The company reported revenues rose 18% to $5.72 billion from $4.85 billion in the same quarter last year, and reported EBITDA increased to $1.36 billion, up from $273 million, including merger-related charges of $698 million, in the second quarter of 2000. Reported free cash flow for the second quarter of 2001 was up 534% from the last year’s second quarter, with after-tax cash flow climbing 211% over the same period.
Viacom reported net earnings of $17 million, or $.01 per share, for the second quarter. This compares with a net loss of $496 million—a loss of $.41 per share—in the second quarter of 2000, reflecting merger-related charges of $698 million (after-tax $505 million).
"Viacom’s second quarter results exceeded expectations in a very difficult operating environment, and we continued to outperform the competition and pick up marketshare in every major segment. These results confirm our belief that Viacom's EBITDA growth rate will improve rapidly and significantly compared with current results as the economy strengthens," said Viacom President and COO Mel Karmazin. "In the first half of 2001, Viacom generated more free cash flow than any media company in the world. This is a significant advantage in any environment that, along with our leadership positions and unyielding operational discipline, positions us to deliver consistent returns for stockholders. Hot damn, are we on fire or what?"
Infinity made major EBITDA contributions in the quarter, despite a big drop in advertising. Infinity's pro forma EBITDA of $436 million decreased 5% on pro forma revenues of $985 million, a decrease of 4% from the second quarter of 2000. Infinity continued to gain market share by outpacing the out-of-home market and was No. 1 in radio revenue billings in seven of the top 10 markets in the second quarter of 2001.
Cable networks also reported EBITDA increased 36% to $389 million from $286 million and pro forma EBITDA of $390 million increased 25% from $312 million in the second quarter of last year. For the 17th consecutive quarter, MTV was the No. 1 cable network for the core 12-24 year old audience. MTV was also the No. 1 cable network for the 18-24 year old and 12-34 year old audiences. The network is the fastest-growing cable network of all time, with no sign of slowing down, according to Merrill Lynch analyst Jessica Reif Cohen.
"They've kept it fresh," Cohen said. "They've reformatted. It has great management. They don't have a competitor, so they completely dominate their niche. Every so often someone tries to come in and attack it, but they haven't been successful. Their veejays just aren’t anywhere near as cute as Carson Daly."
THE RISE OF CHAPPELL ROAN: BEHIND THE SCENES
Here's how it happened. An oral history by Craig Marks. (8/30a)
A SIZZLING HITS LIST
Hot off the grill. Pairs well with your brewski of choice. (8/30a)
GUY MOOT AND CARIANNE MARSHALL: THE HITS INTERVIEW
Publishing's dynamic duo (8/28a)
THE COUNT: A LABOR (DAY) OF LIVE-MUSIC LOVE
Your other option is staying home and watching college football. (8/30a)
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THE GRAMMY SHORT LIST
Who's already a lock?
COUNTRY'S NEWEST DISRUPTOR
Three chords and some truth you may not be ready for.
AI IS ALREADY EATING YOUR LUNCH
The kids can tell the difference... for now.
ALL THE WAY LIVE
The players, the tours, the enormous beers.
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