Twenty-First Century Fox Inc. (“21st Century Fox” or the “Company” -- NASDAQ: FOXA, FOX; ASX: FOXLV, FOX) today reported $8.16 billion of total revenue for the three months ending December 31, 2013, a $1.06 billion or 15% increase over the $7.11 billion of revenue in the prior year quarter (1). The growth in revenue reflects a $605 million increase at the Direct Broadcast Satellite Television (“DBS”) segment, primarily related to the inclusion of Sky Deutschland AG (“Sky Deutschland”) revenue, and a $366 million or 14% increase at the Cable Network Programming segment, led by continued affiliate revenue growth.
The Company reported second quarter total segment operating income before depreciation and amortization (“OIBDA”) (2) of $1.54 billion, as compared to $1.61 billion reported a year ago, representing a 4% decline. Despite OIBDA growth at the Cable Network Programming segment and lower corporate overhead expense in the Other, Corporate and Eliminations segment, OIBDA decreased primarily as a result of lower contributions from the Company’s Filmed Entertainment segment, as well as from the Television and DBS segments.
The Company reported quarterly income from continuing operations attributable to stockholders of $982 million ($0.43 per share), as compared to $1.06 billion ($0.45 per share) reported in the corresponding period of the prior year. Current year quarterly results included a $79 million increase in Depreciation and amortization expense principally resulting from the consolidation of Sky Deutschland, including the amortization of intangible assets resulting from the Company’s acquisition of a controlling ownership stake in this entity in January 2013. The current year quarterly results also included income in Other, net of $191 million, reflecting the gain on the sale of the Company’s ownership stake in Phoenix Satellite Television, as compared to income of $194 million in the corresponding period of the prior year driven by the gain on the acquisition of the additional ownership stake in ESPN Star Sports (“ESS”). Excluding the net income effects of Other, net, as well as Equity affiliate adjustments, including the exclusion of gains from the Company’s participation in British Sky Broadcasting’s (“BSkyB”) share repurchase program, second quarter adjusted earnings per share (3) was $0.33 versus the prior year quarter result of $0.35.
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said: