Crown Media Reports Q4 Growth—a Bit Early

Mar 4, 2009  •  Post A Comment

Crown Media Holdings announced its fourth-quarter earnings results Wednesday after an e-mail accidentally went out that released the figures prematurely.
Crown, which owns the Hallmark Channel, had been scheduled to release its earnings Thursday.
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Crown said fourth-quarter net income was $1.3 million, or 1 cent per share, compared to a loss of $37.3 million, or 37 cents a share, a year ago.
Revenues rose 8% in the fourth quarter to $75.2 million. Subscriber fees rose 126% to $14.5 million, offsetting a 4% decrease in advertising sales to $60.4 million. Crown attributed the drop in ad sales to softening of advertising rates in the scatter and direct-response markets.
For the year, Crown had a net loss of $37.2 million, or 37 cents a share, down from $159 million, or $1.53 a share, in 2007.
Revenues were up 20% to $234.4 million.
“Our company delivered an extremely successful year for 2008, in terms of operating as well as financial results,” Henry Schleiff, Crown Media president-CEO, said in a statement. “Right now, Americans are looking for predictability in very unpredictable times. Hallmark Channel and Hallmark Movie Channel offer the kind of poignant and uplifting programming that Americans want and need—and certainly tuned into on our channels in record numbers during the holidays. I am confident that our unique appeal and sound operating structure will help us navigate successfully through the uncertain times ahead.”
Crown Media plans to have its conference call with analysts and investors Thursday morning as previously scheduled.


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