VIACOM REVENUES UP
Excluding pre-tax charges of $698 million, related to the company's recent merger with CBS, Viacom reported a 101% increase in EBITDA (which is made much more interesting if you imagine the word said by Andy Kaufman as Latka Gravas). The company's EBITDA rose to a record $971 million and a 79% increase in after-tax cash flow to a record $601 million.
On a pro forma basis, revenues increased 13% to $5.8 billion, compared to $5.1 billion for the same period in 1999. Second quarter EBITDA rose 18% to $1.2 billion, compared to $1 billion last year. After-tax cash flow was also up, climbing 25% (from $623 million to $776 million). Viacom recorded net earnings of $9 million, or $.01 a share, for the second quarter, again excluding merger-related charges.
"The Viacom/CBS merger is off to an extraordinary start," said Viacom Chairman and CEO Sumner Redstone from the jacuzzi in the back of his block-long limo. "Our core businesses are performing at record levels both financially and creatively, with highlights that include the summer's top grossing film, ‘Mission: Impossible 2,' and the unprecedented television ratings phenomenon, ‘Survivor.' Now, if you'll excuse me, I have to dry off with a dip in my Olympic-sized pool filled with thousand-dollar bills."
Viacom President and COO Mel Karmazin seconded Redstone's comments, especially the last one. "Viacom registered a superb company-wide performance in the second quarter, with significant revenue growth and 20%-plus EBITDA increases," Karmazin said, while crushing an assistant under his wallet. "Blah blah blah pro forma basis yadda yadda vitality of core businesses blah blah leverage an extremely robust blah blah blah and quarter-to-quarter EBITDA increases yadda yadda Blockbuster's EBITDA, Paramount Pictures' EBITDA, all god's chilluns got EBITDA."
Along with Blockbuster, Paramount and SonicNet.com, Viacom owns MTV, VH1, CMT and about a dozen other spots on your cable system.
