AMC Networks said the coronavirus pandemic and a substantial impairment charge contributed to a significant decline in second quarter profit, the latest media company to show the signs of grappling with conditions that have scuttled TV production and slowed the flow of advertising.
The New York owner of the AMC, IFC and Sundance cable networks said net income fell to $15 million, or 28 cents a share, compared with $128.7 million, or $2.25 a share, in the year-earlier quarter period. Excluding one time items, including a $130 million impairment charge related to its international operations, adjusted earnings per share fell to $2.39 a share from $2.60 a share.
Revenue fell 16.3% to $646.3 million in the quarter.
But AMC Networks performed better than expected, as both revenue and earnings per share beat Wall Street’s estimates.
More to come…
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