AMC Networks Inc. (AMCX) has reported a 10.14 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $65.39 million, or $0.91 a share in the quarter, compared with $72.77 million, or $0.99 a share for the same period last year. On an adjusted basis, earnings per share were at $1.01 for the quarter compared with $1.09 in the same period last year.
Revenue during the quarter went up marginally by 0.39 percent to $634.65 million from $632.16 million in the previous year period. Gross margin for the quarter contracted 702 basis points over the previous year period to 46.62 percent. Total expenses were 81.54 percent of quarterly revenues, up from 74.81 percent for the same period last year. That has resulted in a contraction of 674 basis points in operating margin to 18.46 percent.
Operating income for the quarter was $117.14 million, compared with $159.27 million in the previous year period.
President and chief executive officer Josh Sapan said "We continued to execute on our long-term strategic goals during the third quarter. Building on its reputation as a world-class brand with premium content, AMC has five of the top 10 shows on basic cable in key demos for the most recent broadcast season. This success is driving AMC Networks’ financial performance and is placing us on track to deliver solid results for full year 2016."
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