21.11.2002, 19:55
Profit Contribution
Total profit contribution for the quarter was $28.6 million as compared to $35.4 million in the prior year quarter. Total profit contribution margin decreased to 31% from 36%.
The profit contribution margin for the Live and Televised businesses was approximately 30% versus 36% in the second quarter last year principally reflecting the decline in pay-per-view revenues and the charge of $3.5 million for the William Morris Agency, Inc. settlement.
The profit contribution margin for the Branded Merchandise businesses was 34% as compared to 37% during the same period last year primarily due to the decline in revenues at The World.™
Selling, General and Administrative Expenses
SG&A expenses for the quarter were $27.3 million as compared to $27.0 million last year. SG&A for the quarter includes approximately $2.4 million associated with the William Morris Agency, Inc. settlement. Excluding the settlement and the absence of the expenses associated with the WWE Hotel and Casino, SG&A expenses for the quarter decreased approximately 6% reflecting the positive impact of the Company's initiatives to reduce and realign its operating budgets.
Six Months ended October 25, 2002
Total revenues for the six-month period ended October 25, 2002 were $180.9 million versus $188.9 million last year. Net income was $0.9 million and earnings per common share was $0.01 compared to $16.8 million and $0.23 respectively, in the prior fiscal year. The prior year results included a $5.8 million after-tax gain, or $0.08 per common share, associated with the revaluation and sale of certain equity instruments.
Live and Televised Entertainment
Total revenues for the Live and Televised businesses were $138.5 million as compared to $145.1 million in the same period last year.
-- Live Event revenues increased 20% to $37.0 million.
-- There were 174 events, including 7 international events year-to-date. This compares to 98 events, including 1 international event, during the same period last year.
-- Attendance increased 8% to approximately 958,000. This includes attendance of 109,000 from our international live event tours in the current year and approximately 16,000 in the prior year.
-- The average ticket price increased approximately 11% to $38.50 primarily due to the impact of higher international ticket prices in the current year.
-- The average ticket price for international events in the current year was approximately $59.30.
-- Pay-Per-View revenues declined 20% to $38.2 million from $47.6 million in the prior year.
-- Total domestic pay-per-view buys were 2.3 million as compared to 3.1 million in the prior year.
-- Television Rights Fees revenues increased slightly to $26.7 million primarily due to our Divas Undressed special that aired on TNN.
-- Television Advertising revenues were $36.5 million as compared to $40.4 million last year. This decrease was principally due to the impact of lower television ratings and decreased sponsorship revenues in the current year.
Branded Merchandise
Total revenues were $42.4 million versus $43.8 million last year.
-- Licensing revenues were $8.4 million as compared to $10.4 million in the prior year. Strength in the video game software category was more than offset by declines in our book publishing and toy categories.
-- Merchandise revenues increased 11% to $11.6 million. The growth in revenues was primarily due to an increase in per capita spending at our live events to $8.78 from $7.87 in the prior year period.
-- Publishing revenues increased slightly to $7.8 million primarily due to the increase in the number of special magazine titles and an increase in the cover price of Raw Magazine.
-- Home video revenues increased 32% to $8.0 million from $6.1 million due to a 20% increase in the number of units sold. The number of units sold in DVD format accounted for about 62% of total units sold versus approximately 26% in the prior year.
-- The World revenues declined 32% to $4.3 million due to decreased traffic in the restaurant and bar at the venue.
Profit Contribution
Total profit contribution for the six months ended October 25, 2002 was $58.2 million as compared to $67.8 million in the prior year. Total profit contribution margin decreased to 32% from 36%.
The profit contribution margin for the Live and Televised businesses was approximately 32% versus 37% in the prior year primarily reflecting the decline in pay-per-view revenues and the William Morris Agency, Inc. settlement.
The profit contribution margin for the Branded Merchandise businesses was 34% versus 32% in the prior year primarily due to increases in home video revenues and the positive impact on expenses arising from the expiration in December 2001 of a prior licensing agreement with National Hot Rod Association (NHRA).
Selling, General and Administrative Expenses
SG&A expenses decreased approximately 2% to $51.2 million as compared to $52.3 million last year. The decrease was due to the absence of expenses associated with the WWE Hotel and Casino and the impact of the $1.1 million net gain from the settlements of outstanding litigation in the current year. Increases in advertising and promotion expenses were partially offset by the impact of the Company's expense reduction initiatives.
Balance Sheet
Total assets as of quarter end were $445.7 million which included $263.9 million in cash, cash equivalents and short-term investments and $49.0 million in receivables. Long-term debt, including the current portion, as of quarter end was $9.6 million and shareholders' equity totaled $361.1 million.
