NEW YORK, Nov. 15, 2012 /PRNewswire-FirstCall/
--
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2012
Results
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Quarter
Ended
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Year
Ended
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September 30,
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B/(W)
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September 30,
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B/(W)
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2012
vs.
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2012
vs.
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(in
millions, except per share amounts)
|
2012
|
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2011
|
|
2011
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|
2012
|
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2011
|
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2011
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Revenues
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$
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3,363
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$
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4,053
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(17)
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%
|
|
$
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13,887
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$
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14,914
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(7)
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%
|
Operating
income
|
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1,050
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929
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13
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3,901
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3,710
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5
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Adjusted
operating income*
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1,050
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1,059
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(1)
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3,901
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3,854
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1
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Net
earnings from continuing operations attributable to
Viacom
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643
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576
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12
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2,345
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2,146
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9
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Adjusted
net earnings from continuing operations attributable to
Viacom*
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626
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614
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2
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2,264
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2,247
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1
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Diluted
EPS from continuing operations
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1.24
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1.00
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24
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4.36
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3.61
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21
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Adjusted
diluted EPS from continuing operations*
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$
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1.21
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$
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1.06
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14
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%
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$
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4.21
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$
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3.78
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11
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%
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* Adjusted
measures referenced in this release are detailed in the
Supplemental Disclosures at the end of this release.
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Viacom Inc. (NASDAQ: VIAB, VIA) today reported results for the
fiscal 2012 fourth quarter and full year ended September 30, 2012, with bottom line growth and
substantial increases in earnings per share.
(Logo:
http://photos.prnewswire.com/prnh/20110811/NY51392LOGO)
Revenues in the fourth quarter declined 17% to $3.36 billion, due to lower Filmed Entertainment
revenues. Adjusted operating income of $1.05 billion was essentially flat compared to
the prior year's comparable quarter as the revenue decrease was
substantially offset by lower expenses. Adjusted net earnings
from continuing operations attributable to Viacom in the fourth
quarter rose 2% to $626 million, and
adjusted diluted earnings per share from continuing operations
increased 14% to $1.21.
Revenues for the full year were $13.89
billion, down 7% from the previous year, reflecting higher
Media Networks revenues, more than offset by lower Filmed
Entertainment revenues. Full-year adjusted operating income grew 1%
to $3.9 billion, principally
reflecting higher Media Networks revenues. Full-year adjusted
net earnings from continuing operations attributable to Viacom rose
1% to $2.26 billion and full-year
adjusted diluted earnings per share from continuing operations
increased 11% to $4.21 per diluted
share, reflecting the impact of the company's ongoing share
repurchase program.
Sumner M. Redstone, Executive Chairman of Viacom, said, "Viacom
continues to create many of the world's best known and most
exciting media properties, and delights audiences across the globe
with content for every screen imaginable. Our unparalleled
creative minds and Philippe's outstanding management position
Viacom perfectly for long-term growth."
Philippe Dauman, President and
Chief Executive Officer of Viacom, said, "Viacom is executing on
its goals of continued investment in great content, ongoing
operational excellence and ever-increasing returns to
shareholders. Our Media Networks drove value in the quarter
and the year through steady growth in distribution revenues, and
the production of new and engaging programming that connects with
valuable audiences. Viacom's media brands have built
unrivaled connections with their fans, creating unique experiences
and powerful opportunities for advertisers. We continue to
invest in our future across all platforms and geographies.
Paramount also continued to achieve solid margin growth in the
fourth quarter and full year, and has an exciting pipeline in place
with eight films in the first fiscal quarter, including Jack
Reacher, DreamWorks Animation's Rise of the Guardians
and the recently released Flight.
"Viacom's balance sheet remains strong, providing the
flexibility to invest in our business while delivering capital
directly to shareholders. Our shareholders received
$3.4 billion in capital in fiscal
2012 through our share repurchase and dividends, and Viacom is
firmly committed to achieving its strong capital return goals."
