Viacom 4Q earnings up 13 pct despite revenue drop

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Associated Press

Posted on November 15, 2012 at 7:00 AM

Updated Thursday, Nov 15 at 7:02 AM

NEW YORK (AP) — Viacom says net income grew 13 percent in the most recent quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.

Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier.

After adjusting for one-time items, earnings came to $1.21. Analysts were expecting $1.17.

Revenue fell 17 percent to $3.36 billion, below the $3.41 billion expected by analysts surveyed by FactSet.

Viacom Inc.'s Paramount movie studio division saw revenue fall 39 percent to $1.09 billion in the fiscal fourth quarter because it had no blockbuster release. A year ago, it had the latest "Transformers" movie.

Revenue at the cable TV network business was largely unchanged.

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