Earnings: Getty Images Revs Up 9.7 Percent; Income Down On Taxes, Sale Costs
By Joseph Weisenthal - Thu 01 May 2008 01:11 PM PST
On the road to going private, Getty Images (NYSE: GYI) reported Q1 revenue of $233.2 million, up 9.7 percent from $212.7 million in the year-ago quarter. The company benefited from the weak dollar, as revenue was up just 4.2 percent with constant currency. Net income declined to $23.9 million ($.40 per share) from $38 million ($.63 per share), the result of a higher tax rate and certain sale-related expenses. While the traditional stills business declined mildly, editorial and micropayment imagery fueled the growth. The sale to Getty will likely go through in this quarter, though possible in early Q3.
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