8/4 – WWE Reports 2Q Results, Misses Expectations

WWE today announced financial results for its second quarter ended June 30, 2011. Revenues totaled $142.6 million as compared to $106.8 million in the prior year quarter. Operating income was $21.0 million as compared to $10.3 million in the prior year quarter. Net income was $14.3 million, or $0.19 per share, as compared to $6.3 million, or $0.08 per share, in the prior year quarter. There were several items that impacted the comparability of our year-over-year results, primarily the timing of our annual WrestleMania® event and a $3.3 million film impairment charge in the current year quarter. Adjusting for these items in both the current and prior year quarters (as described below), adjusted revenues increased 5% to $142.6 million from $135.6 million in the prior year quarter. Adjusted Operating income declined 2% to $22.9 million from $23.4 million in the prior year quarter. Adjusted Net income was $15.5 million, or $0.21 per share, as compared to $15.1 million, or $0.20 per share, in the prior year quarter. Through the second quarter, WWE has generated top-line growth across our four business segments led by the strength of WrestleMania. WrestleMania XXVII achieved more than 1 million pay-per-view buys worldwide and reached record levels of both revenue and profit.