Sony Pictures Posts $298 Million Q4 Operating Profit28 Apr, 2017 By: Erik Gruenwedel
Profit dropped 35% from the previous-year period
Sony Pictures April 28 reported fourth-quarter (ended March 31) operating income of $298 million, which was down 35% from operating income of $456 million during the previous-year period. Revenue decreased 5% to $2.6 billion.
The studio, which includes Sony Pictures Home Entertainment and Sony Pictures Television, attributed the income decline to increased theatrical marketing costs and reduced TV product sales.
For the fiscal year, Sony reported a fiscal loss of $682 million on revenue of $8.3 billion, compared with income of $346 million on revenue of $7.9 billion in in the previous fiscal year.
Sony attributed the fiscal-year loss to the previously-reported $962 million Q3 impairment charge due to lower home entertainment sales, among other issues.
Top SPHE releases in the fiscal year included The 5th Wave ($9.1 million in disc sales); Risen ($8.8 million); Miracles From Heaven $16.5 million); The Angry Birds Movie ($23.6 million); Money Monster ($2.9 million); The Shallows ($6 million); Ghostbusters: Answer the Call ($34.4 million); Sausage Party ($14.3 million); The Magnificent Seven; and Passengers.
The Magnificent Seven is the top-selling DVD/Blu-ray Disc so far in 2017 with $8 million in revenue from 424,000 discs. The title, which was released Dec. 20, 2016, generated $22.7 million from more than 1.2 million discs last year, according to The-Numbers.com.
Original TV series distributed via online streaming services include: “Blue Demon” on Blim.com; “One Day at a Time” (Netflix); “Pls Like” (YouTube TV); “Sneaky Pete” (Amaxon Prime Video); and “SuperMansion” on Crackle.
Sony said it would soon announce a successor to studio president Michael Lynton, who is leaving Sony Pictures after 13 years.