Viacom earnings fall, Harmonix dispute blamed
Company attributes 65 per cent drop in Q1 profits to legal dispute
The latest figures from Viacom show a 65 per cent fall in net earnings compared to the previous year, a fall it at least partly attributes to its on going dispute with Harmonix.
For Q1 2012 the company showed net earnings of $212 million for the quarter ending December 31 2011. This figure showed a $398 million drop from the previous year's $610 million.
It was a drop that James W Barge, chief financial officer, blamed on the recent legal battle with Harmonix.
"I'd like to note that discontinued operations in the December quarter of this year reflects the $383 million charge related to the earn-out dispute with the former shareholders of Harmonix," he stated.
"In this regard, I would note that we have filed a lawsuit seeking to compel consideration of arguments and evidence that we believe were inappropriately excluded from the dispute resolution process."
Revenues stood at $3,952 million for the quarter, compared to $3,828 in the same period last year, and expenses of $2,185 million compared to $2,017 million in 2010.
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