WWE Reports Record Quarterly Revenue, Vince McMahon Comments
– WWE issued the following:
WWE® Reports Record Quarterly Revenue
First-Quarter 2015 Highlights
* Revenues increased 40% to $176.2 million, the highest quarterly revenue in WWE history
* OIBDA of $21.0 million increased $28.2 million from the prior year quarter
* Financial results surpassed the Company’s public guidance
* WWE Network reached 1.3 million total subscribers, representing a 99% increase from the prior year WrestleMania (which was held on April 6, 2014)
STAMFORD, Conn., April 30, 2015 – WWE (NYSE:WWE) today announced financial results for its first quarter ended March 31, 2015. For the quarter, the Company reported Net income of $9.8 million, or $0.13 per share, compared to a Net loss of $8.0 million, or $0.11 per share, in the first quarter last year.
“During the quarter, we generated record quarterly revenue and strong earnings growth, reflecting our strategy to realize greater value from our content across multiple platforms,” said WWE Chairman & CEO Vince McMahon. “We believe that we are on a path to significant growth as we continue to expand WWE Network and innovate faster than ever.”
“Our strong earnings growth was driven primarily by the escalation of our television rights fees and the expansion of WWE Network subscribers. For the quarter, our OIBDA surpassed our public guidance,” added George Barrios, Chief Strategy & Financial Officer. “WWE Network subscribers watched an estimated average of 53 hours of content per household over the quarter putting it among Netflix and the top cable and broadcast networks in terms of viewer hours per household. Additionally, WrestleMania 31 was viewed in more homes globally than ever before. Our ability to engage our global fan base reinforces our view that successful execution of our WWE Network strategy can generate meaningful economic returns.”
The full release can be seen at this link.