MUMBAI: Discovery has announced that revenues for 2012 was $4.4 billion increased $319 million, or eight per cent, over 2011 revenues, primarily driven by 13 per cent growth at International Networks and 5 per cent growth at U.S. Networks.

Adjusted OIBDA grew 9 per cent to $2,095 million, driven by an 8 per cent increase at U.S. Networks and a 12 per cent increase at International Networks. Excluding foreign currency fluctuations, full year revenues increased 9 per cent and Adjusted OIBDA increased 12 per cent.

But net income for the year from continuing operations available to Discovery stockholders was $954 million, decreasing by $181 million compared to $1.1 billion a year ago as the strong operating performance in the current year was more than offset by the prior year inclusion of a $102 million, net of tax, gain from the contribution of the Discovery Health network to the OWN: Oprah Winfrey Network (Own) joint venture as well as the recognition of foreign tax credits a year ago.

Current year results also included increased mark-to-market equity-based compensation, higher interest expense and lower equity earnings as the Company began recording 100 per cent of OWN?s net losses in 2012.

Free cash flow was $1 billion for the year, a decrease of $20 million from 2011, as better operating performance was more than offset by higher content investment, cash taxes and interest.

Discovery president, CEO David Zaslav said, ?Discovery?s commitment to investing in our brands and developing new and diverse growth opportunities produced another year of strong operating momentum and financial results in 2012. The appeal of our content resulted in larger audiences across the globe, enabling us to deliver consistently healthy advertising growth both domestically and internationally, while we further leveraged our valuable programming across emerging distribution platforms worldwide.

"At the same time, the strength of our balance sheet allowed us to make several strategic investments that we believe further bolster our asset portfolio, while also returning over $1.3 billion to shareholders this year. We head into 2013 with significant momentum, having just delivered the highest fourth quarter domestic viewership in our history, and will continue to invest in strategic growth initiatives so that we can deliver sustained long-term financial results and shareholder value.?

Fourth quarter revenues were $1.2 billion increased $94 million, or eight per cent, over the fourth quarter a year ago, led by 15 per cent growth at International Networks and four per cent growth at US Networks. Adjusted Operating Income Before Depreciation and Amortization (OIBDA) grew by nine per cent to $545 million, as a 17 per cent increase at International Networks, despite the adverse impact of foreign currency fluctuations, and a 7 per cent increase at US Networks, more than offset strategic transaction related costs recognised in the quarter. Excluding foreign currency fluctuations, fourth quarter revenues increased 9 per cent and Adjusted OIBDA increased 11 per cent.

Fourth quarter net income from continuing operations available to Discovery stockholders of $224 million decreased by $112 million compared to $336 million for the fourth quarter a year ago as the strong operating performance and improved equity earnings in the current year were more than offset primarily by higher taxes and increased mark-to-market equity-based compensation. The higher taxes were largely due to foreign tax credits recognized a year ago as well as an increase in tax reserves in the fourth quarter of 2012.

Free cash flow was $304 million for the fourth quarter, a decrease of $20 million from the fourth quarter of 2011, as improved operating performance was more than offset by higher content investment, interest and cash taxes. Free cash flow is defined as cash provided by operating activities less acquisitions of property and equipment.