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MUMBAI:
World Wrestling Entertainment (WWE) has announced financial
results for its first quarter ended 31 March, 2008.
Revenues
totalled $162.6 million as compared to $107.4 million in the
comparable prior year quarter. Operating income was $27.1
million, as against $20.6 million.
Net
income was $19.5 million, or $0.27 per share, as compared
to $15.1 million, or $0.21 per share, in the prior year quarter.
WWE
CEO Linda McMahon says, “Our first quarter results reflect
the power of our premiere event, WrestleMania® XXIV. Our
WrestleMania brand provides us with a unique opportunity to
showcase our creative content and marketing talents across
a multitude of media outlets. In addition to posting solid
financial results in the first quarter, we are actively expanding
our global brand presence through our newly established international
offices.
"During
the quarter, we also announced and paid our first quarterly
cash dividend at the increased rate of $0.36 per share for
all shares not owned by the McMahon family. As we continue
to take the next steps forward, we
remain focussed on delivering value to our shareholders for
the long term.”
WrestleMania
XXIV contributed in the aggregate approximately $31.3 million
of revenues and $7.1 million of profit contribution ($4.6
million, net of tax), to our results for the first quarter
of 2008, whereas WrestleMania 23 contributed in the aggregate
approximately $31.4 million of revenues and $9.7 million of
profit contribution ($6.6 million, net of tax) in the second
quarter of 2007.
Revenues
from live and televised Entertainment businesses were $99.8
million for the current quarter as compared to $63.0 million
in the prior year quarter, representing a 58 per cent increase.
Live event revenues were $24.6 million as compared to $18.2
million in the prior year quarter, primarily due to the inclusion
of WrestleMania XXIV in the current quarter. WrestleMania
XXIV generated approximately $5.9 million in revenue in the
current quarter.
There
were 74 events, including eight international events during
the current quarter, as compared to 71 events, including eight
international events, in the prior year quarter.
North
American average attendance was approximately 7,200 in the
current quarter as compared to 6,900 in the prior year quarter,
an increase of 4%. The average ticket price for North American
events was approximately $45.39 in the current quarter as
compared to $36.30 in the prior year quarter. Excluding the
impact of WrestleMania, North American average attendance
was 6,300 and
average ticket price was $38.08 in the current quarter.
PayPerView revenues were $41.2 million as compared to $15.8
million in the prior year quarter. There were three PayPerView
events produced in each quarter;
however, as discussed above, WrestleMania XXIV occurred in
the first quarter of fiscal 2008, and WrestleMania 23 occurred
in the second quarter of fiscal 2007.
Revenues
from the consumer products businesses were $43.4 million versus
$37.4 million in the prior year quarter, representing a 16
per cent increase.
Home
Video net revenues were $14 million as compared to $13.4 million
in the prior year quarter. The company shipped over 175,000
units of both The Legacy of Stone
Cold Steve Austin and Triple H®: King of Kings
DVD titles in the current quarter.
Licensing revenues were $26.2 million as compared to $20.6
million in the prior year quarter, primarily reflecting increases
in video game sales and apparel. Video game revenues increased
by $5 million, reflecting the sales of the SmackDown vs.
Raw 2008 title, while revenues related to licensed apparel
increased by approximately $0.5 million in the current quarter.
Magazine
publishing net revenues were $2.9 million, essentially flat
as compared to the prior year quarter. Revenues from the digital
media related businesses were $8.1 million as compared to
$7 million in the prior year, representing a 16 per cent increase.
WWE.com
revenues were $4.5 million as compared to $2.8 million in
the prior year quarter, reflecting $1.1 million of additional
advertising related revenues and $0.4
million of additional revenues from wireless content.
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