Fox Posts Q4 Profit Decline5 Aug, 2015 By: Erik Gruenwedel
Tough year-over-year theatrical and home entertainment comparisons contributed to 20th Century Fox Studios reporting fourth-quarter (ended June 30) pre-tax operating income of $269 million, down 21% from pre-tax operating income of $339 million during the previous-year period. Revenue fell 32% to $1.9 billion from $2.8 billion a year ago.
For the fiscal year, pre-tax operating income increased 6.4% to $1.44 billion, from $1.35 billion. Revenue dipped less than 2% to $9.5 billion.
Fox, which includes 20th Century Fox Home Entertainment, attributed the quarterly decline due to contribution from television production, lower network revenue due to fewer episodes of “Glee,” and the absence of a new season of “24.” In addition to a 13% foreign exchange hit, Fox had difficult year-over-year theatrical comparisons with X-Men: Days of Future Past and Rio 2.
Top Q4 packaged-media releases: Night at the Museum: Secret of the Tomb has generated $25 million in sales since its March 10 retail release. Kingsman: The Secret Service has sold $22.9 million in discs since its June 9 release, according to The-Numbers.com.
The tallies do not include electronic sellthrough or transactional VOD revenue.