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21st Century Fox Reports Full Year Total Segment Operating Income Before Depreciation And Amortization Of $6.26 Billion, A 9% Increase Over The Prior Year Results On Revenue Of $27.68 Billion

Stocks in this article: FOX FOXA

Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- NASDAQ: FOXA, FOX; ASX: FOXLV, FOX) today reported financial results for the three months and full year ended June 30, 2013.

On June 28, 2013, the Company, formerly known as News Corporation, completed the separation of its businesses into two independent, publicly-traded companies (the “Separation”). The Company has retained the media and entertainment businesses and the new News Corporation (“News Corp”) holds the Company’s former publishing, digital education and Australian media businesses. Following the Separation, the Company does not hold any equity interest in News Corp. As a result of this transaction, News Corp’s historical financial results for periods prior to June 28, 2013 are reflected in the Company's financial statements as discontinued operations.

Full Year Company Results

The Company reported annual revenues of $27.68 billion, a $2.62 billion, or 10%, increase over prior year revenues of $25.05 billion. Nearly three-quarters of this increase reflects growth at the Cable Network Programming, Filmed Entertainment and Television segments. The balance of the growth primarily relates to the inclusion of Sky Deutschland AG (“Sky Deutschland”) revenues beginning in January 2013.

The Company reported annual total segment operating income before depreciation and amortization (“OIBDA”) (1) of $6.26 billion compared with prior year OIBDA of $5.76 billion. This 9% increase was driven by growth at the Company’s Cable Network Programming and Television segments partially offset by decreases at the Direct Broadcast Satellite Television (“DBS”) segment.

The Company reported annual income from continuing operations attributable to stockholders of $6.82 billion ($2.91 per share), compared with $3.18 billion ($1.27 per share) in the prior year. The full year results included $3.76 billion of income in Other, net, principally related to gains on the acquisition of additional ownership stakes in Sky Deutschland and ESPN Star Sports (now operating as Fox and Star Sports Asia), as well as the sale of the ownership stake in NDS Group Limited (“NDS”). The full year results also included a $306 million gain from the Company’s participation in British Sky Broadcasting’s (“BSkyB”) share repurchase program, which is reflected in Equity earnings of affiliates. These gains were slightly offset by restructuring and impairment charges of $48 million, primarily related to the Company’s digital media business which was sold in February 2013. Excluding the net income effects of these items, along with comparable items in both years, adjusted annual income per share from continuing operations attributable to stockholders (2) was $1.36 compared with the adjusted year-ago result of $1.20.

_________________________

         

(1)

 

Total segment operating income before depreciation and amortization (“OIBDA”) is a non-GAAP financial measure. See page 11 for a description of total segment OIBDA and for a reconciliation from revenues to total segment OIBDA and from OIBDA to income from continuing operations before income tax expense.

 

(2)

See page 14 for a reconciliation of reported net income and earnings per share from continuing operations attributable to stockholders to adjusted net income and adjusted earnings per share from continuing operations attributable to stockholders.

 

Fourth Quarter Company Results

The Company reported quarterly revenues of $7.21 billion, a $977 million, or 16% increase over prior year quarterly revenues of $6.24 billion. Approximately half of this increase reflects growth at the Cable Network Programming and Filmed Entertainment segments with the balance primarily relating to this year’s inclusion of Sky Deutschland revenues.

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