Boston, MA 05/21/2014 (wallstreetpr) – Twenty-First Century Fox Inc (NASDAQ:FOXA) reported total revenue of $8.2 billion, an increase of 12% compared to revenue of $7.3 billion in prior year period. The increase was due to gain in affiliate fees for cable networks and growing audiences over television events.
Total segment operating income (OIBDA) for the period was $1.79 billion, up by 14% from $1.57 billion in 3Q2013. The growth was due to increase the contribution from the Television, Filmed entertainment and Cable Network Programming segments.
Cable networks segment’s OIBDA increased by 10% to $1.18 billion with 11% year over year increase in affiliate revenue over its cable networks. Both domestic and international affiliate revenue grew by 12% during the quarter.
Television segment reported high OIBDA growth, 32% increase over prior year period to $288 million primarily due to 27% year over year increase in revenue that resulted from increasing revenue from advertising and retransmission.
In addition, higher contribution from television production businesses drove 6% increase in OIBDA of Filmed Entertainment segment.
The growing segment OIBDA increased the adjusted net income by 47% to $1.07 billion or $0.47 per share versus $740 million or $ 0.32 per share in 3Q2013.
Flexible funding
The Company is financially flexible to fund its operation including acquisition and investment for expansion of cable networks, production and distribution of television programs. As of March 31, 2014, 21st Century Fox has a cash balance of $5.5 billion with shareholder’s equity of $17.5 billion and $20 billion of borrowings.
During the nine months period, 21st Century Fox reported lower operating flow of $1.6 billion due to higher spending over production, increasing payments for sports right and programming rights and higher payment of income tax.
During 9M2014, Twenty-First Century Fox Inc (NASDAQ:FOXA) used $1 billion in investing activities that reflect as a result of lower cash utilized in equity investments and lower cash received from the dispositions. In addition, approximately $920 million of more cash used in stock repurchase compressed the net cash balance despite additional borrowings of $987 million.