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Revenues
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Quarter
Ended
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Year
Ended
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September 30,
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B/(W)
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September 30,
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B/(W)
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|
2012
vs.
|
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2012
vs.
|
(in
millions)
|
2012
|
|
2011
|
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2011
|
|
2012
|
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2011
|
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2011
|
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Media
Networks
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$
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2,290
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$
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2,292
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-
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$
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9,194
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$
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9,145
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1
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%
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Filmed
Entertainment
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1,087
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1,793
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(39)
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4,820
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5,923
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(19)
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Eliminations
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(14)
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(32)
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NM
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(127)
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(154)
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NM
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Total
revenues
|
$
|
3,363
|
|
$
|
4,053
|
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(17)
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%
|
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$
|
13,887
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$
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14,914
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(7)
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%
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NM - Not
Meaningful
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Quarterly revenues were $3.36
billion, a decrease of 17% from $4.05
billion in the prior year. Media Networks revenues
were flat at $2.29 billion,
principally reflecting increased affiliate fees offset by lower
advertising and ancillary revenues. Domestic affiliate
revenues increased 12%, driven by rate increases and higher digital
revenues. Worldwide affiliate revenues increased 11%.
Domestic advertising revenues declined 6% and worldwide advertising
revenues decreased 7%. Filmed Entertainment revenues declined
39% to $1.09 billion, principally due
to the number and mix of theatrical and home entertainment titles
released in the quarter, and reflecting difficult comparisons with
the significant impact of Transformers: Dark of the Moon in
the fourth quarter of 2011. TV and ancillary revenues in the Filmed
Entertainment segment rose by 19% and 21%, respectively.
Full-year revenues were $13.89
billion, a 7% decline compared to the prior fiscal year,
driven by lower theatrical and home entertainment revenues in the
Filmed Entertainment segment. Media Networks revenues rose
$49 million to $9.19 billion, reflecting an 11% increase in
affiliate revenue to $3.89 billion
that was partially offset by a 5% decrease in advertising revenues
to $4.76 billion. Domestic affiliate
revenues increased 10% and domestic advertising revenues declined
4%. Filmed Entertainment revenues decreased 19% to $4.82 billion.
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Operating Income
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Quarter
Ended
|
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Year
Ended
|
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September 30,
|
|
B/(W)
|
|
September 30,
|
|
B/(W)
|
|
|
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|
|
|
2012
vs.
|
|
|
|
|
|
|
|
2012
vs.
|
(in
millions)
|
2012
|
|
2011
|
|
2011
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media
Networks
|
$
|
933
|
|
$
|
958
|
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(3)
|
%
|
|
$
|
3,889
|
|
$
|
3,848
|
|
1
|
%
|
Filmed
Entertainment
|
|
195
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|
|
185
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|
5
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|
|
325
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|
|
341
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|
(5)
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|
Corporate
expenses
|
|
(48)
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|
|
(47)
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(2)
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|
|
|
(192)
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|
|
(207)
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7
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Equity-based compensation
|
|
(30)
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|
|
(35)
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14
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|
|
(122)
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|
|
(128)
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5
|
|
Eliminations
|
|
-
|
|
|
(2)
|
|
NM
|
|
|
|
1
|
|
|
-
|
|
NM
|
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|
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|
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|
|
|
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|
|
|
|
|
|
Adjusted
operating income
|
$
|
1,050
|
|
$
|
1,059
|
|
(1)
|
|
|
$
|
3,901
|
|
$
|
3,854
|
|
1
|
|
Restructuring
|
|
-
|
|
|
(130)
|
|
NM
|
|
|
|
-
|
|
|
(144)
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
1,050
|
|
$
|
929
|
|
13
|
%
|
|
$
|
3,901
|
|
$
|
3,710
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
|
|
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Quarterly adjusted operating income was essentially flat
at $1.05 billion, due to a 3% decline
in the Media Networks segment partially offset by an increase in
Filmed Entertainment. Media Networks results reflected a
slight increase in expenses driven by higher operating costs
associated with increased programming investment, substantially
offset by lower selling, general and administrative expenses.
The 5% growth at Filmed Entertainment was driven by higher TV and
digital revenues and the beneficial impact of previously announced
strategic cost savings initiatives.
