Sony Pictures Q1 Income Jumps 58%29 Jul, 2010 By: Erik Gruenwedel
Sony Pictures Entertainment July 29 reported first-quarter (ended June 30) operating income of $32 million, up 58.2% from operating income of $20.2 million during the same period a year ago.
Sony Pictures, which includes Sony Pictures Home Entertainment, said the income increase was due to cost savings associated with fewer theatrical releases and higher television advertising and subscription revenue from international pay-TV channels. The income was offset in part by sales declines of catalog home entertainment titles.
Studio revenue declined 22.3%, to nearly $1.5 billion from $1.9 billion, despite strong results from theatrical release The Karate Kid. During the previous year period, Sony Pictures generated revenue from Angels & Demons and Terminator Salvation, among others.
Overall, Sony Corp. returned to profitability, reporting net income of $294 million due in large part it said to consumer demand for Bravia televisions and PlayStation 3 video game system.