Sony Pictures Q4 Income Increases $31 Million
26 May, 2011 By: Erik Gruenwedel
Sony Pictures Entertainment May 26 reported fourth-quarter (ended March 31) operating income of $432 million, up nearly 8% from operating income of $401 million during the previous-year period.
Sony Pictures, which includes Sony Pictures Home Entertainment, was the only major studio to report a gain in quarterly operating income.
That said, operating income increased primarily due to the higher gains recognized from the purchase and sale of interests in its television businesses as well as lower restructuring costs, and offset by theatrical and home entertainment declines.
Indeed, studio revenue decreased 2% to $2 billion from $2.3 billion, primarily due to lower home entertainment revenues from the current year’s film slate and catalog compared to previous fiscal-year quarter, which benefited from the strong worldwide home entertainment sales of Michael Jackson’s This Is It and 2012, as well as the appreciation of the yen against the U.S. dollar.
For the fiscal year, operating income declined nearly 10% to $466 million from operating income of $515 million last year. Revenue dropped 8% to $7.2 billion, compared with $8.5 billion last year when factoring in year-over-year exchange rates.
Major drivers in the fiscal year included theatrical and home entertainment revenue from The Karate Kid, Grown Ups and Salt, compared with 2012, Angels & Demons and This Is It last year.
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