22.06.2004, 01:51
WWE gab vorhin ihren 4 Quartals Bericht bekannt,naja seht am besten selbst.Man sollte jedoch beachten das man genau liesst,dann hoert man auch aus den schoen geredeten zahlen heraus das es doch nicht so gut lief.
STAMFORD, Conn.--(BUSINESS WIRE)--06/21/2004--World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its fourth quarter ended April 30, 2004. The Company reported income from continuing operations of $21.1 million, or $0.30 per share, versus $6.2 million, or $0.09 cents per share in the prior year.
Revenues totaled $126.7 million as compared to $105.9 million in the prior year quarter, an increase of approximately 20%. A significant portion of the increase was due to an increase in pay-per-view buys. Our premier pay-per-view event, WrestleMania ® XX, achieved an estimated 885,000 buys, a 58% increase from WrestleMania XIX from the year ago period. The Company also aired four pay-per-view events as compared to three in the year ago quarter. Our January 25, 2004 pay-per-view event, Royal Rumble®, achieved 582,000 estimated buys that were recorded in the current quarter. Additionally, the increase in revenues was due in part to our home video business, as revenues increased by $8.0 million during the current quarter to $11.1 million, due to the success of several new titles.
EBITDA was $36.3 million in the current quarter as compared to $15.6 million in the prior year quarter. Included in EBITDA in the current quarter was an unusual favorable item resulting from the reversal of $7.9 million accrued licensing agent commissions associated with litigation. In the prior year quarter EBITDA included a charge of $2.3 million related to a settlement with a former talent and $0.7 million related to the termination of a lease for office space. Excluding these items, EBITDA was $28.4 million as compared to $18.6 million, an increase of 53%. The increase was attributable to the success of WrestleMania XX, the additional pay-per-view event and increased unit sales of our home videos. EBITDA attributable to Royal Rumble was approximately $6.7 million.
Commenting on this announcement, Linda McMahon, Chief Executive Officer said, "Fiscal 2004 was a terrific year and we owe a great deal of thanks to our talent and employees for their contribution to these results. We have worked hard to increase our profitability, and that effort is reaping rewards, as seen in the full year results in which profitability from continuing operations more than doubled. We intend to keep a keen focus on profitability as we work to expand our business globally. We will continue to develop new and innovative approaches to enhance the WWE® fan experience and draw in a generation of new fans."
Operating income for the quarter was $32.8 million versus $11.7 million in the prior year quarter. Net income was $19.7 million, or $0.28 per share, as compared to a net loss of $4.2 million, or a net loss of $0.06 per share, in the prior year quarter. Included in the prior year quarter was an estimated loss on shutdown of The World of $12.1 million ($8.9 million, net of tax).
Results By Business Segment
Live and Televised Entertainment
Revenues from the Company's Live and Televised segment were $101.0 million for the current quarter as compared to $85.9 million in the prior year quarter.
-- Pay-Per-View revenues were $43.7 million versus $31.8 million in the prior year quarter. In the fourth quarter of fiscal 2004, four pay-per-view events were produced as compared to three in the prior year quarter due to the timing of our third quarter end as compared to the air date of Royal Rumble, our January program.
-- Total pay-per-view buys recorded for the quarter were approximately 2.4 million as compared to approximately 1.8 million in the prior year quarter.
-- Buys recorded for WrestleMania XX were approximately 0.9 million as compared to approximately 0.6 million in the prior year.
-- Buys recorded for Royal Rumble were approximately 0.6 million. Buys recorded in fiscal 2003 for Royal Rumble were approximately 0.5 million.
-- Live Event revenues were $22.2 million as compared to $19.0 million in the fourth quarter of last year.
-- There were 87 events, including 12 international events, during the quarter as compared to 74 events, including 5 international events, during the same period last year.
-- Profit contribution for an international event averaged approximately $165,000 in fiscal 2004 as compared to an average of approximately $41,500 for a domestic event during this same period.
-- Average attendance for our North American live events was approximately 5,000 this quarter as compared to approximately 6,500 in the prior year quarter.
-- Average attendance for our international live events was 8,400 in the current quarter as compared to 8,900 in the prior year quarter. This reduction was due to a mix of smaller venues in the current fiscal quarter.
-- Television Advertising revenues were $13.6 million as compared to $19.0 million in the prior year quarter. Commencing with the new television season in October 2003, UPN began to sell the inventory related to our SmackDown!™ program and to pay us a rights fee. The decline in advertising revenues was due to this new arrangement, offset partially by increased advertising revenues from our SpikeTV programming.
