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News Corp. profit up
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August 12, 1998: 7:57 p.m. ET
Media conglomerate reports stronger profits led by film, coupon divisions
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NEW YORK (CNNfn) - Rupert Murdoch's News Corp. late Wednesday said operating profits more than doubled in its fiscal fourth quarter, led by stronger results at the box office.
For the quarter ended June 30, the Australian company reported profits excluding one-time items totaling $266 million, or 27 cents per American depositary receipt (ADR), compared with $142 million, or 14 cents, a year earlier.
Analysts had anticipated profits of 30 cents, according to First Call.
Revenue rose 17.6 percent to $3.24 billion.
Growth was bolstered by News Corp.'s August 1997 purchase of Heritage Media Corp., a provider of in-store coupons. The acquisition contributed to a 40 percent increase in revenue at the magazine and inserts division.
The film division was helped by the worldwide success of "Titanic" and "The Full Monty." The theatrical results of "The X-Files and "Dr. Dolittle" will be reflected in fiscal 1999 results as will the upcoming video release of "Titanic."
The earnings report came as the Australian media conglomerate attempts to close its books on the fiscal year ahead of its previously announced initial public offering of the Fox media group, which includes broadcasting, cable, film and sports assets.
In a statement, the company said it believes that its decision to sell shares in the Fox Entertainment Group in a public offering will enable the investment community to better value the various entertainment assets and other businesses that News Corp. owns.
For the full year, News Corp. said operating profits totaled $1.22 billion, or $1.26 per ADR, on revenue of $12.8 billion.
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News Corp.
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