 $ 200 $ 1,225 $ 1,092
Television 385 403 962 1,032
Cable Network Programming 284 194 1,090 864
Direct Broadcast Satellite Television 155 84 221 39
Magazines and Inserts 81 65 335 307
Newspapers 203 170 653 517
Book Publishing 21 (6) 159 167
Other (17) (82) (193) (150)
Total Consolidated Operating Income $ 1,218 $ 1,028 $ 4,452 $ 3,868
REVIEW OF OPERATING RESULTS
FILMED ENTERTAINMENT
The Filmed Entertainment segment reported fourth quarter operating income of $106
million versus $200 million in the same period a year ago, which included strong
theatrical results from Ice Age: The Meltdown. For the full year, record operating income
of $1.2 billion increased 12% as compared with the $1.1 billion reported in fiscal 2006.
Current year fourth quarter film results were largely driven by the worldwide home
entertainment success of Night at the Museum and the pay-tv availability of Ice Age: The
Meltdown and X-Men: The Last Stand. The quarter also included the initial results and
releasing costs for several successful theatrical releases, including Fantastic Four: Rise
of the Silver Surfer, which has grossed over $240 million in worldwide box office to date,
and Live Free or Die Hard, which has delivered over $320 million in worldwide box office
since its June 27th release.
For the full year, record film results were primarily driven by the worldwide theatrical and
home entertainment success of The Devil Wears Prada, Borat: Cultural Learnings of
America for Make Benefit Glorious Nation of Kazakhstan, Night at the Museum and Little
Miss Sunshine. Also contributing to this year’s results were the home entertainment and
pay-tv availability of Ice Age: The Meltdown, X-Men: The Last Stand, Walk the Line and
Fantastic Four.
Page 3
4. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
Twentieth Century Fox Television (TCFTV) reported increased results for the fourth
quarter and full year with continued momentum in home entertainment sales, most
notably from Prison Break and 24. Additionally, several of TCFTV’s series have been
nominated for Emmy awards, including Boston Legal, which was nominated for
Outstanding Drama Series.
TELEVISION
The Television segment reported fourth quarter operating income of $385 million, a
decrease of $18 million versus the same period a year ago, as increased contributions
from the FOX Broadcasting Company were more than offset by losses from the first year
of MyNetworkTV and lower results from Fox Television Stations and STAR. For the full
year, higher contributions at the FOX Broadcasting Company and Fox Television
Stations were more than offset by losses at MyNetworkTV and lower contributions from
STAR.
At the FOX Broadcasting Company (FBC), fourth quarter and full year operating results
improved significantly versus fiscal 2006 as higher pricing and increased volume drove
primetime advertising revenue growth. The advertising growth was partially offset in the
fourth quarter by higher prime-time programming costs on increased license fees for
several returning series, including 24, American Idol and House, all of which contributed
to FBC finishing as the top-rated network among Adults 18-49 this past broadcast
season. In addition to the increased advertising revenues, full year operating income
growth also reflects lower prime-time programming costs from the cancellation of several
series included in prime-time a year ago. The full year results were partially offset by the
impact of ratings softness for Major League Baseball’s post-season and increased
National Football League programming costs.
Fox Television Stations’ (FTS) fourth quarter operating income decreased 5% from the
same period a year ago as revenue growth from the FOX-affiliated stations was more
than offset by lower revenues at the MyNetworkTV affiliated stations. For the full year,
operating income increased 3% versus fiscal 2006 as higher political advertising
revenues and the continued success of local news were partially offset by higher
production costs from the local news expansion, spending on local station internet
initiatives and lower contributions from the MyNetworkTV affiliated stations.
STAR’s fourth quarter and full year operating income decreased versus the comparable
periods a year ago, as advertising and subscription revenue growth was more than
offset by higher programming costs. The increased advertising revenues reflect the
broadcast on STAR PLUS of Kaun Banega Crorepati 3, India’s version of Who Wants to
Be a Millionaire, while subscription revenue growth was primarily driven by an increase
in DTH subscribers in India.
