22.06.2004, 01:52
---------- ----------
INVESTING ACTIVITIES:
Purchase of property and equipment (5,266) (10,593)
Purchase of corporate aircraft (20,122) -
Asset acquisitions (1,641) (3,000)
(Purchase) sale of short-term investments, net (83,963) 65,416
---------- ----------
Net cash (used in) / provided by
continuing operations (110,992) 51,823
Net cash used in discontinued
operations - (2,134)
---------- ----------
Net cash (used in) / provided by
investing activities (110,992) 49,689
---------- ----------
FINANCING ACTIVITIES:
Repayment of long-term debt (647) (601)
(Payment) / proceeds from capital lease agreement (601) 601
Stock repurchase, net (19,031) (29,477)
Dividends paid (10,954) -
Net proceeds from exercise of stock options 305 405
---------- ----------
Net cash used in continuing
operations (30,928) (29,072)
Net cash provided by discontinued
operations - 322
---------- ----------
Net cash used in financing
activities (30,928) (28,750)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (80,006) 42,077
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 128,473 86,396
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 48,467 $ 128,473
========== ==========
World Wrestling Entertainment, Inc.
Supplemental Information - EBITDA
(dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
-------------------------------------------
Net income (loss) reported
on U.S. GAAP basis $ 19,735 $ (4,185) $ 48,192 $ (19,455)
Loss from discontinued
operations 1,413 10,379 1,381 35,557
Provision for income taxes 13,130 5,105 30,421 10,836
Interest and other, net (1,516) 349 (6,414) (331)
Depreciation and
amortization 3,510 3,919 12,363 10,965
EBITDA $ 36,272 $ 15,567 $ 85,943 $ 37,572
========== ========== ========== ==========
Non-GAAP Measure:
EBITDA is defined as earnings from continuing operations
before interest, income taxes, depreciation and amortization.
Although it is not a recognized measure of performance under
U.S. GAAP, EBITDA is presented because it is a widely accepted
financial indicator of a company's cash flow. The Company uses
EBITDA to measure its own performance and to set goals for
operating managers. EBITDA should not be considered as an
alternative to income from continuing operations, net income,
cash flows from operations or any other indicator of World
Wrestling Entertainment Inc.'s performance or liquidity,
determined in accordance with U.S. GAAP.
World Wrestling Entertainment, Inc.
Supplemental Information- Free Cash Flow
(dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
-------------------------------------------
Net cash provided by
continuing operations $ 13,729 $ 4,005 $ 65,391 $ 28,032
Less cash provided for
capital expenditures:
Purchase of property and
equipment 1,781 1,708 5,266 10,593
Purchase of corporate
aircraft - 20,122 -
Asset acquisitions - 3,000 1,641 3,000
---------- ---------- ---------- ----------
Free Cash Flow $ 11,948 $ (703) $ 38,362 $ 14,439
========== ========== ========== ==========
Non-GAAP Measure:
We define Free Cash Flow as net cash provided by continuing
operations less cash used for capital expenditures. Although
it is not a recognized measure of performance under U.S. GAAP,
Free Cash Flow provides useful information regarding the
amount of cash our continuing business is generating after
capital expenditures, available for reinvesting in the
business and for payment of dividends.
CONTACT:World Wrestling Entertainment, Inc. Media: Kate Cox, 203-352-8630 or Investors: Michele Goldstein, 203-352-8642
SOURCE: World Wrestling Entertainment, Inc.
INVESTING ACTIVITIES:
Purchase of property and equipment (5,266) (10,593)
Purchase of corporate aircraft (20,122) -
Asset acquisitions (1,641) (3,000)
(Purchase) sale of short-term investments, net (83,963) 65,416
---------- ----------
Net cash (used in) / provided by
continuing operations (110,992) 51,823
Net cash used in discontinued
operations - (2,134)
---------- ----------
Net cash (used in) / provided by
investing activities (110,992) 49,689
---------- ----------
FINANCING ACTIVITIES:
Repayment of long-term debt (647) (601)
(Payment) / proceeds from capital lease agreement (601) 601
Stock repurchase, net (19,031) (29,477)
Dividends paid (10,954) -
Net proceeds from exercise of stock options 305 405
---------- ----------
Net cash used in continuing
operations (30,928) (29,072)
Net cash provided by discontinued
operations - 322
---------- ----------
Net cash used in financing
activities (30,928) (28,750)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (80,006) 42,077
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 128,473 86,396
---------- ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 48,467 $ 128,473
========== ==========
World Wrestling Entertainment, Inc.
Supplemental Information - EBITDA
(dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
-------------------------------------------
Net income (loss) reported
on U.S. GAAP basis $ 19,735 $ (4,185) $ 48,192 $ (19,455)
Loss from discontinued
operations 1,413 10,379 1,381 35,557
Provision for income taxes 13,130 5,105 30,421 10,836
Interest and other, net (1,516) 349 (6,414) (331)
Depreciation and
amortization 3,510 3,919 12,363 10,965
EBITDA $ 36,272 $ 15,567 $ 85,943 $ 37,572
========== ========== ========== ==========
Non-GAAP Measure:
EBITDA is defined as earnings from continuing operations
before interest, income taxes, depreciation and amortization.
Although it is not a recognized measure of performance under
U.S. GAAP, EBITDA is presented because it is a widely accepted
financial indicator of a company's cash flow. The Company uses
EBITDA to measure its own performance and to set goals for
operating managers. EBITDA should not be considered as an
alternative to income from continuing operations, net income,
cash flows from operations or any other indicator of World
Wrestling Entertainment Inc.'s performance or liquidity,
determined in accordance with U.S. GAAP.
World Wrestling Entertainment, Inc.
Supplemental Information- Free Cash Flow
(dollars in thousands)
(Unaudited)
Three Months Ended Year Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
-------------------------------------------
Net cash provided by
continuing operations $ 13,729 $ 4,005 $ 65,391 $ 28,032
Less cash provided for
capital expenditures:
Purchase of property and
equipment 1,781 1,708 5,266 10,593
Purchase of corporate
aircraft - 20,122 -
Asset acquisitions - 3,000 1,641 3,000
---------- ---------- ---------- ----------
Free Cash Flow $ 11,948 $ (703) $ 38,362 $ 14,439
========== ========== ========== ==========
Non-GAAP Measure:
We define Free Cash Flow as net cash provided by continuing
operations less cash used for capital expenditures. Although
it is not a recognized measure of performance under U.S. GAAP,
Free Cash Flow provides useful information regarding the
amount of cash our continuing business is generating after
capital expenditures, available for reinvesting in the
business and for payment of dividends.
CONTACT:World Wrestling Entertainment, Inc. Media: Kate Cox, 203-352-8630 or Investors: Michele Goldstein, 203-352-8642
SOURCE: World Wrestling Entertainment, Inc.