DREAMWORKS - VIACOM RESULTS OFF IN FIRST STAND-ALONE QUARTER

Although Viacom's first-quarter profits fell 9 percent to $317.2 million from $350.3 million during the same period a year ago, results exceeded analysts' expectations. Total revenue rose 12 percent to $2.37 billion, with box-office revenue from newly acquired DreamWorks films accounting for most of it. "Filmed Entertainment -- DreamWorks to the rescue (sort of)," wrote Merrill Lynch analyst Jessica Reif Cohen in her note to clients.) However, higher interest payments resulting from the DreamWorks purchase eroded the jump in revenue. So did a big drop in sales at its overseas cable networks, particularly in Germany.

12/05/2006