[ISN] Sony Pictures Confirms Hack-Delayed Q3 Profit of $51m, More Than Double February Forecast

http://www.hollywoodreporter.com/news/sony-pictures-confirms-hack-delayed-782423 By Gavin J. Blair The Hollywood Reporter 3/17/2015 Sony Pictures generated profits of $51 million (¥6.2 billion) in the quarter ending Dec. 31, the period affected by the hacking attack, more than the $20 million it had predicted in February, Sony Corp. announced in Tokyo on Tuesday. Sales at the pictures division were $1.707 billion (¥206.6 billion) for the quarter, up from the Feb. 4 estimate of $1.633 billion. Compared to the same quarter in 2013, sales were down 20 percent on a dollar basis, but only 7.7 percent in yen, due to the weakening of the Japanese currency. The final announcement of Sony’s third-quarter earnings was delayed by the hack by a group calling itself Guardians of Peace, which caused huge disruption to the operations of Sony Pictures Entertainment in November and December. Sony explained at the Feb. 4 provisional announcement that much of the damage caused by the hack was covered by insurance and predicted a cost of approximately $15 million, an amount confirmed in today’s figures. […]