The numbers look good, even though they were helped by one-time developments including an increase in the number and performance of films it distributes for The Weinstein Co. Starz reported net income of $66.0M, -5.1% vs last year’s Q2, on revenues of $517.4M, +28.5%. The top line was well above the $406.8M that analysts expected. Earnings at 52 cents a share also beat forecasts for 42 cents. Starz says it had a $18.6M one-time gain as two new affiliation agreements enabled it to recognize deferred revenue, in addition to the help from Weinstein. That was partly offset by a reduction in its productions at the Film Roman animation studio. Ad and marketing costs also rose as it promoted two original series vs one in the same period last year. Starz subscriptions increased 5% from a year ago to 21.8M while Encore was +3% to 35.1M. “Our plan for original programming is increasing in both quality and scale thanks to the recent greenlight of both Outlander and Power, with both dramatic series expected to have their Starz premieres in 2014,” CEO Chris Albrecht says. “With The White Queen debuting this month and drawing strong buzz domestically and abroad, we are well positioned to continue momentum with our original programming heading into 2014 where five series are now scheduled to air on our flagship network, led off by Black Sails which we have already renewed for a second season.”
Starz Beats Q2 Earnings Expectations With Increase In Weinstein Co Titles
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