WWE reported first quarter 2008 earnings this morning and issued the following press release. WWE's conference call with investors to detail the results will take place at 11:00 a.m. EST.
STAMFORD, Conn.--(BUSINESS WIRE)--World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its first quarter ended March 31, 2008. Revenues totaled $162.6 million as compared to $107.4 million in the comparable prior year quarter. Operating income was $27.1 million as compared to $20.6 million in the prior year quarter. Net income was $19.5 million, or $0.27 per share, as compared to $15.1 million, or $0.21 per share, in the prior year quarter.
“Our first quarter results reflect the power of our premiere event, WrestleMania XXIV. Our WrestleMania brand provides us with a unique opportunity to showcase our creative content and marketing talents across a multitude of media outlets,” stated Linda McMahon, Chief Executive Officer. “In addition to posting solid financial results in the first quarter, we are actively expanding our global brand presence through our newly established international offices. During the quarter, we also announced and paid our first quarterly cash dividend at the increased rate of $0.36 per share for all shares not owned by the McMahon family. As we continue to take the next steps forward, we remain focused on delivering value to our shareholders for the long term.”
Comparability of Results
WrestleMania XXIV occurred on March 31, 2008 and is included in our first quarter results. WrestleMania 23 occurred on April 1, 2007 and was therefore included as part of our second quarter results in 2007. WrestleMania XXIV contributed in the aggregate approximately $31.3 million of revenues and $7.1 million of profit contribution ($4.6 million, net of tax), to our results for the first quarter of 2008, whereas WrestleMania 23 contributed in the aggregate approximately $31.4 million of revenues and $9.7 million of profit contribution ($6.6 million, net of tax) in the second quarter of 2007.
- The full press release can be found here with a breakdown of WWE's segment-by-segment revenue. We'll have a full report on WWE's financials later today and in this week's Torch Newsletter.
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