CABLE NETWORK PROGRAMMING
Cable Network Programming reported fourth quarter operating income of $284 million,
an increase of $90 million over the fourth quarter a year ago, and record full year
operating income of $1.1 billion, an increase of $226 million over fiscal 2006. The 46%
Page 4
5. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
fourth quarter and the 26% full year growth reflects higher contributions from the Fox
News Channel, the Regional Sports Networks (RSNs), the FX Network (FX) and the Fox
International Channels.
The Fox News Channel (FNC) reported operating income growth of 41% for the fourth
quarter and 33% for the full year, primarily from increased affiliate rates driving affiliate
revenue growth. The fourth quarter also included higher advertising revenue on
increased rates and additional volume as ratings increased in both prime-time and on a
24-hour basis. For the full year, FNC’s viewership was over 75% higher than its nearest
competitor in primetime and nearly 60% higher on a 24-hour basis.
At our other cable channels (including the RSNs, FX, Fox International Channels and
SPEED) operating profit increased 49% from last year’s fourth quarter results and 24%
versus fiscal 2006. Higher contributions at the RSNs for both the fourth quarter and full
year were primarily the result of increased affiliate rates and additional subscribers, as
well as from advertising revenue growth. The increased revenues were partially offset
by higher programming costs largely associated with broadcasting additional
professional games. At FX, operating income growth in the fourth quarter and full year
was driven primarily by lower programming expenses versus the prior year, which
included NASCAR, as well as by increased affiliate revenues from higher rates and
additional subscribers.
DIRECT BROADCAST SATELLITE TELEVISION
SKY Italia reported fourth quarter operating income of $155 million, an increase of $71
million, or 85%, compared to a year ago and full year operating income of $221 million,
growth of $182 million over the $39 million reported a year ago. The fourth quarter and
full year improvements primarily reflect the addition of 368,000 net new subscribers over
the past 12 months, bringing SKY Italia’s subscriber base to 4.2 million at year-end. The
related revenue growth was partially offset in the fourth quarter and full year by
increased programming costs associated with the larger subscriber base, as well as by
higher costs associated with new channel offerings. These increased costs were
mitigated by the absence of expenses associated with the FIFA World Cup which was
broadcast in the fourth quarter a year ago. The full year results also include increased
costs associated with broadcasting additional Series A and Series B soccer matches.
MAGAZINES AND INSERTS
The Magazines and Inserts segment reported fourth quarter operating income of $81
million, an increase of $16 million versus the $65 million reported in the quarter a year
ago, and full year operating income of $335 million, an increase of $28 million over the
$307 million reported in fiscal 2006. The 25% fourth quarter and 9% full year growth
was primarily the result of increased demand for in-store marketing products and also
from lower printing costs and increased page volume for free-standing inserts.
Page 5
6. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
NEWSPAPERS
The Newspapers segment reported fourth quarter operating income of $203 million, an
increase of $33 million compared with the same period a year ago, and full year
operating income of $653 million, a $136 million increase versus fiscal 2006. The
quarterly and full year increases reflect increased contributions from both the U.K. and
Australian newspaper groups, which included favorable foreign currency fluctuations.
The U.K. newspaper group reported operating income growth in local currency terms for
both the fourth quarter and full year as advertising and circulation revenue declines were
more than offset by lower promotional and employee costs. Additionally, the full year
improvement reflects the inclusion in the second quarter a year ago of a $99 million
redundancy provision associated with the development of new color printing operations.
The Australian newspaper group reported a slight fourth quarter and full year operating
income decline in local currency terms as advertising revenue growth was offset by
increased newsprint and production costs. Advertising revenue gains were primarily
driven by the strength of retail, real estate and employment advertising. The full year
results also include a modest increase in circulation revenues on higher cover prices.
