On Nov. 9, media maven Viacom (NYSE:VIA) released Q3 2006 earnings for the period ended Sept. 30, 2006.

  • Revenue growth and income rested on the performance of Viacom's cable networks, which include Nickelodeon, MTV, BET, and Comedy Central. The Entertainment segment was up against tough comparisons with bona fide blockbuster War of the Worlds running in the year-ago quarter, and came up short on every measure.
  • The balance sheet is a bit tricky, since management did not break out many of the line items we've come to expect. The debt load was taken on in connection with the split from CBS (NYSE:CBS) back in January, and the funds raised are accounted for as additional paid-in capital.
  • It's always good to see a company reducing its share count. Keep this pace up for 10 years, and the share count will be cut in half, doubling the value of each share on top of whatever operational gains the company can produce.

(Figures in millions, except per-share data)

Income Statement Highlights

Avg. Est.

Q3 2006

Q3 2005







Net Profit










Diluted Shares




Get back to basics with a look at the income statement.

Margin Checkup

Q3 2006

Q3 2005


Operating Margin




Net Margin




*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Q3 2006

Q3 2005


Current Assets




Current Liabilities




Long-Term Debt




Management didn't deem it necessary to break out items like cash on hand, accounts receivable, or inventories.

Learn the ways of the balance sheet.

Cash Flow Highlights

They also didn't see the need for a cash flow statement. Why make life harder for the individual investor? C'mon, guys!

Find out why Fools always follow the money.

Related Companies:

  • CBS
  • Walt Disney (NYSE:DIS)
  • Time Warner (NYSE:TWX)
  • Lions Gate Entertainment (NYSE:LGF)

Related Foolishness:

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At the time of publication, Fool contributor Anders Bylund was a Disney shareholder but had no other position in any company mentioned. Fool rules are here .