WWE Reports 2007 Second Quarter Results

News, Press Releases

The following press release was issued this morning by World Wrestling Entertainment, Inc. The company’s quarterly conference call takes place today at 11am ET, which the company often makes available online at corporate.wwe.com. Of note: this will be the first conference call since the Benoit family tragedy.

World Wrestling Entertainment, Inc. Reports 2007 Second Quarter Results

Thursday August 2, 8:30 am ET

STAMFORD, Conn.–(BUSINESS WIRE)–World Wrestling Entertainment, Inc. (NYSE:WWE – News) today announced financial results for its second quarter ended June 30, 2007. Revenues totaled $137.5 million as compared to $119.3 million in the prior year quarter. Operating income was $9.7 million as compared to $21.4 million in the prior year quarter. Net income was $7.0 million, or $0.10 per share, as compared to $14.7 million, or $0.21 per share, in the prior year quarter. Earnings in the quarter were negatively impacted by a $15.7 million impairment charge related to our revised performance expectations of our feature film “The Condemned”.

Excluding the impairment charge discussed above, operating income would have been $25.4 million as compared to $21.4 million in the prior year quarter, representing a 19% increase. Net income would have been $16.9 million, or $0.23 per share, in the current quarter as compared to $14.7 million, or $0.21 per share, in the prior year quarter.

“We achieved a broad-based 15% revenue increase, posting higher revenues across all key business lines in the current quarter. In addition to the top line growth, we achieved EBITDA of approximately $12.0 million, or $27.7 million excluding the film impairment. This $27.7 million represents an 18% increase over the prior year quarter,” said Linda McMahon, Chief Executive Officer.

“Live and Televised revenues were driven by the success of WrestleMania(R) which set WWE(R) records for both the number of pay-per-view buys and gross ticket sales. Consumer Products revenues increased 29% over the prior year quarter, reflecting improvements in our home video, licensing and magazine publishing businesses. Digital Media revenues, which were up 30% over the prior year quarter, also benefited from new partnerships, particularly for wireless content,” concluded Mrs. McMahon.

This is not the complete press release. For the rest of the release, including quarterly results broken down by business segment, click here (html) or here (pdf).

Matthew Michaels is editor emeritus of Pulse Wrestling, and has been since the site launched.