Press Release: WWE Reports 1st Quarter 2012 Financial Results

Nick Paglino

The following press release has been issued by WWE:

WWE® Reports 2012 First Quarter Results

STAMFORD, Conn., May 3, 2012 – WWE (NYSE:WWE) today announced financial results for its first quarter ended March 31, 2012. Revenues totaled $123.1 million as compared to $119.9 million in the prior year quarter. Operating income was $16.0 million as compared to $13.2 million in the prior year quarter. Net income was $15.3 million, or $0.20 per share, as compared to $8.6 million, or $0.11 per share, in the prior year quarter. There were several items that impacted comparability on a year-over-year basis, including expenses incurred in conjunction with our potential network, recognition of previously unrecognized tax benefits and film impairments. Excluding the impact of these items, Adjusted Operating income in the current quarter was $18.9 million and Adjusted Net income was $13.1 million, or $0.18 per share. In the prior year quarter, Adjusted Operating income was $16.0 million and Adjusted Net income was $10.3 million, or $0.14 per share.

"In the first quarter, EBITDA grew 19%, reflecting increased profits across all our businesses. Our results were highlighted by the strong performance of our live events as we entered a new market in the Middle East. We are very pleased that our positive first quarter execution continued in April with the successful staging of WrestleMania, which is expected to deliver nearly 1.3 million pay-per-view buys globally," stated Vince McMahon, Chairman and Chief Executive Officer. "Through the first quarter, we made important progress on our key strategic initiatives, developing our foundation for creating and distributing new content, and building on our tremendous brand strength, especially in social media. Looking ahead, we are confident that we will leverage the broad appeal of our content to transform our business and drive long-term earnings growth."

To view the press release in its entirety, you can click here.

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