Crown Holdings Narrows Q1 Loss
Crown Media Holdings, owner of Hallmark Channel, narrowed its first-quarter loss despite the effects of the economy.
“The first quarter of 2009 reflected our successful efforts of operating our business in an unprecedented economic environment,” said CEO Bill Abbott, who succeeded Henry Schleiff on Wednesday. “Our management team has responded to these challenges with unique and innovative ways to conduct business, combined with a watchful eye on costs in order to maintain and, indeed, improve the operating health of our company.”
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Mr. Abbott added that “we believe that the economic recession has increased the importance of our mature audience, as advertisers strive to maintain market share and attract new consumers who have stable disposable income. This is a good time to be the Hallmark Channel.”
The company’s net loss was $7.45 million, or 7 cents a share, compared to $14.7 million, or 14 cents a share, a year ago.
Revenues rose slightly to $71 million. Ad sales declined 2% to $55.3 million while subscriber revenue increase 10%, reflecting new distribution deals signed over the last year.