WWE News: Second Quarter Earnings Report Released

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WWE has released their second quarter earnings report for 2013.

STAMFORD, Conn.–()–WWE (NYSE:WWE) today announced financial results for its second quarter ended June 30, 2013. Revenues increased $10.7 million or 8%, to $152.3 million from $141.6 million in the prior year quarter driven by the increased production and licensing of television content as well as increased ticket revenue from the Company’s premiere event, WrestleMania, partially offset by the timing of one less pay-per-view event in the quarter. Operating income, however, declined to $8.8 million as compared to $19.6 million in the prior year quarter reflecting increased staffing expenses to support our various strategic initiatives. Net income was $5.2 million, or $0.07 per share, as compared to $11.9 million, or $0.16 per share, in the prior year quarter.

“In the second quarter, we continued to make investments in both staffing and talent to support our long-term growth objectives. These initiatives, including the recent opening of a world-class performance training facility, and the highest grossing WrestleMania in our Company’s history, demonstrate our commitment to develop our talent, build our brands, and provide a solid foundation for future growth,” stated Vince McMahon, Chairman and Chief Executive Officer. “We continue to believe that these investments will enhance our ability to create new programs and to distribute all of our content in a way that optimizes its value, through the renewal of key television contracts and the potential launch of a WWE network.”

“Although our earnings declined in the quarter, we believe that the investments we are making will maximize the return to shareholders over time,” added George Barrios, Chief Financial Officer. “We believe that our 2013 results, excluding the impact of film impairments, will fall within the lower end of the range previously communicated, which was ‘plus or minus 10 percent’ from our 2012 OIBDA results of $63 million.”

Here are the buyrate totals for the quarter:

–  WrestleMania 29 drew 1,039,000 buys, down from the 1,217,000 that WrestleMania 28 did the previous year. WrestleMania 27 scored 1,059,000 buys, WrestleMania 26 drew 885,000 buys, and WrestleMania 25 tallied 975,000 buys.

-Extreme Rules in May drew 231,000 buys. The 2012 version of the event scored 263,000 buys, Extreme Rules 2011 produced 209,000 buys, the 2010 version scored 182,000 buys.

– The June Payback pay-per-view produced 186,000 buys. The June pay-per-view was named No Way Out last year and earned 194,000 buys. It was called Capitol Punishment in 2011 and earned 170,000 buys. The event was called Fatal Four Way in 2010 and earned 143,000 buys.

 

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