Press release: WWE reports its 2010 third quarter
Nov 4, 2010 - by Steve Gerweck
STAMFORD, Conn., November 4, 2010 – World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its third quarter ended September 30, 2010. Revenues totaled $109.6 million as compared to $111.3 million in the prior year quarter. Operating income was $20.3 million as compared to $14.5 million in the prior year quarter. Net income was $14.3 million, or $0.19 per share, as compared to $8.9 million, or $0.12 per share, in the prior year quarter. Impacting comparability to the prior year quarter are production tax credits recorded in both current and prior year quarters. Excluding the impact of these credits, Adjusted Operating income was $14.2 million as compared to $12.0 million in the prior year quarter. Adjusted Net income was $10.3 million, or $0.14 per share, as compared to $7.4 million, or $0.10 per share.
“In the third quarter, our results reflected the Company’s continued focus on optimizing business results in a difficult environment,” stated Vince McMahon, Chairman and Chief Executive Officer. “We generated earnings growth despite a decline in revenue across many of our businesses. We believe our ongoing talent transition and the sluggish
economy were important factors in these declines. Based on our history of developing talent and creating content with broad appeal, we are confident we can address these creative challenges. Further, by taking advantage of our strategic opportunities, we can achieve meaningful growth.”