BOOK PUBLISHING
HarperCollins reported fourth quarter operating income of $21 million, an improvement
of $27 million versus the fourth quarter of fiscal 2006. Full year operating income of
$159 million declined $8 million from prior year results that included strong sales of The
Chronicles of Narnia by C.S. Lewis. Current quarter results were led by sales of The
Dangerous Book for Boys by Conn and Hal Iggulden and The Reagan Diaries by Ronald
Reagan. In addition to these titles, full year results included strong sales of Marley and
Me by John Grogan, The Measure of a Man by Sidney Poitier and Michael Crichton’s
Next. During the fourth quarter, HarperCollins had 53 books on The New York Times
bestseller list, including 8 titles that reached the number one spot, and for the full year
HarperCollins had 128 books on The New York Times bestseller list, including 16 titles
that reached the number one position.
OTHER ITEMS
A dividend of $0.06 per Class A share and a dividend of $0.05 per Class B share has
been declared and is payable on October 17, 2007. The record date for determining
dividend entitlements is September 12, 2007.
Following the end of the fiscal year, the Company entered into a definitive merger
agreement with Dow Jones & Company to acquire all of the outstanding shares of Dow
Jones in a transaction valued at approximately $5.6 billion. Members of the Bancroft
family and related trusts owning approximately 37% of Dow Jones voting stock have
agreed to vote their shares in favor of the transaction. The transaction is subject to
approval by the Dow Jones stockholders, regulatory approvals and other customary
closing conditions, and is expected to be completed in the fourth quarter of calendar
2007. The Company has agreed, upon closing of the transaction, to appoint a member
Page 6
7. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
of the Bancroft family or another mutually acceptable person to the Company’s Board of
Directors.
In June 2007, the Company announced its plan to sell nine of its FOX network affiliated
television stations as well as its intention to explore strategic options for the News
Outdoor Group.
In April 2007, the previously announced share exchange agreement with Liberty Media
Corporation was approved by News Corporation’s Class B common stockholders. Upon
completion, Liberty will exchange its entire 16.3 percent interest in News Corporation
(approximately 325 million shares of Class A Common Stock and 188 million shares of
Class B Common Stock) for the Company’s entire interest in The DIRECTV Group, three
Regional Sports Networks and $588 million of cash, subject to adjustment. The
transaction remains subject to customary closing conditions including various regulatory
approvals. Completion is expected during the second half of calendar 2007 and, when
consummated, will be immediately accretive to News Corporation’s earnings per share.
In August 2006, the Company completed its previously announced sale of its investment
in Sky Brasil, a Brazilian DTH platform, to The DIRECTV Group for $302 million, which
was received in fiscal 2005. As a result of this transaction, the Company recognized a
pre-tax gain of approximately $261 million, which is included in Other, net in the
Consolidated Statement of Operations.
Also in August 2006, the Company sold a portion of its equity investment in Phoenix
Satellite Television Holdings for approximately $164 million. The Company recognized a
pre-tax gain of approximately $136 million on the sale, which is included in Other, net in
the Consolidated Statement of Operations. The Company has retained a 17.6% stake in
Phoenix after this transaction.
Effective July 1, 2005, the Company adopted, as required, Emerging Issues Task Force
Topic No. D-108 (Topic D-108), which calls for the use of the direct value method, rather
than the residual value method previously used by the Company, when performing the
annual impairment test under SFAS 142. As a result, the Company recorded a noncash
charge of $1.0 billion, net of tax, or $0.31 per share on a diluted combined basis, in fiscal
2006, to reduce the intangible balances attributable to its television stations' FCC
licenses. This charge has been reflected as a cumulative effect of accounting change,
net of tax, in the Consolidated Statement of Operations for the twelve months ended
June 30, 2006.
On June 13, 2005, the Company announced that its Board of Directors approved a stock
repurchase program, under which the Company was authorized to acquire up to an
aggregate of $3.0 billion in the Company’s Class A and Class B common stock. On
May 10, 2006, the Board authorized an increase of that $3.0 billion buyback to $6.0
billion. As of August 8, 2007, the Company has purchased over $3.9 billion of stock
under the program. We are committed to completing the remaining $2.1 billion of the
buyback, but it may be suspended or discontinued at any time.
