Twenty-First Century Fox 2006 Annual Report Download - page 112
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News Corporation
Notes totheConsolidated Financial Statements (CONTINUED)
Management believes that Operating income (loss) before depreciation andamortization is an appropriate measure for
evaluating the operating performance of the Company’s business segments. Operating income (loss) before depreciation
and amortization provides management, investors and equity analysts ameasure to analyze operating performance of each
business segment and enterprise value against historical and competitors’ data, although historical results, including
Operating income (loss) before depreciation andamortization, may not be indicative of future results (as operating
performance is highly contingent on manyfactors including customer tastes and preferences).
2006 2005 2004
For the years ended June 30, (in millions)
Revenues:
Filmed Entertainment $6,199 $5,919 $5,187
Television 5,334 5,338 5,027
Cable Network Programming 3,358 2,6882,409
Direct Broadcast Satellite Television 2,542 2,313 1,665
Magazines and Inserts 1,090 1,068 979
Newspapers 4,095 4,083 3,425
Book Publishing 1,312 1,3271,276
Other 1,397 1,123 834
Total revenues $25,327 $23,859 $20,802
Operating income:
Filmed Entertainment $1,092 $1,058 $905
Television 1,032 952 950
Cable Network Programming 864 702 488
Direct Broadcast Satellite Television 39 (173) (277)
Magazines and Inserts 307 298 271
Newspapers 517 740 565
Book Publishing 167 164 157
Other (150) (177) (128)
Total operating income (loss) 3,868 3,564 2,931
Interest expense, net (545) (536) (532)
Equity earnings (losses) of affiliates 888 355 170
Other, net 194 178 186
Income from continuing operations before income tax expense and minority interest
in subsidiaries 4,405 3,561 2,755
Income tax expense (1,526) (1,220) (1,014)
Minority interest in subsidiaries, net of tax (67) (213) (208)
Income from continuing operations 2,812 2,128 1,533
Gain on disposition of discontinued operations, net of tax 515 ——
Income before cumulative effect of accounting change3,327 2,128 1,533
Cumulative effect of accounting change, net of tax (1,013) — —
Net income $2,314 $2,128 $1,533
Interest expense, net, Equity earnings (losses) of affiliates, Minority interest in subsidiaries, Other, net and Income tax
expense are not allocated to segments, as they are not under the control of segment management.
112 NEWS CORPORATION