Discovery Communications Reports First Quarter 2010 Results
(Silver Spring, Md.) Discovery Communications, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the first quarter ended March 31, 2010.
David Zaslav, Discovery’s President and Chief Executive Officer said, “Discovery’s first quarter performance was the result of strong operational execution and an improving economic environment. The ratings strength exhibited across our diverse portfolio throughout last year was sustained in the first quarter and, with an improved global advertising environment, we were able to further monetize our increased viewership. We remain committed to executing on our operating plan and delivering on our financial commitments while investing in our brands around the globe and strengthening the content across our distribution platforms.”
First quarter revenues of $879 million increased $64 million, or 8%, over the first quarter a year ago led by 16% growth at International Networks and 5% growth at U.S. Networks. Adjusted Operating Income Before Depreciation and Amortization (1) (“OIBDA”) grew 10% to $367 million, driven by a 29% increase at International Networks and a 4% increase at U.S. Networks despite increased content write-offs of $13 million. Total company Adjusted OIBDA margin increased to 42% for the first quarter from 41% for the same period a year ago.
First quarter net income attributable to Discovery Communications, Inc. stockholders of $169 million ($0.39 per diluted share) increased $50 million compared to $119 million ($0.28 per diluted share) for the first quarter a year ago. The increased results primarily reflect strong operating performance and a lower provision for income taxes due to a reversal of a foreign tax liability.
Free cash flow was $114 million for the first quarter, a decrease of $18 million from the first quarter of 2009, primarily reflecting increased spending for stock-based compensation and negative working capital, offset by increased operating performance. Free cash flow is defined as cash provided by operating activities less acquisitions of property and equipment.
Click Here To View The Full Press Release In PDF Format: http://corporate.discovery.com/media/uploads/pdf/DCI-1Q10-Earnings-Announcement.pdf
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.