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8. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
REVIEW OF EQUITY EARNINGS OF AFFILIATES’ RESULTS
Fourth quarter net earnings from affiliates were $272 million versus $278 million in the
same period a year ago. For the full year, net earnings from affiliates were $1,019
million compared with earnings of $888 million in fiscal 2006. The full year improvement
was primarily due to increased earnings from The DIRECTV Group as a result of
subscriber growth and increased pricing, as well as from lower expenses from the set-
top receiver lease program. The improvements at The DIRECTV Group were partially
offset by the absence of equity earnings from Innova, sold in February 2006, and Sky
Brasil, sold in August 2006. Additionally, the full year and fourth quarter results include
increased costs associated with the launch of broadband at BSkyB.
The Company’s share of equity earnings of affiliates is as follows:
3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
% Owned
US $ Millions
(a)(b)
BSkyB 39% $ 63 $ 83 $ 336 $ 369
(c)(b)
Other affiliates Various 209 195 683 519
Total equity earnings of
affiliates $ 272 $ 278 $ 1,019 $ 888
(a)
Due to BSkyB's stock repurchase program, News Corporation’s ownership in BSkyB increased to 39% as
of June 30, 2007 from approximately 38% as of June 30, 2006.
(b)
Please refer to each respective companies’ earnings releases and SEC filings for detailed information.
(c)
Primarily comprised of The DIRECTV Group, Gemstar-TV Guide International, Fox Cable Networks
affiliates, Sky Network Television Limited, Innova (through February 16, 2006) and Sky Brasil (through
August 23, 2006).
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9. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
Foreign Exchange Rates
Average foreign exchange rates used in the year-to-date results are as follows:
12 Months Ended
June 30,
2007 2006
Australian Dollar/U.S. Dollar 0.79 0.75
U.K. Pounds Sterling/U.S. Dollar 1.93 1.78
Euro/U.S. Dollar 1.30 1.22
To receive a copy of this press release through the Internet, access News Corp.’s corporate
Web site located at http://www.newscorp.com
Audio from News Corp.’s conference call with analysts on the fourth quarter and fiscal year
results can be heard live on the Internet at 4:30 PM. Eastern Daylight Time today. To listen
to the call, visit http://www.newscorp.com
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on management’s views and
assumptions regarding future events and business performance as of the time the statements are made.
Actual results may differ materially from these expectations due to changes in global economic,
business, competitive market and regulatory factors. More detailed information about these and other
factors that could affect future results is contained in our filings with the Securities and Exchange
Commission. The “forward-looking statements” included in this document are made only as of the
date of this document and we do not have any obligation to publicly update any “forward-looking
statements” to reflect subsequent events or circumstances, except as required by law.
