Earnings: Getty Images Q3 Profits Down 31.1 Percent, While Revs Gain 5.5 Percent

Getty (NYSE: GYI) Images posted a 31.1 percent decline in net income of $25.7 million in Q3, down from the prior year’s $37.3 million. Earnings per diluted share were $0.43 in Q3, compared to $0.62 from last year. But increased licenses for editorial and micropayment imagery, as well as its growing digital asset management business, helped push revenues up 5.5 percent to $208.9 million from $197.9 million in Q306. Getty’s growth was still held down by lower revenues from the company’s traditional creative stills business, which the Seattle-based company has been trying to move away from. Other points contained in the release:
— Citing recent acquisitions over the past year, including online music rights company Pump Audio and web-based photo services Punchstock, Scoopt and WireImage, Getty said selling, general and administrative expenses (SG&A) totaled $84.0 million or 40.2 percent of revenue in Q3, versus $73.6 million, or 37.2 percent of revenue, in Q306.

Earnings release | Webcast (5:00 p.m. EDT)