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WWE Reports Fiscal First-Quarter Profit Surge

Aug 23, 2004  •  Post A Comment

World Wrestling Entertainment has reported a 192 percent surge in fiscal first-quarter profit, helped by an increase in the number of pay-per-view events compared with last year.

Stamford, Conn.-based WWE reported a profit of $7.6 million for the three months ended July 30, compared with a year-earlier profit of $2.6 million. On a per-share basis, WWE’s profit was 11 cents a share vs. 4 cents a share in 2003.

Revenue rose 9 percent to $81.6 million.

A large driver of the increase was the four PPV events that ran during the quarter, compared with two in the previous year. The company said it plans to run a total of 14 PPV events in the 2005 fiscal year, compared with 12 in the 2004 fiscal year.

Those additional PPV events helped offset a decline in attendance at its live performances as well as a decline in advertising revenue for its television shows as a result of a contract change between WWE and UPN, which airs “SmackDown!”