CONTACTS:
Reed Nolte, Investor Relations Andrew Butcher, Press Inquiries
212-852-7092 212-852-7070
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10. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
CONSOLIDATED STATEMENTS OF OPERATIONS 3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
US $ Millions (except per share amounts)
Revenues $ 7,367 $ 6,782 $ 28,655 $ 25,327
Expenses:
Operating 4,645 4,477 18,645 16,593
Selling, general and administrative 1,255 1,056 4,655 3,982
Depreciation and amortization 242 214 879 775
Other operating charges 7 7 24 109
Operating income 1,218 1,028 4,452 3,868
Other income (expense):
Interest expense, net (118) (135) (524) (545)
Equity earnings of affiliates 272 278 1,019 888
Other, net (134) (49) 359 194
Income from continuing operations before income tax
expense and minority interest in subsidiaries 1,238 1,122 5,306 4,405
Income tax expense (328) (381) (1,814) (1,526)
Minority interest in subsidiaries, net of tax (20) (23) (66) (67)
Income from continuing operations 890 718 3,426 2,812
Gain on disposition of discontinued operations, net
of tax - 134 - 515
Income before cumulative effect of accounting change 890 852 3,426 3,327
Cumulative effect of accounting change, net of tax - - - (1,013)
Net income 890 852 3,426 2,314
$ $ $ $
Basic earnings per share:
Income from continuing operations
Class A $0.30 $0.24 $1.14 $0.92
Class B $0.25 $0.20 $0.95 $0.77
Net income
Class A $0.30 $0.28 $1.14 $0.76
Class B $0.25 $0.24 $0.95 $0.63
Diluted earnings per share:
Income from continuing operations
Class A $0.30 $0.24 $1.14 $0.92
Class B $0.25 $0.20 $0.95 $0.77
Net income
Class A $0.30 $0.28 $1.14 $0.76
Class B $0.25 $0.24 $0.95 $0.63
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11. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
CONSOLIDATED BALANCE SHEETS June 30, June 30,
2007 2006
Assets US $ Millions
Current assets:
Cash and cash equivalents $ 7,654 $ 5,783
Receivables, net 5,842 5,150
Inventories, net 2,039 1,840
Other 371 350
Total current assets 15,906 13,123
Non-current assets:
Receivables 437 593
Investments 11,413 10,601
Inventories, net 2,626 2,410
Property, plant and equipment, net 5,617 4,755
Intangible assets, net 11,703 11,446
Goodwill 13,819 12,548
Other non-current assets 822 1,173
Total non-current assets 46,437 43,526
Total assets $ 62,343 $ 56,649
Liabilities and Stockholders' Equity
Current liabilities:
Borrowings $ 355 $ 42
Accounts payable, accrued expenses and other current liabilities 4,545 4,047
Participations, residuals and royalties payable 1,185 1,007
Program rights payable 940 801
Deferred revenue 469 476
Total current liabilities 7,494 6,373
Non-current liabilities:
Borrowings 12,147 11,385
Other liabilities 3,319 3,536
Deferred income taxes 5,899 5,200
Minority interest in subsidiaries 562 281
Commitments and contingencies
Stockholders' Equity:
Class A common stock, $0.01 par value per share 21 22
Class B common stock, $0.01 par value per share 10 10
Additional paid-in capital 27,333 28,153
Retained earnings and accumulated other comprehensive income 5,558 1,689
Total stockholders' equity 32,922 29,874
Total liabilities and stockholders' equity $ 62,343 $ 56,649
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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended June 30,
2007 2006
US $ Millions
Operating activities:
Net income $ 3,426 $ 2,314
Gain on disposition of discontinued operations, net of tax - (515)
Cumulative effect of accounting change, net of tax - 1,013
Income from continuing operations 3,426 2,812
Adjustments to reconcile income from continuing operations to cash
provided by operating activities:
Depreciation and amortization 879 775
Amortization of cable distribution investments 77 103
Equity earnings of affiliates (1,019) (888)
Cash distributions received from affiliates 255 233
Other, net (359) (194)
Minority interest in subsidiaries, net of tax 66 67
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets (169) (765)
Inventories, net (360) (508)
Accounts payable and other liabilities 1,314 1,622
Net cash provided by operating activities 4,110 3,257
Investing activities:
Property, plant and equipment, net of acquisitions (1,308) (976)
Acquisitions, net of cash acquired (1,059) (1,989)
Investments in equity affiliates (121) (89)
Other investments (328) (28)
Proceeds from sale of investments and other non-current assets 740 412
Proceeds from disposition of discontinued operations - 610
Net cash used in investing activities (2,076) (2,060)
Financing activities:
Borrowings 1,196 1,159
Repayment of borrowings (198) (865)
Issuance of shares 392 232
Repurchase of shares (1,294) (2,027)
Dividends paid (369) (431)
Net cash used in financing activities (273) (1,932)
Net increase (decrease) in cash and cash equivalents 1,761 (735)
Cash and cash equivalents, beginning of year 5,783 6,470
Exchange movement on opening cash balance 110 48
Cash and cash equivalents, end of year $ 7,654 $ 5,783
