News Summary: Viacom adjusted profit, revenue fall
THE RESULTS: Viacom's net income rose sharply in its fiscal first quarter because the same period a year earlier had a large accounting charge. Revenue and adjusted earnings fell, though profit beat expectations by a penny.
WHAT HAPPENED: Revenue at the Paramount studio business fell because the year-ago quarter had a stronger release schedule. There was also lower advertising revenue at the Nickelodeon television channels.
LOOKING AHEAD: Viacom says Nickelodeon is showing signs of improvement and will focus on strengthening its Saturday morning lineup, its weekday afternoon shows and its preschool viewership.