Full-year adjusted operating income increased
$47 million, or 1%, to $3.90 billion from $3.85
billion last year. Media Networks adjusted operating
income increased $41 million,
principally reflecting the net increase in revenues. Higher
operating expenses driven by programming investment were
substantially offset by decreases in selling, general and
administrative expenses and lower depreciation and amortization.
Filmed Entertainment adjusted operating income decreased
$16 million, principally reflecting a
difficult comparison with the one-time benefit from the sale of
certain Marvel distribution rights in the prior year, partially
offset by this year's increased digital revenues.
Quarterly adjusted net earnings from continuing operations
attributable to Viacom rose 2% to $626
million. The increase reflects gains from foreign
exchange and a lower effective corporate tax rate. Adjusted
diluted earnings per share from continuing operations for the
quarter were $1.21, a 14% increase
from $1.06 in the prior year's
comparable quarter.
Full-year adjusted net earnings from continuing operations
attributable to Viacom rose to $2.264
billion, an increase of 1% over the prior fiscal year.
The improvement was principally due to growth in adjusted operating
income. Full-year adjusted diluted earnings per share from
continuing operations increased 11% to $4.21, principally reflecting fewer outstanding
shares.
Stock Repurchase Program
For the quarter ended September 30,
2012, Viacom repurchased 14.2 million shares under its stock
repurchase program, for an aggregate purchase price of $700 million. During the year ended September 30, 2012, Viacom repurchased 59.9
million shares for an aggregate price of $2.8 billion. As of November 14, 2012, Viacom had $4.420 billion remaining in its $10 billion stock repurchase program.
Debt
At September 30, 2012, total debt
outstanding, including capital lease obligations, was $8.15 billion, compared with $7.37 billion at September
30, 2011. The Company's cash balances decreased to
$848 million at September 30, 2012, compared with $1.02 billion at September
30, 2011.
About Viacom
Viacom is home to the world's premier entertainment brands that
connect with audiences through compelling content across
television, motion picture, online and mobile platforms in over 160
countries and territories. With media networks reaching
approximately 700 million global subscribers, Viacom's leading
brands include MTV, VH1, CMT, Logo, BET, CENTRIC, Nickelodeon, Nick
Jr., TeenNick, Nicktoons, Nick at Nite, COMEDY CENTRAL, TV Land,
SPIKE, Tr3s, Paramount Channel and VIVA. Paramount Pictures,
celebrating its 100th year in 2012 and creator of many
of the most beloved motion pictures, continues today as a major
global producer and distributor of filmed entertainment. Viacom
operates a large portfolio of branded digital media experiences,
including many of the world's most popular properties for
entertainment, community and casual online gaming.
For more information about Viacom and its businesses, visit
www.viacom.com. Keep up with Viacom news by following Viacom's blog
at blog.viacom.com and Twitter feed at
www.twitter.com/Viacom.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains both historical and
forward-looking statements. All statements that are not statements
of historical fact are, or may be deemed to be, forward-looking
statements. Forward-looking statements reflect the Company's
current expectations concerning future results, objectives, plans
and goals, and involve known and unknown risks, uncertainties and
other factors that are difficult to predict and which may cause
actual results, performance or achievements to differ. These risks,
uncertainties and other factors include, among others: the public
acceptance of the Company's programs, motion pictures and other
entertainment content on the various platforms on which they are
distributed; technological developments and their effect in the
Company's markets and on consumer behavior; competition for
audiences and distribution; the impact of piracy; economic
conditions generally, and in advertising and retail markets in
particular; fluctuations in the Company's results due to the
timing, mix and availability of the Company's motion pictures;
changes in the Federal communications laws and regulations; other
domestic and global economic, business, competitive and/or
regulatory factors affecting the Company's businesses generally;
and other factors described in the Company's news releases and
filings with the Securities and Exchange Commission, including its
2012 Annual Report on Form 10-K and reports on Form 10-Q and Form
8-K. The forward-looking statements included in this document are
made only as of the date of this document, and the Company does not
have any obligation to publicly update any forward-looking
statements to reflect subsequent events or circumstances. If
applicable, reconciliations for any non-GAAP financial information
contained in this news release are included in this news release or
available on the Company's website at
http://www.viacom.com.
|
VIACOM
INC.
