News Corporation (“News Corp” or the “Company”) (NASDAQ:NWS)(NASDAQ:NWSA)(ASX:NWS)(ASX:NWSLV) today reported financial results for the three months ended September 30, 2013.
Commenting on the results, Chief Executive Robert Thomson said:
“Our first quarter as the new News was the beginning of a journey in the digital development of the company. There are certainly headwinds in Australia, magnified by inauspicious foreign currency movements, but we have been consistently cost conscious and are transforming our publishing operations longer-term into multi-platform businesses. We are vigorously pursuing a strategy to improve our revenue prospects and we look forward to updating all in future quarters.”
The Company reported fiscal 2014 first quarter total revenues of $2.07 billion, a 3% decrease as compared to the prior year revenues of $2.13 billion. The majority of the revenue decline reflects lower advertising revenues at the News and Information Services segment, foreign exchange fluctuations and the sale of the Dow Jones Local Media Group (“LMG”), partially offset by the inclusion of FOX SPORTS Australia, which News Corp began consolidating in November 2012 following the Consolidated Media Holdings (“CMH”) acquisition, and continued strength in the Digital Real Estate Services segment. Excluding the impact of acquisitions, divestitures and foreign exchange fluctuations, Revenues 1 declined 4% compared to the prior year.The Company reported first quarter Total Segment EBITDA 2 of $141 million, a 58% increase as compared to $89 million in the prior year. This improvement was mainly due to the consolidation of FOX SPORTS Australia and lower costs at News and Information Services as well as for the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), partially offset by higher losses at Amplify and foreign exchange fluctuations. Excluding all costs related to the U.K. Newspaper Matters and the impact of acquisitions, divestitures and foreign exchange fluctuations, Total Segment EBITDA 1 declined 5% compared to the prior year. ________________________________
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