Sony Pictures Ups Q4 Operating Profit30 Apr, 2015 By: Erik Gruenwedel
Sony Pictures appears to be recovering from its well-publicized cyber attack this past November, reporting fourth-quarter (ended March 31) operating income of $379 million, up 10% from income of $344.5 million during the previous-year period. Studio revenue was flat (down 1.5%) to $1.09 billion.
For the fiscal year, operating income increased more than 13% to $488 million
The studio, which includes Sony Pictures Home Entertainment, said last Thanksgiving’s IT attack by terrorists allegedly working for the North Korean government in protest of the release of comedy The Interview cost more than $41 million in related fees and expenses.
The film, about a fictional assassination attempt of North Korean leader Kim Jung-Un starring Seth Rogen and James Franco, generated more than $40 million in digital and limited theatrical revenue. It was then licensed to Netflix and other subscription streaming services prior to a Feb. 17 retail release on disc.
The Interview has sold more than $6.4 million in combined DVD/Blu-ray discs, according to The-Numbers.com.
Sony projects a 16% increase in studio revenue through March 31, 2016, with operating income of $542 million.