-- Average household ratings for the quarter for our RAW® program were 3.9 as compared to 3.8 in the prior year quarter while household ratings for our SmackDown! program were 3.3 as compared to 3.2 in the prior year quarter.
Television Rights Fees revenues were $20.9 million as compared to $15.6 million in the prior year quarter. The increase was due primarily to rights fees received under the revised UPN arrangement.
Branded Merchandise
Revenues from the Company's Branded Merchandise segment were $25.7 million versus $20.0 million in the prior year quarter.
-- Home Video revenues were $11.1 million as compared to $3.1 million in the prior year quarter, the increase due primarily to an increase of 595,000 units sold.
-- The Monday Night War, which went on sale February 10, 2004, sold 118,000 units in the quarter.
-- WrestleMania XX, which went on sale April 27, 2004, sold 114,000 units in the quarter.
-- Licensing revenues were $3.7 million as compared to $5.0 million in the prior year quarter. The decrease was due primarily to lower licensing revenues from collectibles and lower music sales primarily due to the timing of our release dates.
-- Publishing revenues were $3.1 million as compared to $4.2 million in the prior year quarter. The decrease was due to lower newsstand and subscription units sold for our RAW and SmackDown! branded magazines as well as from our two specials.
-- Merchandise revenues were $5.8 million for both periods.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution for the quarter was $65.2 million as compared to $44.1 million in the prior year quarter. Total profit contribution margin was approximately 51% for the current quarter as compared to 42% for the prior year quarter.
-- The profit contribution margin from our Live and Televised segment was approximately 47% for the current quarter as compared to 41% in the prior year quarter. The profit margin for the current period was favorably impacted by the change in our UPN arrangement.
-- The profit contribution margin from our Branded Merchandise segment was approximately 68% for the current quarter as compared to 46% in the prior year quarter. Excluding the reversal of $7.9 million of accrued product licensing programs, the profit contribution margin for the current quarter was 37%. The decrease was due to lower merchandise margins resulting from a $2.9 million impairment charge recorded in the fourth quarter related to our e-commerce engine.
Selling, general and administrative expenses
SG&A expenses were $26.5 million for the current quarter as compared to $28.5 million for the prior year quarter.
-- Increased advertising and promotion expenses were offset by a decrease in professional fees.
-- The prior year included $2.3 million of expense for a proposed litigation settlement as well as a $1.3 million increase to the reserve for doubtful accounts related to a certain pay-per-view provider that subsequently paid the Company in the first quarter of fiscal 2004.
Stock compensation costs
Stock compensation costs were $2.3 million for the current quarter.
-- During the current quarter, the Company recorded a charge of $1.1 million related to the accelerated vesting of restricted stock units previously awarded to certain employees. The accelerated vesting resulted from the Company's EBITDA for fiscal 2004 exceeding the targeted fiscal year amount under the Long-Term Incentive Plan of $65 million.
Depreciation and amortization
Depreciation and amortization was $3.5 million for the current quarter as compared to $3.9 million for the prior year quarter.
Discontinued operations
Discontinued operations was a loss of $1.4 million, after tax, as compared to a loss of $10.4 million, after tax, in the prior year quarter. Included in the current year quarter was an increase to the shutdown reserve for The World for additional time to sub-let the space. Included in the prior year quarter was a charge of $12.1 million ($8.9 million, net of tax) related to the shutdown of The World.
Year ended results
Total revenues for fiscal 2004 were $374.9 million as compared to $374.3 million in the prior year period. EBITDA was $85.9 million for the current year as compared to $37.6 million in the prior year period. EBITDA for the current year period included the reversal of a $7.9 million accrual of product licensing programs and $5.9 million related to the favorable settlement of litigation. EBITDA for the prior year period included $6.2 million in net unfavorable settlements of litigation and $0.7 million of termination costs of a lease for office space. Excluding these items, EBITDA was $72.1 million in the current year as compared to $44.5 million in the prior year. Operating income for the current year was $73.6 million versus $26.6 million in the prior year period. Net income was $48.2 million, or $0.70 per share, as compared to a net loss of $19.5 million, or a loss of $0.28 per share, in the prior year period. Included in net loss for the prior year was a $35.6 million loss after tax from discontinued operations related to our entertainment complex.
Free cash flow (net cash provided by continuing operations less cash used for capital expenditures) for the fiscal year ended April 30, 2004 was $38.4 million as compared to $14.4 million for the prior year.
