AMC Networks said its flagship AMC outlet continued to boost results, as advertising demand increased, primarily for original programming at the network best known for programs like “The Walking Dead.”
The company’s net income in the fourth quarter rose to $35.4 million, or 49 cents per share, compared with $15.2 million, or 21 cents per share, a year earlier. Wall Street had expected earnings to come in 29 cents higher per share.
Fourth-quarter revenue rose 18.7%, or $69 million, to $435 million, led by a 19.3% rise in revenue at the company’s national cable networks, which also include IFC, Sundance and We. Revenue at the national networks came to about $404 million. Advertising revenue at those networks rose 31% to $205 million.
The company recorded a charge of about $52 million in the fourth quarter to account for the write-down of programming assets. In a research note issued Thursday, Bernstein Research analyst Todd Juenger estimated the write-down accounted for about 5% of programming inventory. In a conference call with investors, AMC executives said the writedown primarily encompassed canceled shows “The Killing” and “Low Winter Sun.”