World Wrestling Entertainment has released its third quarter of 2009 earnings report. Below is a summary of the report – you can view a more detailed breakdown at Shareholder.com. Through all the ups and downs, the bottom line is that Net Income was up 68% from last year.
WWE(R) Reports 2009 Third Quarter Results
November 5, 2009
STAMFORD, Conn., Nov 05, 2009 (BUSINESS WIRE) — World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its third quarter ended September 30, 2009. Revenues totaled $111.3 million as compared to $108.8 million in the prior year quarter. Operating income was $14.5 million as compared to $7.9 million in the prior year quarter. Net income was $8.9 million, or $0.12 per share, as compared to $5.3 million, or $0.07 per share, in the prior year quarter.
“We are pleased with our solid performance. During the quarter we achieved an 84% increase in our operating income and managed a 26% increase for the first nine months of the year,” stated Vince McMahon, Chairman and Chief Executive Officer. “Entering the year, we established clear goals to reduce our cost structure and to improve our operating efficiency. Our results to date, including significant and sustained improvement in our profit margins, demonstrate our ongoing commitment in meeting these objectives.”
“Looking ahead, we believe WWE can achieve meaningful growth by taking advantage of our strategic opportunities and maintaining our focus on managing costs. Our portfolio of businesses exhibit significant operating leverage and, through disciplined cost management, we expect that leverage to drive future earnings growth.”
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