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
September 30,
|
|
September 30,
|
(in
millions, except per share amounts)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
3,363
|
|
$
|
4,053
|
|
$
|
13,887
|
|
$
|
14,914
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
1,564
|
|
|
2,185
|
|
|
6,993
|
|
|
7,868
|
Selling, general
and administrative
|
|
|
691
|
|
|
741
|
|
|
2,757
|
|
|
2,921
|
Depreciation and
amortization
|
|
|
58
|
|
|
68
|
|
|
236
|
|
|
271
|
Restructuring
|
|
|
-
|
|
|
130
|
|
|
-
|
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
|
2,313
|
|
|
3,124
|
|
|
9,986
|
|
|
11,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
1,050
|
|
|
929
|
|
|
3,901
|
|
|
3,710
|
Interest
expense, net
|
|
|
(105)
|
|
|
(102)
|
|
|
(417)
|
|
|
(412)
|
Equity in
net earnings (losses) of investee companies
|
|
|
(13)
|
|
|
(11)
|
|
|
12
|
|
|
40
|
Loss on
extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
(21)
|
|
|
(87)
|
Other
items, net
|
|
|
7
|
|
|
(9)
|
|
|
(5)
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
from continuing operations before provision for income
taxes
|
|
|
939
|
|
|
807
|
|
|
3,470
|
|
|
3,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes
|
|
|
(290)
|
|
|
(224)
|
|
|
(1,085)
|
|
|
(1,062)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings from continuing operations
|
|
|
649
|
|
|
583
|
|
|
2,385
|
|
|
2,183
|
Discontinued operations, net of tax
|
|
|
7
|
|
|
-
|
|
|
(364)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (Viacom and noncontrolling interests)
|
|
|
656
|
|
|
583
|
|
|
2,021
|
|
|
2,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(earnings) losses attributable to noncontrolling
interests
|
|
|
(6)
|
|
|
(7)
|
|
|
(40)
|
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings attributable to Viacom
|
|
$
|
650
|
|
$
|
576
|
|
$
|
1,981
|
|
$
|
2,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Viacom:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from
continuing operations
|
|
$
|
643
|
|
$
|
576
|
|
$
|
2,345
|
|
$
|
2,146
|
Discontinued
operations, net of tax
|
|
|
7
|
|
|
-
|
|
|
(364)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Viacom
|
|
$
|
650
|
|
$
|
576
|
|
$
|
1,981
|
|
$
|
2,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share attributable to Viacom:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
1.26
|
|
$
|
1.01
|
|
$
|
4.42
|
|
$
|
3.65
|
Discontinued
operations
|
|
$
|
0.01
|
|
$
|
-
|
|
$
|
(0.69)
|
|
$
|
(0.01)
|
Net
earnings
|
|
$
|
1.27
|
|
$
|
1.01
|
|
$
|
3.73
|
|
$
|
3.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share attributable to Viacom:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
1.24
|
|
$
|
1.00
|
|
$
|
4.36
|
|
$
|
3.61
|
Discontinued
operations
|
|
$
|
0.02
|
|
$
|
-
|
|
$
|
(0.67)
|
|
$
|
(0.02)
|
Net
earnings
|
|
$
|
1.26
|
|
$
|
1.00
|
|
$
|
3.69
|
|
$
|
3.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
511.1
|
|
|
569.2
|
|
|
530.7
|
|
|
587.3
|
Diluted
|
|
|
517.9
|
|
|
577.0
|
|
|
537.5
|
|
|
594.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared per share of Class A and Class B common stock
|
|
$
|
0.275
|
|
$
|
0.25
|
|
$
|
1.05
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIACOM
INC.
