Thursday, November 3, 2011

WWE 3Q Dips As Film Unit Dents Earnings

Shares of WWE were up greater than 2% this mid-day, even though company mentioned revenues and profits were reduced 3Q — plus it needed a $5.1M writedown on its films Completely, The Chaperone, and Knucklehead. The business reported internet gain of $10.6M, lower 26.1% versus a year ago, onrevenues of $108.5M, lower 9.5%. Earnings of 14 cents a share missed the 15 cents that experts expected, nevertheless the revenues exceeded their $106.7M target. WWE states that it's problems were mostly centered at two models: Revenues fell 51.3% to $3.7M at its WWE Art galleries due to the indegent performance of the films, and dropped 7.5% to $19.8M within the Consumer Products unit which fought with lower certification revenues from toys. Nevertheless the core Live and Public Entertainment operation held on, with revenues up 5.8% to $78.1M — partly due to elevated PPV sales for WrestleMania. “We believe the sluggish economy and our ongoing talent transition were important elements that affected the final results within our others,” Boss Vince McMahon mentioned. “Based on our good status for developing talent and creating pleased with broad appeal, we are confident we could address our creative challenges.” More youthful crowd vowed to “monitor and refine” the film business “to improve future performance.”

No comments:

Post a Comment