Fiscal 2005 Outlook
Outlook for Fiscal Year 2005
STAMFORD, Conn.--(BUSINESS WIRE)--06/21/2004--World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its fourth quarter ended April 30, 2004. The Company reported income from continuing operations of $21.1 million, or $0.30 per share, versus $6.2 million, or $0.09 cents per share in the prior year.
Revenues totaled $126.7 million as compared to $105.9 million in the prior year quarter, an increase of approximately 20%. A significant portion of the increase was due to an increase in pay-per-view buys. Our premier pay-per-view event, WrestleMania ® XX, achieved an estimated 885,000 buys, a 58% increase from WrestleMania XIX from the year ago period. The Company also aired four pay-per-view events as compared to three in the year ago quarter. Our January 25, 2004 pay-per-view event, Royal Rumble®, achieved 582,000 estimated buys that were recorded in the current quarter. Additionally, the increase in revenues was due in part to our home video business, as revenues increased by $8.0 million during the current quarter to $11.1 million, due to the success of several new titles.
EBITDA was $36.3 million in the current quarter as compared to $15.6 million in the prior year quarter. Included in EBITDA in the current quarter was an unusual favorable item resulting from the reversal of $7.9 million accrued licensing agent commissions associated with litigation. In the prior year quarter EBITDA included a charge of $2.3 million related to a settlement with a former talent and $0.7 million related to the termination of a lease for office space. Excluding these items, EBITDA was $28.4 million as compared to $18.6 million, an increase of 53%. The increase was attributable to the success of WrestleMania XX, the additional pay-per-view event and increased unit sales of our home videos. EBITDA attributable to Royal Rumble was approximately $6.7 million.
Commenting on this announcement, Linda McMahon, Chief Executive Officer said, "Fiscal 2004 was a terrific year and we owe a great deal of thanks to our talent and employees for their contribution to these results. We have worked hard to increase our profitability, and that effort is reaping rewards, as seen in the full year results in which profitability from continuing operations more than doubled. We intend to keep a keen focus on profitability as we work to expand our business globally. We will continue to develop new and innovative approaches to enhance the WWE® fan experience and draw in a generation of new fans."
Operating income for the quarter was $32.8 million versus $11.7 million in the prior year quarter. Net income was $19.7 million, or $0.28 per share, as compared to a net loss of $4.2 million, or a net loss of $0.06 per share, in the prior year quarter. Included in the prior year quarter was an estimated loss on shutdown of The World of $12.1 million ($8.9 million, net of tax).
Results By Business Segment
Live and Televised Entertainment
Revenues from the Company's Live and Televised segment were $101.0 million for the current quarter as compared to $85.9 million in the prior year quarter.
-- Pay-Per-View revenues were $43.7 million versus $31.8 million in the prior year quarter. In the fourth quarter of fiscal 2004, four pay-per-view events were produced as compared to three in the prior year quarter due to the timing of our third quarter end as compared to the air date of Royal Rumble, our January program.
-- Total pay-per-view buys recorded for the quarter were approximately 2.4 million as compared to approximately 1.8 million in the prior year quarter.
-- Buys recorded for WrestleMania XX were approximately 0.9 million as compared to approximately 0.6 million in the prior year.
-- Buys recorded for Royal Rumble were approximately 0.6 million. Buys recorded in fiscal 2003 for Royal Rumble were approximately 0.5 million.
-- Live Event revenues were $22.2 million as compared to $19.0 million in the fourth quarter of last year.
-- There were 87 events, including 12 international events, during the quarter as compared to 74 events, including 5 international events, during the same period last year.
-- Profit contribution for an international event averaged approximately $165,000 in fiscal 2004 as compared to an average of approximately $41,500 for a domestic event during this same period.
-- Average attendance for our North American live events was approximately 5,000 this quarter as compared to approximately 6,500 in the prior year quarter.
-- Average attendance for our international live events was 8,400 in the current quarter as compared to 8,900 in the prior year quarter. This reduction was due to a mix of smaller venues in the current fiscal quarter.
-- Television Advertising revenues were $13.6 million as compared to $19.0 million in the prior year quarter. Commencing with the new television season in October 2003, UPN began to sell the inventory related to our SmackDown!™ program and to pay us a rights fee. The decline in advertising revenues was due to this new arrangement, offset partially by increased advertising revenues from our SpikeTV programming.
