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Film, TV Units Boost Fox 1Q Profits

Fox’s film and TV-production unit drove the company’s 57% profit growth over last quarter, to $611 million, on an 18% revenue gain to almost $2.8 billion in Fox’s first fiscal quarter 2004, which ended Sept. 30.

The production unit almost tripled its profits to $345 million on a 41% revenue gain to almost $1.3 billion. Operating losses at the Fox network expanded in the quarter versus the same quarter a year ago, to $41 million of red ink this year compared to $3 million last year. Ratings declines and program cancellation costs were cited, as network revenues dropped 7% to $394 million.

TV station revenue was flat at $518 million, while profits climbed 6% to $237 million. Cable network revenues were up 14% to $596 million with a 12% gain in operating cash flow to $143 million.