Because of a big gain from the Dish Network litigation a year ago, AMC Networks reported lower profits in the second quarter.
The company’s international operations a reported a profit after a loss to a year ago, but higher expenses cut into cash flow at AMC’s national networks.
Net income was $58.7 million, or 81 cents a share, compared to $135.7 million, or $1.90 a year ago. Excluding a $133 million gain from the Dish Network litigation over the Voom high defnintion programming service a year ago, earnings were up 12.5%.
Revenues rose $38% to $522 million.
“AMC Networks once again generated double-digit increases in revenue and AOCF in the second quarter as we continued to create value for our shareholders by investing in high-quality original programming that builds our brands, strengthens our relationships with distributors and advertisers and creates highly passionate and dedicated viewers,” CEO Josh Sapan said in a statement.
At AMC’s national networks, AMC, WE TV, IFC and Sundance TV, cash flow fell 9.4% to $136.9 million because of an increase in programming and marketing expenses.
Revenues were up 8.7% to $398 million, with ad revenues up 11.3% to $164 million. The company says ad sales rose became of strong demand for original programming on its networks.
