Sony Pictures Narrows Quarterly Loss29 Oct, 2010 By: Erik Gruenwedel
Sony Pictures Oct. 29 reported a $58 million second-quarter (ended Sept. 30) operating loss, due in part to elevated marketing and distribution costs associated with an increased theatrical slate.
The loss marked a $20 million improvement from a net loss of nearly $78 million during the same period last year.
Sony Pictures, which includes Sony Pictures Home Entertainment, said theatrical releases Salt, Grown Ups, Resident Evil: Afterlife, The Karate Kid and The Other Guys combined to increase revenue 6.1%, to $1.7 billion from $1.6 billion during the same period a year ago.
Parent Sony Corp., which released the studio results, did not comment on the home entertainment segment, which includes digital distribution.
During a call with analysts, Robert Wiesenthal, group executive, corporate development for Sony Corp., and EVP and CFO of Sony Corp. of America, said the company and studio remained on track to rollout a 3D television network with Imax and Discovery Channel in the first quarter next year, in addition to increasing its slate of 3D Blu-ray Disc releases.
Overall, Sony reported net income of $375 million on revenue of nearly $21 billion, compared with a net loss of $322 million last year.