Home Entertainment ‘Heist’ Returns Universal to Profitability2 May, 2012 By: Erik Gruenwedel
Universal Studios May 2 reported first-quarter (ended March 31) operating cash flow of $6 million, compared with an operating cash flow loss of $146 million during the previous-year period.
Universal, which is part of NBC Universal and owned by Comcast Corp., defines operating cash flow as operating income before depreciation and amortization.
The studio, which includes Universal Studios Home Entertainment, attributed the reversal in fortune to a higher volume of home entertainment releases in the quarter, in addition the box office successes of Dr. Seuss’ The Lorax, Safe House and Contraband, among others.
Studio revenue increased more than 22% to $1.2 billion, compared with $975 million during the previous-year period. Notable home entertainment sellers included animated pre-Easter release Hop and action-comedy Tower Heist.
Craig Kornblau, president of Universal Studios Home Entertainment, foreshadowed the results in a 6Q feature April 23 in Home Media Magazine.