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
September 30,
|
(in
millions, except par value)
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
848
|
|
$
|
1,021
|
Receivables, net
|
|
|
2,533
|
|
|
2,732
|
Inventory, net
|
|
|
832
|
|
|
828
|
Deferred tax assets, net
|
|
|
68
|
|
|
41
|
Prepaid and other assets
|
|
|
572
|
|
|
639
|
|
|
|
|
|
|
|
Total current assets
|
|
|
4,853
|
|
|
5,261
|
Property
and equipment, net
|
|
|
1,068
|
|
|
1,057
|
Inventory,
net
|
|
|
4,205
|
|
|
4,239
|
Goodwill
|
|
|
11,045
|
|
|
11,064
|
Intangibles, net
|
|
|
328
|
|
|
392
|
Other
assets
|
|
|
751
|
|
|
788
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
22,250
|
|
$
|
22,801
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
255
|
|
$
|
386
|
Accrued expenses
|
|
|
943
|
|
|
1,193
|
Participants' share and residuals
|
|
|
989
|
|
|
1,158
|
Program rights obligations
|
|
|
569
|
|
|
475
|
Deferred revenue
|
|
|
230
|
|
|
187
|
Current portion of debt
|
|
|
18
|
|
|
23
|
Other liabilities
|
|
|
826
|
|
|
520
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
3,830
|
|
|
3,942
|
|
|
|
|
|
|
|
Noncurrent
portion of debt
|
|
|
8,131
|
|
|
7,342
|
Participants' share and residuals
|
|
|
533
|
|
|
487
|
Program
rights obligations
|
|
|
642
|
|
|
771
|
Deferred
tax liabilities, net
|
|
|
5
|
|
|
123
|
Other
liabilities
|
|
|
1,491
|
|
|
1,351
|
Redeemable
noncontrolling interest
|
|
|
179
|
|
|
152
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viacom
stockholders' equity:
|
|
|
|
|
|
|
Class A Common stock, par value $0.001, 375.0 authorized; 51.1 and
51.4
|
|
|
|
|
|
|
outstanding, respectively
|
|
|
-
|
|
|
-
|
Class B Common stock, par value $0.001, 5,000.0 authorized; 455.9
and 506.9
|
|
|
|
|
|
|
outstanding, respectively
|
|
|
1
|
|
|
1
|
Additional paid-in capital
|
|
|
8,916
|
|
|
8,614
|
Treasury stock, 267.1 and 207.2 common shares held in treasury,
respectively
|
|
|
(11,025)
|
|
|
(8,225)
|
Retained earnings
|
|
|
9,820
|
|
|
8,418
|
Accumulated other comprehensive loss
|
|
|
(264)
|
|
|
(164)
|
|
|
|
|
|
|
|
Total
Viacom stockholders' equity
|
|
|
7,448
|
|
|
8,644
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
(9)
|
|
|
(11)
|
|
|
|
|
|
|
|
Total
equity
|
|
|
7,439
|
|
|
8,633
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
$
|
22,250
|
|
$
|
22,801
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES REGARDING
NON-GAAP FINANCIAL INFORMATION
The following tables reconcile the Company's results for the
quarter and year ended September 30,
2012 and 2011 to adjusted results that exclude the impact of
certain items identified as affecting comparability ("Factors
Affecting Comparability"), including restructuring charges,
extinguishment of debt and discrete tax benefits. The Company
uses consolidated adjusted operating income, adjusted net earnings
from continuing operations attributable to Viacom and adjusted
diluted earnings per share ("EPS") from continuing operations, as
applicable, among other measures, to evaluate the Company's actual
operating performance and for planning and forecasting of future
periods. The Company believes that the adjusted results provide
relevant and useful information for investors because they clarify
the Company's actual operating performance, make it easier to
compare Viacom's results with those of other companies and allow
investors to review performance in the same way as our
management. Since these are not measures of performance
calculated in accordance with generally accepted accounting
principles, they should not be considered in isolation of, or as a
substitute for, operating income, net earnings from continuing
operations attributable to Viacom and diluted EPS as indicators of
operating performance, and they may not be comparable to similarly
titled measures employed by other companies.
