Sony Pictures Posts Substantial Fiscal Q3 Gains27 Jan, 2005 By: Jessica Wolf
Video sales of Spider-Man 2 helped Sony Pictures Corp. post substantial gains in the filmed entertainment segment for the company's fiscal third quarter ended Dec. 31, 2004.
Overall, with thanks to the webslinger, the company posted a 55 percent increase in net income for the quarter, to reach nearly $1.4 billion.
Game software shipments were strong as well, but not strong enough to combat a slide in player sales for the quarter, the company reported.
Sales for the company's film segment increased more than 12 percent, to nearly $2 billion, largely thanks to the combined 30 million VHS and DVD units shipped of Spider-Man 2 and the Seinfeld DVD debut. The company also attributed Spider-Man 2 sales for a 232 percent boost in operating revenue for the film segment, to $18.6 billion.
On the game side, Sony shipped 109 million software units for PlayStation 2 in fiscal third quarter, up 5 million from 2003. But hardware shipments of the PS2 slipped by .56 million units, to 7.4 million units. Sales of PS One hardware and software dipped in the company's third quarter, and the game segment overall took a hit, declining nearly 23 percent in sales and 37 percent in operating income.