Universal: 'Despicable Me 2' Most Profitable Movie in Studio’s 100-Year History31 Jul, 2013 By: Erik Gruenwedel
Strong theatrical slate helps studio reverse losses from a year ago
Universal Studios July 31 said its second-quarter (ended June 30) operating cash flow increased $116 million to $33 million from a loss of $83 million during the previous-year period.
Parent Comcast said it defines operating cash flow as operating income before depreciation and amortization.
The studio, which includes Universal Studios Home Entertainment, said the strong performance of Fast & Furious 6, as well as higher content licensing revenue from the availability of certain films in international television markets contributed to the turnaround.
The results do not include box office sales of Despicable Me 2, which was released July 3 and holds the No. 2 spot in domestic grosses with more than $309 million. Fast & Furious 6 ranks sixth at the box office with $237 million ($741 million globally).
In Comcast’s fiscal call, NBC Universal CEO Steve Burke said Despicable Me 2 will become the most profitable movie in Universal’s 100-year history.
Revenue in the quarter increased 12.8% to $1.4 billion. For the first six months of the year, studio revenue increased 7.5% to $2.6 billion from $2.4 billion in 2012. Operating cash flow increased $179 million to $102 million, compared with a loss of $77 million in the first six months of 2012.
Separately, Comcast said it lost 159,000 video subscribers in Q2 to end the period with 21.7 million video subs. The cable giant lost 176,000 video subs during the previous-year period.