MUMBAI: US media conglomerate Viacom has reported results for the fourth quarter and year ended 30 September 2012, with bottom line growth and substantial increases in earnings per share.

Revenues for the full year were $13.89 billion, down seven per cent from the previous year, reflecting higher Media Networks revenues, more than offset by lower film revenues. Adjusted operating income grew by one per cent to $3.9 billion, principally reflecting higher Media Networks revenues.

Its full year adjusted net earnings from continuing operations attributable to Viacom rose by one per cent to $2.26 billion and full-year adjusted diluted earnings per share from continuing operations increased by 11 per cent to $4.21 per diluted share, reflecting the impact of the company?s ongoing share repurchase program.

Its revenues in the fourth quarter declined 17 per cent to $3.36 billion, due to lower filmed revenues. Adjusted operating income of $1.05 billion was essentially flat compared to the prior year?s comparable quarter as the revenue decrease was substantially offset by lower expenses. Adjusted net earnings from continuing operations attributable to Viacom in the fourth quarter rose by two per cent to $626 million, and adjusted diluted earnings per share from continuing operations increased 14% to $1.21.

Viacom executive chairman Sumner M. Redstone said, "Viacom continues to create many of the world?s best known and most exciting media properties, and delights audiences across the globe with content for every screen imaginable. Our unparalleled creative minds and Philippe?s outstanding management position Viacom perfectly for long-term growth."

Viacom president, CEO Philippe Dauman said, "Viacom is executing on its goals of continued investment in great content, ongoing operational excellence and ever-increasing returns to shareholders. Our Media Networks drove value in the quarter and the year through steady growth in distribution revenues, and the production of new and engaging programming that connects with valuable audiences. Viacom?s media brands have built unrivaled connections with their fans, creating unique experiences and powerful opportunities for advertisers.

"We continue to invest in our future across all platforms and geographies. Paramount also continued to achieve solid margin growth in the fourth quarter and full year, and has an exciting pipeline in place with eight films in the first fiscal quarter, including Jack Reacher, DreamWorks Animation?s Rise of the Guardians and the recently released Flight.

"Viacom?s balance sheet remains strong, providing the flexibility to invest in our business while delivering capital directly to shareholders. Our shareholders received $3.4 billion in capital in fiscal 2012 through our share repurchase and dividends, and Viacom is firmly committed to achieving its strong capital return goals."

In the fourth quarter media networks revenues were flat at $2.29 billion, principally reflecting increased affiliate fees offset by lower advertising and ancillary revenues. Domestic affiliate revenues increased 12 per cent, driven by rate increases and higher digital revenues. Worldwide affiliate revenues increased 11 per cent. Domestic ad revenues declined by six per cent and worldwide advertising revenues decreased by seven per cent. Film revenues declined by 39 per cent to $1.09 billion, principally due to the number and mix of theatrical and home entertainment titles released in the quarter, and reflecting difficult comparisons with the significant impact of Transformers: Dark of the Moon in the fourth quarter of 2011. TV and ancillary revenues in the Filmed Entertainment segment rose by 19 and 21 per cent respectively.

For the year media networks revenues rose $49 million to $9.19 billion, reflecting an 11 per cent increase in affiliate revenue to $3.89 billion that was partially offset by a five per cent decrease in ad revenues to $4.76 billion. Domestic affiliate revenues increased by 10 per cent and domestic ad revenues declined by four per cent. Film revenues decreased by 19 per cent to $4.82 billion.

Quarterly adjusted operating income was essentially flat at $1.05 billion, due to a three per cent decline in the Media Networks segment partially offset by an increase in Filmed Entertainment. Media Networks results reflected a slight increase in expenses driven by higher operating costs associated with increased programming investment, substantially offset by lower selling, general and administrative expenses. The 5% growth at Filmed Entertainment was driven by higher TV and digital revenues and the beneficial impact of previously announced strategic cost savings initiatives.

Full-year adjusted operating income increased $47 million, or one per cent, to $3.90 billion from $3.85 billion last year. Media networks adjusted operating income increased $41 million, principally reflecting the net increase in revenues. Higher operating expenses driven by programming investment were substantially offset by decreases in selling, general and administrative expenses and lower depreciation and amortization. Film adjusted operating income decreased $16 million, principally reflecting a difficult comparison with the one-time benefit from the sale of certain Marvel distribution rights in the prior year, partially offset by this year?s increased digital revenues.

Quarterly adjusted net earnings from continuing operations attributable to Viacom rose by two per cent to $626 million. The increase reflects gains from foreign exchange and a lower effective corporate tax rate. Adjusted diluted earnings per share from continuing operations for the quarter were $1.21, a 14% increase from $1.06 in the prior year?s comparable quarter.

Full-year adjusted net earnings from continuing operations attributable to Viacom rose to $2.264 billion, an increase of one per cent over the prior fiscal year. The improvement was principally due to growth in adjusted operating income. Full-year adjusted diluted earnings per share from continuing operations increased by 11 per cent to $4.21, principally reflecting fewer outstanding shares.