VIACOM REPORTS RECORD-BREAKING RESULTS

The company reported Q4 revenues rose 78% to $6.36 billion, up from $3.57 billion for the same period last year. Also, EBITDA—which can be scrambled to spell "beat Di"—increased 129% to a whopping $1.36 billion, from $595 million in the year previous. Results were led by significant increases in Viacom's Cable Networks and Television segments—which include MTV, VH1, BET, CMT, CBS and UPN—and by Infinity Broadcasting Corp.

For the full year 2000, Viacom exceeded pro forma (as opposed to "anti-forma") growth targets, led by double-digit gains from nearly every major segment. For the full year 2000, Viacom reported pro forma EBITDA of $5.02 billion (on revenues of $23.36 billion) versus $4.26 billion (on $21.7 billion) in 1999. Pro forma free cash flow for the full year also grew to a record $2.53 billion—173% over 1999's $927 million. Pro forma after-tax cash flow was up 75% to $3.24 billion from $1.86 billion in ‘99.

Full year revenues increase 56% to a record $20.04 billion, compared with $12.86 billion for 1999.

Including merger-related charges of $698 million (and them's pre-tax dollars!)—reflecting the Viacom-CBS merger—Viacom reported full year 2000 EBITDA of $3.54 billion, up 69% from $2.09 last year.

Free cash flow blah blah blah $1.09 billion, up from $314 million, and after-tax cash flow yadda yadda $2.56 billion, up 151% from $1.02 billion blah blah 1999.

"Viacom capped a momentous year in 2000 by delivering record results for our stockholders," said Viacom Chairman and CEO Sumner Redstone. "Blah blah blah financial goals we set yadda yadda demonstrating the power of the Viacom-CBS merger. As a result, we blah blah high growth yadda yadda financially and operationally disciplined management team blah blah superior returns."

And if you're still reading this, we'd like to speculate that Steven, the undercover cop, is The Mole.