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
September 30, 2012
|
|
Operating
Income
|
|
Pre-tax
Earnings
from
Continuing
Operations(1)
|
|
Net
Earnings from Continuing
Operations Attributable to
Viacom(2)
|
|
Diluted
EPS
from
Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
results
|
$
|
1,050
|
|
$
|
939
|
|
$
|
643
|
|
$
|
1.24
|
Factors
Affecting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax benefits(5)
|
|
-
|
|
|
-
|
|
|
(17)
|
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
results
|
$
|
1,050
|
|
$
|
939
|
|
$
|
626
|
|
$
|
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
September 30, 2011
|
|
Operating
Income
|
|
Pre-tax
Earnings
from
Continuing
Operations(1)
|
|
Net
Earnings from Continuing
Operations Attributable to
Viacom(2)
|
|
Diluted
EPS
from
Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
results
|
$
|
929
|
|
$
|
807
|
|
$
|
576
|
|
$
|
1.00
|
Factors
Affecting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring(4)
|
|
130
|
|
|
130
|
|
|
90
|
|
|
0.15
|
Discrete tax benefits(5)
|
|
-
|
|
|
-
|
|
|
(52)
|
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
results
|
$
|
1,059
|
|
$
|
937
|
|
$
|
614
|
|
$
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
September 30, 2012
|
|
Operating
Income
|
|
Pre-tax
Earnings
from
Continuing
Operations(1)
|
|
Net
Earnings from Continuing
Operations Attributable to
Viacom(2)
|
|
Diluted
EPS
from
Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
results
|
$
|
3,901
|
|
$
|
3,470
|
|
$
|
2,345
|
|
$
|
4.36
|
Factors
Affecting Comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Extinguishment of debt(3)
|
|
-
|
|
|
21
|
|
|
13
|
|
|
0.02
|
Discrete tax benefits(5)
|
|
-
|
|
|
-
|
|
|
(94)
|
|
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
results
|
$
|
3,901
|
|
$
|
3,491
|
|
$
|
2,264
|
|
$
|
4.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
September 30, 2011
|
|
Operating
Income
|
|
Pre-tax
Earnings
from
Continuing
Operations(1)
|
|
Net
Earnings from Continuing
Operations Attributable to
Viacom(2)
|
|
Diluted
EPS
from
Continuing
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
results
|
$
|
3,710
|
|
$
|
3,245
|
|
$
|
2,146
|
|
$
|
3.61
|
Restructuring(4)
|
|
144
|
|
|
144
|
|
|
99
|
|
|
0.17
|
Extinguishment of debt(3)
|
|
-
|
|
|
87
|
|
|
54
|
|
|
0.09
|
Discrete tax benefits(5)
|
|
-
|
|
|
-
|
|
|
(52)
|
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
results
|
$
|
3,854
|
|
$
|
3,476
|
|
$
|
2,247
|
|
$
|
3.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Pre-tax
earnings from continuing operations represent earnings before
provision for income taxes.
|
(2) The tax
impact has been calculated using the rates applicable to the
adjustments presented.
|
(3) Adjusted
results for the year ended September 30, 2012 exclude a pre-tax
debt extinguishment loss of $21 million on the
redemption of all
$750 million our outstanding 6.850% Senior Note due
2055. Adjusted results for the year ended September 30,
2011
exclude a pre-tax
debt extinguishment loss of $87 million on the
repurchase of $582 million of our 6.250% Senior Notes
due 2016.
|
(4) Adjusted
results for the quarter ended September 30, 2011 exclude $77
million and $53 million of restructuring charges at the
Media
Networks and Filmed
Entertainment segments, respectively. Adjusted results for the year
ended September 30, 2011 also exclude
$14 million of employee separation
costs attributable to the Media Networks segment, which occurred in
the third quarter.
|
(5) Adjusted
results for the quarter and year ended September 30, 2012 exclude
$17 million and $94 million of discrete tax benefits,
respectively. The benefits recognized in the quarter are
principally derived from operating loss carryforwards. Adjusted
results for
the year ended September 30, 2012 also include
benefits from capital loss carryforwards, as well as reserve
releases resulting
from effectively settled audits. Adjusted results
for the quarter and year ended September 30, 2011 exclude $52
million of discrete
tax benefits principally related to reserve
releases resulting from effectively settled audits.
|
|
SOURCE Viacom Inc.