UPDATED: Ratings have been soft for AMC‘s Revolutionary War spy drama Turn, but it hasn’t run out of time yet. Execs “like what we’re seeing so far…it’s a feel thing,” COO Ed Carroll told analysts this morning. “We look at the show runner and the story arc; do we have a compelling story to tell.” He adds that Turn “will appear on the Netflix platform” although that won’t happen “for a while.”
PREVIOUS, 4:18 AM: The audience for the show about zombies increased 24% in its fourth season. But investors may be more interested today in the impact that newly acquired Chellomedia is having on AMC Networks. The programming company reported net income for Q1 of $71.4M, +16% vs the period last year, on revenues of $524.6M, +37.3%. That was comfortably ahead of the consensus analyst prediction of $507.5M. Still, adjusted earnings at $1.04 a share missed forecasts for $1.16. AMC’s hits helped to boost ad sales at the National Networks operation by 26.8%, while fees from cable and satellite companies increased 15.9%. As a result, the unit reported a 20.7% lift in revenues, to $448.7M, although rising costs limited growth in cash flow, at $177.7M, to 8%. Results were more volatile at the International and Other business, which added European programmer Chellomedia to AMC’s overseas channels and IFC Films. With the acquisition, revenues jumped 634.8% to $76.6M, with a cash flow loss of $11.0M, an improvement from last year’s $15.4M loss. The numbers include $14M in acquisition related costs. “Having completed our acquisition of Chellomedia, we are quickly integrating those networks and are streamlining our operations,” CEO Josh Sapan says. “We view our now-robust international platform as a springboard for additional growth for the company in the years ahead as we continue to focus on creating and delivering maximum value for our shareholders.”
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.