NEW YORK, NY -- News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported full year total segment operating income of $4.0 billion, a $401 million or an 11% increase from the $3.6 billion reported a year ago. Excluding the one-time $500 million litigation charge from the current year and considering the absence of the $121 million earnings contributions from NDS Group plc (NDS), which was not consolidated in fiscal 2010, total segment operating income growth was 30%.
Current year revenues of $32.8 billion increased 8% from the $30.4 billion reported in fiscal 2009. The higher full year total segment operating income was the result of double digit growth at the majority of the Companys business segments, partially offset by lower contributions from the Direct Broadcast Satellite Television and Other segments.
The Company reported net income for the full year of $2.5 billion ($0.97 per share) as compared to a net loss of $3.4 billion ($1.29 per share) reported in fiscal 2009. The full year results primarily reflect the increased total segment operating income results noted above as well as improved equity earnings of affiliates. Additionally, the prior year results included $9.2 billion in pre-tax impairment and other charges partially offset by a non-cash tax benefit of $1.1 billion from the resolution of various tax matters and a net gain of $1.2 billion on the partial sale of the Companys interest in NDS.
For the fourth quarter, the Company reported total segment operating income of $932 million, compared with $948 million reported a year ago. This slight decline was primarily driven by increased contributions from the Cable Network Programming, Television and Newspapers and Information Services segments, which were more than offset by lower contributions from the remaining business segments.
The Company reported fourth quarter net income of $875 million ($0.33 per share) as compared to a net loss of $203 million ($0.08 per share) reported in the fourth quarter a year ago. Fourth quarter results include a gain on the sale of the Companys Bulgarian TV station, the Companys share of a favorable British Sky Broadcasting Group plc (BSkyB) litigation settlement and a non-cash tax benefit related to the recognition of
certain prior year tax credits. The positive impact from these items was partially offset by an impairment and restructuring charge of $217 million related to the Companys international outdoor and mobile businesses. The fourth quarter a year ago included $680 million in impairment and restructuring charges.
Commenting on the results, Chairman and Chief Executive Officer Rupert Murdoch said: "I am very pleased with the overall 30% increase, which is more than three times the growth we were projecting when we started the fiscal year. Despite the volatility of world economies, News Corporation continues to thrive on a truly global scale. Having the biggest worldwide movie in history helped us achieve these Fiscal 2010 results, but that was just a part of a much broader improvement at News Corporation. These results underscore just how well positioned we are fiscally,
operationally and strategically for further growth across all of our markets. The opportunity for us to expand the scale of our franchises is significant, including through taking advantage of the continual technological advances that will broaden the reach of our core content and distribution businesses. So as we turn to Fiscal 2011 and beyond, I am confident in our businesses and in our people to deliver superior results."
Filmed Entertainment reported fourth quarter segment operating income of $137 million, as compared to the $203 million reported for the same period a year ago. The decline was primarily due to lower contributions from worldwide theatrical releases as compared to the prior year, which included Night at the Museum: Battle of the Smithsonian and X-Men Origins: Wolverine. In addition, the fourth quarter included lower pay and free TV revenues due to timing. The decline in the quarter was partially offset by an increase in worldwide home entertainment revenues, primarily due to the DVD sales of Avatar, which is the best selling Blu-Ray title of all-time.
For the full year, segment operating income increased to a record $1.3 billion, from $848 million reported in fiscal 2009. This growth was driven by the blockbuster worldwide theatrical and home entertainment performances of Avatar and Ice Age: Dawn of the Dinosaurs and several other successful theatrical releases.