-- Average household ratings for the quarter for our RAW® program were 3.9 as compared to 3.8 in the prior year quarter while household ratings for our SmackDown! program were 3.3 as compared to 3.2 in the prior year quarter.
Television Rights Fees revenues were $20.9 million as compared to $15.6 million in the prior year quarter. The increase was due primarily to rights fees received under the revised UPN arrangement.
Branded Merchandise
Revenues from the Company's Branded Merchandise segment were $25.7 million versus $20.0 million in the prior year quarter.
-- Home Video revenues were $11.1 million as compared to $3.1 million in the prior year quarter, the increase due primarily to an increase of 595,000 units sold.
-- The Monday Night War, which went on sale February 10, 2004, sold 118,000 units in the quarter.
-- WrestleMania XX, which went on sale April 27, 2004, sold 114,000 units in the quarter.
-- Licensing revenues were $3.7 million as compared to $5.0 million in the prior year quarter. The decrease was due primarily to lower licensing revenues from collectibles and lower music sales primarily due to the timing of our release dates.
-- Publishing revenues were $3.1 million as compared to $4.2 million in the prior year quarter. The decrease was due to lower newsstand and subscription units sold for our RAW and SmackDown! branded magazines as well as from our two specials.
-- Merchandise revenues were $5.8 million for both periods.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution for the quarter was $65.2 million as compared to $44.1 million in the prior year quarter. Total profit contribution margin was approximately 51% for the current quarter as compared to 42% for the prior year quarter.
-- The profit contribution margin from our Live and Televised segment was approximately 47% for the current quarter as compared to 41% in the prior year quarter. The profit margin for the current period was favorably impacted by the change in our UPN arrangement.
-- The profit contribution margin from our Branded Merchandise segment was approximately 68% for the current quarter as compared to 46% in the prior year quarter. Excluding the reversal of $7.9 million of accrued product licensing programs, the profit contribution margin for the current quarter was 37%. The decrease was due to lower merchandise margins resulting from a $2.9 million impairment charge recorded in the fourth quarter related to our e-commerce engine.
Selling, general and administrative expenses
SG&A expenses were $26.5 million for the current quarter as compared to $28.5 million for the prior year quarter.
-- Increased advertising and promotion expenses were offset by a decrease in professional fees.
-- The prior year included $2.3 million of expense for a proposed litigation settlement as well as a $1.3 million increase to the reserve for doubtful accounts related to a certain pay-per-view provider that subsequently paid the Company in the first quarter of fiscal 2004.
Stock compensation costs
Stock compensation costs were $2.3 million for the current quarter.
-- During the current quarter, the Company recorded a charge of $1.1 million related to the accelerated vesting of restricted stock units previously awarded to certain employees. The accelerated vesting resulted from the Company's EBITDA for fiscal 2004 exceeding the targeted fiscal year amount under the Long-Term Incentive Plan of $65 million.
Depreciation and amortization
Depreciation and amortization was $3.5 million for the current quarter as compared to $3.9 million for the prior year quarter.
Discontinued operations
Discontinued operations was a loss of $1.4 million, after tax, as compared to a loss of $10.4 million, after tax, in the prior year quarter. Included in the current year quarter was an increase to the shutdown reserve for The World for additional time to sub-let the space. Included in the prior year quarter was a charge of $12.1 million ($8.9 million, net of tax) related to the shutdown of The World.
Year ended results
Total revenues for fiscal 2004 were $374.9 million as compared to $374.3 million in the prior year period. EBITDA was $85.9 million for the current year as compared to $37.6 million in the prior year period. EBITDA for the current year period included the reversal of a $7.9 million accrual of product licensing programs and $5.9 million related to the favorable settlement of litigation. EBITDA for the prior year period included $6.2 million in net unfavorable settlements of litigation and $0.7 million of termination costs of a lease for office space. Excluding these items, EBITDA was $72.1 million in the current year as compared to $44.5 million in the prior year. Operating income for the current year was $73.6 million versus $26.6 million in the prior year period. Net income was $48.2 million, or $0.70 per share, as compared to a net loss of $19.5 million, or a loss of $0.28 per share, in the prior year period. Included in net loss for the prior year was a $35.6 million loss after tax from discontinued operations related to our entertainment complex.
Free cash flow (net cash provided by continuing operations less cash used for capital expenditures) for the fiscal year ended April 30, 2004 was $38.4 million as compared to $14.4 million for the prior year.
Fiscal 2005 Outlook
Outlook for Fiscal Year 2005