Universal’s Q3 Hardly ‘Despicable’30 Oct, 2013 By: Erik Gruenwedel
‘Despicable Me 2’ sequel drives Universal Studio’s operating cash flow up 164% despite a reduced home entertainment release slate
Universal Studios Oct. 30 reported operating cash flow of $189 million, which was up 164% from operating cash flow of $72 million during the previous-year period.
The quarter was driven by higher theatrical revenue from the box office performance of Despicable Me 2, and partially offset by a decrease in home entertainment revenue due to lower volume of new releases compared to the same period last year.
Despicable Me 2, which generated $364 million at the domestic box office, doesn’t release into retail and home entertainment channels until Dec. 10. Universal Studios Home Entertainment is releasing the title on Blu-ray Disc, DVD with UltraViolet functionality for $34.98.
Third-quarter studio revenue increased 3.3% to $1.4 billion compared to $1.35 billion last year. Through the first nine months of the year, studio revenue is up 6% to $4 billion. Operating cash flow increased $296 million to $291 million, compared to a loss of $5 million in the first nine months of 2012.