Capital expenditures for the six months ended totaled approximately $6.9 million
Total profit contribution for the quarter was $28.6 million as compared to $35.4 million in the prior year quarter. Total profit contribution margin decreased to 31% from 36%.
The profit contribution margin for the Live and Televised businesses was approximately 30% versus 36% in the second quarter last year principally reflecting the decline in pay-per-view revenues and the charge of $3.5 million for the William Morris Agency, Inc. settlement.
The profit contribution margin for the Branded Merchandise businesses was 34% as compared to 37% during the same period last year primarily due to the decline in revenues at The World.™
Selling, General and Administrative Expenses
SG&A expenses for the quarter were $27.3 million as compared to $27.0 million last year. SG&A for the quarter includes approximately $2.4 million associated with the William Morris Agency, Inc. settlement. Excluding the settlement and the absence of the expenses associated with the WWE Hotel and Casino, SG&A expenses for the quarter decreased approximately 6% reflecting the positive impact of the Company's initiatives to reduce and realign its operating budgets.
Six Months ended October 25, 2002
Total revenues for the six-month period ended October 25, 2002 were $180.9 million versus $188.9 million last year. Net income was $0.9 million and earnings per common share was $0.01 compared to $16.8 million and $0.23 respectively, in the prior fiscal year. The prior year results included a $5.8 million after-tax gain, or $0.08 per common share, associated with the revaluation and sale of certain equity instruments.
Live and Televised Entertainment
Total revenues for the Live and Televised businesses were $138.5 million as compared to $145.1 million in the same period last year.
-- Live Event revenues increased 20% to $37.0 million.
-- There were 174 events, including 7 international events year-to-date. This compares to 98 events, including 1 international event, during the same period last year.
-- Attendance increased 8% to approximately 958,000. This includes attendance of 109,000 from our international live event tours in the current year and approximately 16,000 in the prior year.
-- The average ticket price increased approximately 11% to $38.50 primarily due to the impact of higher international ticket prices in the current year.
-- The average ticket price for international events in the current year was approximately $59.30.
-- Pay-Per-View revenues declined 20% to $38.2 million from $47.6 million in the prior year.
-- Total domestic pay-per-view buys were 2.3 million as compared to 3.1 million in the prior year.
-- Television Rights Fees revenues increased slightly to $26.7 million primarily due to our Divas Undressed special that aired on TNN.
-- Television Advertising revenues were $36.5 million as compared to $40.4 million last year. This decrease was principally due to the impact of lower television ratings and decreased sponsorship revenues in the current year.
Branded Merchandise
Total revenues were $42.4 million versus $43.8 million last year.
-- Licensing revenues were $8.4 million as compared to $10.4 million in the prior year. Strength in the video game software category was more than offset by declines in our book publishing and toy categories.
-- Merchandise revenues increased 11% to $11.6 million. The growth in revenues was primarily due to an increase in per capita spending at our live events to $8.78 from $7.87 in the prior year period.
-- Publishing revenues increased slightly to $7.8 million primarily due to the increase in the number of special magazine titles and an increase in the cover price of Raw Magazine.
-- Home video revenues increased 32% to $8.0 million from $6.1 million due to a 20% increase in the number of units sold. The number of units sold in DVD format accounted for about 62% of total units sold versus approximately 26% in the prior year.
-- The World revenues declined 32% to $4.3 million due to decreased traffic in the restaurant and bar at the venue.
Profit Contribution
Total profit contribution for the six months ended October 25, 2002 was $58.2 million as compared to $67.8 million in the prior year. Total profit contribution margin decreased to 32% from 36%.
The profit contribution margin for the Live and Televised businesses was approximately 32% versus 37% in the prior year primarily reflecting the decline in pay-per-view revenues and the William Morris Agency, Inc. settlement.
The profit contribution margin for the Branded Merchandise businesses was 34% versus 32% in the prior year primarily due to increases in home video revenues and the positive impact on expenses arising from the expiration in December 2001 of a prior licensing agreement with National Hot Rod Association (NHRA).
Selling, General and Administrative Expenses
SG&A expenses decreased approximately 2% to $51.2 million as compared to $52.3 million last year. The decrease was due to the absence of expenses associated with the WWE Hotel and Casino and the impact of the $1.1 million net gain from the settlements of outstanding litigation in the current year. Increases in advertising and promotion expenses were partially offset by the impact of the Company's expense reduction initiatives.
Balance Sheet
Total assets as of quarter end were $445.7 million which included $263.9 million in cash, cash equivalents and short-term investments and $49.0 million in receivables. Long-term debt, including the current portion, as of quarter end was $9.6 million and shareholders' equity totaled $361.1 million.
Capital expenditures for the six months ended totaled approximately $6.9 million