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13. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
SEGMENT INFORMATION 3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
US $ Millions
Revenues
Filmed Entertainment $ 1,454 $ 1,785 $ 6,734 $ 6,199
Television 1,434 1,343 5,705 5,334
Cable Network Programming 1,095 934 3,902 3,358
Direct Broadcast Satellite Television 865 749 3,076 2,542
Magazines and Inserts 275 258 1,119 1,090
Newspapers 1,196 1,058 4,486 4,095
Book Publishing 295 256 1,347 1,312
Other 753 399 2,286 1,397
$ 7,367 $ 6,782 $ 28,655 $ 25,327
Operating Income
Filmed Entertainment $ 106 $ 200 $ 1,225 $ 1,092
Television 385 403 962 1,032
Cable Network Programming 284 194 1,090 864
Direct Broadcast Satellite Television 155 84 221 39
Magazines and Inserts 81 65 335 307
Newspapers 203 170 653 517
Book Publishing 21 (6) 159 167
Other (17) (82) (193) (150)
$ 1,218 $ 1,028 $ 4,452 $ 3,868
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14. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
NOTE 1 - SUPPLEMENTAL EARNINGS PER SHARE DATA
Earnings per share is presented on a combined basis as the Company will not be
required to present the two class method beginning in fiscal 2008. Currently under US
GAAP, earnings per share is computed individually for the Class A and Class B shares.
Class A non-voting shares carry rights to a greater dividend than Class B voting shares
through fiscal 2007. As such, net income available to the Company’s common
stockholders is allocated between our two classes of common stock. The allocation
between classes was based upon the two-class method. Earnings per share by class
and by total weighted average shares outstanding (Class A and Class B combined) is as
follows:
3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
Basic earnings per share:
Income from continuing operations
Class A $0.30 $0.24 $1.14 $0.92
Class B $0.25 $0.20 $0.95 $0.77
Total $0.28 $0.23 $1.09 $0.88
Gain on disposition of discontinued operations,
net of tax
Class A $- $0.04 $- $0.17
Class B $- $0.04 $- $0.14
Total $- $0.04 $- $0.16
Income before cumulative effect of accounting
change
Class A $0.30 $0.28 $1.14 $1.09
Class B $0.25 $0.24 $0.95 $0.91
Total $0.28 $0.27 $1.09 $1.04
Cumulative effect of accounting change, net of
tax
Class A $- $- $- $(0.33)
Class B $- $- $- $(0.28)
Total $- $(0.32)
$- $-
Net income
Class A $0.30 $0.28 $1.14 $0.76
Class B $0.25 $0.24 $0.95 $0.63
Total $0.28 $0.27 $1.09 $0.72
Diluted earnings per share:
Income from continuing operations
Class A $0.30 $0.24 $1.14 $0.92
Class B $0.25 $0.20 $0.95 $0.77
Total $0.28 $0.23 $1.08 $0.87
Gain on disposition of discontinued operations,
net of tax
Class A $- $0.04 $- $0.17
Class B $- $0.04 $- $0.14
Total $- $0.04 $- $0.16
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15. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
Income before cumulative effect of accounting
change
Class A $0.30 $0.28 $1.14 $1.09
Class B $0.25 $0.24 $0.95 $0.91
Total $0.28 $0.27 $1.08 $1.03
Cumulative effect of accounting change, net of
tax
Class A $- $- $- $(0.33)
Class B $- $- $- $(0.28)
Total $- $(0.31)
$- $-
Net income
Class A $0.30 $0.28 $1.14 $0.76
Class B $0.25 $0.24 $0.95 $0.63
Total $0.28 $0.27 $1.08 $0.72
Weighted average shares outstanding
(diluted), in millions:
Class A 2,177 2,189 2,191 2,216
Class B 987 987 987 1,012
Total 3,164 3,176 3,178 3,228
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16. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
NOTE 2 - OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
Operating income before depreciation and amortization, defined as operating income
plus depreciation and amortization and the amortization of cable distribution
investments, eliminates the variable effect across all business segments of non-cash
depreciation and amortization. Since operating income before depreciation and
amortization is a non-GAAP measure it should be considered in addition to, not as a
substitute for, operating income, net income, cash flow and other measures of financial
performance reported in accordance with GAAP. Operating income before depreciation
and amortization does not reflect cash available to fund requirements, and the items
excluded from operating income before depreciation and amortization, such as
depreciation and amortization, are significant components in assessing the Company’s
financial performance. Management believes that operating income before depreciation
and amortization is an appropriate measure for evaluating the operating performance of
the Company’s business segments. Operating income before depreciation and
amortization, which is the information reported to and used by the Company’s chief
decision maker for the purpose of making decisions about the allocation of resources to
segments and assessing their performance, provides management, investors and equity
analysts a measure to analyze operating performance of each business segment and
enterprise value against historical and competitors’ data.
