Starz Q2 Profit Declines On Income Tax Expense, Revenues Up 29%

(RTTNews) - Media and entertainment company Starz (STRZA) reported a decline in second-quarter profit, reflecting higher income tax expense, despite 29 percent growth in revenues.

Net income attributable to stockholders declined to $63.89 million or $0.52 per share from $68.73 million or $0.57 per share in the previous year.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Income tax expense for the recent quarter totaled $38.22 million, higher than $26.12 million last year.

However, total revenues climbed to $517.42 million from $402.56 million in the same quarter last year. Analysts estimated revenues of $406.77 million for the quarter.

Chris Albrecht, Chief Executive Officer said, "Starz delivered solid operational and financial performance in the second quarter. We achieved a new all-time subscriber high at STARZ with nearly 22 million subscribers."