Viacom Inc. reported a profit of $38...
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Viacom Inc. reported a profit of $38 million in the second quarter as every unit of the media conglomerate grew and overall sales rose 25%.
Its theatrical group, which includes Paramount Pictures, showed a 71% jump in revenue to $935 million, chiefly due to strong home video sales of “Forrest Gump” and the box office performance of the movies “Congo” and “Braveheart.” The company’s profit amounted to 10 cents per share for the quarter that ended June 30.
Viacom earned $221.7 million, or $1.55 per share, in the same quarter a year ago. However, the company recorded several special charges and gains in that period due to its acquisitions of Paramount Communications Inc. and Blockbuster Entertainment Corp. and sale of a stake in Lifetime Television.
Citing a more meaningful performance measure, Viacom reported earnings before taxes, depreciation and amortization of $595 million in the just-finished quarter. That’s compared to $438 million a year ago, when applied in pro forma fashion as if Viacom owned the same assets at that time.
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