Universal Posts Wider Q1 Cash Flow Loss
3 May, 2011 By: Erik Gruenwedel
Parent Comcast loses 39,000 video subscribers
Universal Studios reported a first-quarter (ended March 31) operating cash flow loss of $146 million, compared with an operating cash flow loss of $12 million during the same period a year ago.
The disclosure was NBC Universal’s first since becoming majority controlled by Comcast Corp. part way through the quarter.
Revenue for the filmed entertainment unit, which includes Universal Studios Home Entertainment, declined 8.2% to $975 million from $1 billion last year. NBC Universal cited higher marketing costs for second-quarter theatrical releases Hop and Fast Five, coupled with home entertainment and related revenue declines for the downturn.
Separately, No. 1 cable operator Comcast reported a drop of 39,000 video subscribers in the quarter, down 52% from a decline of 82,000 video subs last year. Comcast added 418,000 high-speed Internet customers, some, who presumably stream Netflix content.
Overall, Comcast reported net income of more than $1 billion, up 18% from net income of $879 million. Revenue increased nearly 32% to $12.1 billion from $9.2 billion last year.
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