"We are rocking big time." That was president Mel Karmazin's summary assessment of
Viacom Inc.'s performance through the first nine months of 2002.
"All five sectors are extraordinary," he said, noting that the company's
third-quarter revenue and profit performance was the best third quarter in the
And the best is yet to come, Karmazin told investors during a conference Friday:
"In '03, I believe you will see how extraordinary and reflective of our
strong management these assets are going to perform. I think '03 is going to be
Viacom's year." He also said it was likely the company would make further
acquisitions in the next 12 months.
For the third quarter, total revenues were up 10 percent to $6.3 billion. TV
revenues were up 14 percent to $1.8 billion and cable revenues were up 13
percent to $1.2 billion.
The company projected 20 percent-plus growth in profits for the fourth
quarter and said it expects to achieve double-digit earnings growth for