The following table reconciles operating income before depreciation and amortization to
the presentation of operating income.
3 Months Ended 12 Months Ended
June 30, June 30,
2007 2006 2007 2006
US $ Millions
Operating income $ 1,218 $ 1,028 $ 4,452 $ 3,868
Depreciation and amortization 242 214 879 775
Amortization of cable distribution investments 21 25 77 103
Operating income before depreciation and
amortization $ 1,481 $ 1,267 $ 5,408 $ 4,746
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17. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
For the Three Months Ended June 30, 2007
(US $ Millions)
Operating income
Depreciation Amortization of (loss) before
Operating and cable distribution depreciation and
amortization
income (loss) amortization investments
Filmed Entertainment $ 106 $ 23 $ - $ 129
Television 385 25 - 410
Cable Network Programming 284 14 21 319
Direct Broadcast Satellite
Television 155 51 - 206
Magazines and Inserts 81 2 - 83
Newspapers 203 77 - 280
Book Publishing 21 2 - 23
Other (17) 48 - 31
Consolidated Total $ 1,218 $ 242 $ 21 $ 1,481
For the Three Months Ended June 30, 2006
(US $ Millions)
Operating income
Depreciation Amortization of (loss) before
depreciation and
Operating and cable distribution
amortization investments amortization
income (loss)
Filmed Entertainment $ 200 $ 22 $ - $ 222
Television 403 22 - 425
Cable Network Programming 194 13 25 232
Direct Broadcast Satellite
84 51 - 135
Television
Magazines and Inserts 65 2 - 67
Newspapers 170 67 - 237
Book Publishing (6) 2 - (4)
Other (82) 35 - (47)
Consolidated Total $ 1,028 $ 214 $ 25 $ 1,267
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18. News Corporation
EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2007
For the Twelve Months Ended June 30, 2007
(US $ Millions)
Operating income
Depreciation Amortization of (loss) before
Operating and cable distribution depreciation and
amortization
income (loss) amortization investments
Filmed Entertainment $ 1,225 $ 85 $ - $ 1,310
Television 962 93 - 1,055
Cable Network Programming 1,090 56 77 1,223
Direct Broadcast Satellite
Television 221 191 - 412
Magazines and Inserts 335 8 - 343
Newspapers 653 284 - 937
Book Publishing 159 8 - 167
Other (193) 154 - (39)
Consolidated Total $ 4,452 $ 879 $ 77 $ 5,408
For the Twelve Months Ended June 30, 2006
(US $ Millions)
Operating income
(loss) before
Depreciation Amortization of
and cable distribution depreciation and
Operating
income (loss) amortization investments amortization
Filmed Entertainment $ 1,092 $ 85 $ - $ 1,177
Television 1,032 88 - 1,120
Cable Network Programming 864 51 103 1,018
Direct Broadcast Satellite
Television 39 172 - 211
Magazines and Inserts 307 7 - 314
Newspapers 517 263 - 780
Book Publishing 167 7 - 174
Other (150) 102 - (48)
Consolidated Total $ 3,868 $ 775 $ 103 $ 4,746
Page 18