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Viacom 4th-quarter earnings up 13 per cent despite revenue drop with no big movie release

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In this Aug. 13, 2011 photo, a man leaves Viacom headquarters, in New York. THE CANADIAN PRESS/AP, Mark Lennihan

NEW YORK, N.Y. – Viacom says net income grew 13 per cent in the most recent quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.

Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier.

After adjusting for one-time items, earnings came to $1.21. Analysts were expecting $1.17.

Revenue fell 17 per cent to $3.36 billion, below the $3.41 billion expected by analysts surveyed by FactSet.

Viacom Inc.’s Paramount movie studio division saw revenue fall 39 per cent to $1.09 billion in the fiscal fourth quarter because it had no blockbuster release. A year ago, it had the latest “Transformers” movie.

Revenue at the cable TV network business was largely unchanged.

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