"News Corporation’s fiscal second quarter performance reflects our strong momentum. Double-digit gains in our Cable and Television businesses, along with improvements in our Publishing segment, drove revenue and earnings growth even as we seized opportunities to invest in our core businesses for long-term and sustainable growth.
“The strategies we executed against in the quarter continue to bolster News Corporation's competitive position and enhance our ability to benefit from global demand for content, especially sports programming. As we make progress toward the proposed separation of our entertainment and publishing businesses later this year, I am confident in the future prospects for both businesses.”
(1) Total segment operating income is a non-GAAP financial measure. See page 12 for a description of total segment operating income and for a reconciliation of total segment operating income to income before income tax expense.(2) See page 15 for a reconciliation of reported net income and earnings per share to adjusted net income and adjusted earnings per share.
|REVIEW OF SEGMENT OPERATING RESULTS|
|Total Segment Operating Income (Loss)||3 Months Ended||6 Months Ended|
|December 31,||December 31,|
|US $ Millions|
|Cable Network Programming||$||945||$||882||$||1,898||$||1,657|
|Direct Broadcast Satellite Television||(20||)||6||3||125|
|Total Segment Operating Income *||$||1,580||$||1,497||$||2,958||$||2,882|
The three months ended December 31, 2012 and 2011 include $56 million and $87 million, respectively, of costs related to the ongoing investigations in the U.K. The three months ended December 31, 2012 include $23 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $1,659 and $1,584 million in the three months ended December 31, 2012 and 2011, respectively.
|The six months ended December 31, 2012 and 2011 include $123 million and $104 million, respectively, of costs related to the ongoing investigations in the U.K. The six months ended December 31, 2012 include $28 million of costs related to the proposed separation of the Company’s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $3,109 and $2,986 million in the six months ended December 31, 2012 and 2011, respectively.|
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