Discovery Communications Reports Second Quarter 2013 Results
(Silver Spring, Md.) Second Quarter 2013 Financial Highlights:
• Revenues increased 30% to $1,467 million
• Adjusted OIBDA increased 23% to $668 million
• Net income increased to $300 million
• Free cash flow increased 125% to $311 million
• Repurchased 7.77 million shares of common and preferred stock for an aggregate purchase price of $521 million
Discovery Communications, Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the second quarter ended June 30, 2013.
David Zaslav, Discovery’s President and Chief Executive Officer said, “Discovery’s strong operating and financial momentum continued during the second quarter as we further capitalized on the organic growth opportunities across our portfolio while beginning to take advantage of the benefits that our recent strategic acquisitions provide. Our sustained commitment to producing captivating content and the further expansion of global pay-tv markets combined to once again drive audience and revenue growth across our unique distribution platform. The consistent financial gains we are delivering, along with the strength of our balance sheet, enable us to return significant capital to our shareholders while thoughtfully investing in our diverse brands and platforms in order to further build additional long-term growth opportunities.”
Second Quarter Results
Second quarter revenues of $1,467 million were up $341 million, or 30%, compared to the second quarter a year ago, led by 61% growth at International Networks and 13% growth at U.S. Networks. Adjusted Operating Income Before Depreciation and Amortization (“OIBDA”) increased 23% to $668 million, as International Networks were up 51% and U.S. Networks were up 11%. Excluding the impact of licensing agreements, newly acquired businesses and foreign currency fluctuations, total company revenues increased 10% and Adjusted OIBDA increased 5%.
Second quarter net income available to Discovery Communications, Inc. stockholders of $300 million ($0.82 per diluted share) increased $7 million compared to $293 million ($0.76 per diluted share) for the second quarter a year ago, primarily due to the strong operating performance in the current year partially offset by higher interest and taxes as well as increased amortization associated with purchase price allocation for the SBS transaction.
Free cash flow was $311 million for the second quarter, an increase of 125% from the second quarter of 2012, primarily due to increased operating performance and lower tax payments partially offset by higher content spending. Free cash flow is defined as cash provided by operating activities less purchases of property and equipment.
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