Operating income at Starz Home Entertainment is up 388%. The company also posted first quarter earnings of $64.9 million or $0.56 per share, an increase from $57.9 million or $0.47 per share in the prior-year quarter.
Starz Distribution credited strong packaged media sales of content from the The Weinstein Co., original content from Anchor Bay Home Entertainment, and third parties content.
According to the report published by Starz, distribution revenue also increased 14.5% to $87.3 million. Home video sales increased approximately 14% to $56.7 million, from $49.8 million a year ago.
Starz CEO Chris Albrecht, said, "Our business performed well during the first quarter, setting the stage for what we believe will be a strong 2014. We are building the Starz brand, investing to create compelling original programming, and fortifying our unique position with viewers and our distribution partners. The result of these efforts was another quarter of revenue and Adjusted OIBDA increases.
With the recent additions of 'The Missing' and 'The Chair,' Starz has slated a record seven Starz Original series for 2014 with 55 hours of original programming. We are very pleased that 'Black Sails' concluded its first season with strong viewership and robust demand worldwide including a recent licensing pact with Amazon Prime Instant Video in the UK. 'Da Vinci's Demons' second season is performing well and in a consistent manner with its successful first season. Interest continues to grow for the series premiere of 'Power' on June 7."
Recent releases from Anchor Bay Home Entertainment/The Weinstein Co. include: Lee Daniels'
Lee Daniels' The Butler, Stephen Frears'
Philomena, John Wells'
August: Osage County, Justin Chadwick's
Mandela: Long Walk to Freedom, Wong Kar-wai's
The Grandmaster.