Source: THR

Guillermo del Toro is wasting little time moving on after deciding not to helm The Hobbit films. The director will next turn Disney's Haunted Mansion ride into a movie. The project has nothing to do with Eddie Murphy 2003 attempt to do the same. Del Toro is gunning for a creepier vision.

"It's going to be a thrill ride for the whole family but it's definitely going to be scary," del Toro tells THR.

 

 

 

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LOS GATOS, Calif. -- Netflix, Inc. (Nasdaq: NFLX) today reported results for the second quarter ended June 30, 2010.

"Our rate of subscriber growth continues to accelerate and we added more than a million net new subscribers for the third consecutive quarter," said Netflix Co-Founder and CEO Reed Hastings. "Consumers are clearly enthralled by our offering of unlimited movies and TV shows streamed over the Internet."

Second-Quarter 2010 Financial Highlights

Subscribers. Netflix ended the second quarter of 2010 with approximately 15,001,000 total subscribers, representing 42 percent year-over-year growth from 10,599,000 total subscribers at the end of the second quarter of 2009 and 7 percent sequential growth from 13,967,000 subscribers at the end of the first quarter of 2010.

Net subscriber change in the quarter was an increase of 1,034,000 compared to an increase of 289,000 for the same period of 2009 and an increase of 1,699,000 for the first quarter of 2010.

Gross subscriber additions for the quarter totaled 3,059,000, representing 58 percent year-over-year growth from 1,936,000 gross subscriber additions in the second quarter of 2009 and 12 percent quarter-over-quarter decline from 3,492,000 gross subscriber additions in the first quarter of 2010.

Of the 15,001,000 total subscribers at quarter end, 97 percent, or 14,577,000, were paid subscribers. The other 3 percent, or 424,000, were free subscribers. Paid subscribers represented 98 percent of total subscribers at the end of the second quarter of 2009 and at the end of the first quarter of 2010.

Revenue for the second quarter of 2010 was $519.8 million, representing 27 percent year-over-year growth from $408.5 million for the second quarter of 2009, and 5 percent sequential growth from $493.7 million for the first quarter of 2010.

Gross margin(1) for the second quarter of 2010 was 39.4 percent compared to 34.1 percent for the second quarter of 2009 and 37.8 percent for the first quarter of 2010.

GAAP net income for the second quarter of 2010 was $43.5 million, or $0.80 per diluted share compared to GAAP net income of $32.4 million, or $0.54 per diluted share, for the second quarter of 2009 and GAAP net income of $32.3 million, or $0.59 per diluted share, for the first quarter of 2010. GAAP net income grew 34 percent on a year-over-year basis and GAAP EPS grew 48 percent on a year-over-year basis.

Percentage of subscribers who watched instantly more than 15 minutes of a TV episode or movie in the second quarter of 2010 was 61 percent compared to 37 percent for the same period of 2009 and 55 percent for the first quarter of 2010.

Subscriber acquisition cost(2) for the second quarter of 2010 was $24.37 per gross subscriber addition compared to $23.88 for the same period of 2009 and $21.54 for the first quarter of 2010.

Churn(3) for the second quarter of 2010 was 4.0 percent compared to 4.5 percent for the second quarter of 2009 and 3.8 percent for the first quarter of 2010. Churn includes free subscribers as well as paying subscribers who elect not to renew their monthly subscription service during the quarter.

Free cash flow(4) for the second quarter of 2010 was $34.2 million compared to $26.3 million for the second quarter of 2009 and $37.6 million for the first quarter of 2010.

Last twelve-month free cash flow for the second quarter of 2010 was $127.5 million compared to $118.6 million for the second quarter of 2009 and $119.6 million for the first quarter of 2010.

Cash provided by operating activities for the second quarter of 2010 was $60.3 million compared to $75.3 million for the second quarter of 2009 and $77.2 million for the first quarter of 2010.

Business Outlook

The Company's performance expectations for the third and fourth quarters of 2010 and full-year 2010 are as follows:

Third-Quarter 2010

* Ending subscribers of 16.3 million to 16.7 million
* Revenue of $546 million to $554 million
* GAAP net income of $33 million to $40 million
* GAAP EPS of $0.61 to $0.74 per diluted share


Fourth-Quarter 2010

* Ending subscribers of 17.7 million to 18.5 million
* Revenue of $580 million to $596 million
* GAAP net income of $32 million to $40 million
* GAAP EPS of $0.58 to $0.73 per diluted share


Full-Year 2010

* Ending subscribers of 17.7 million to 18.5 million, up from 16.5 million to 17.3 million
* Revenue of $2.14 billion to $2.16 billion, up from $2.11 billion to $2.16 billion
* GAAP net income of $141 million to $156 million, up from $132 million to $144 million
* GAAP EPS of $2.58 to $2.86 per diluted share, up from $2.41 to $2.63 per diluted share

 

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