By James Caldwell, Torch assistant editor

WWE's first quarter 2010 financial results indicate the company is healthy with costs under control, plenty of cash on hand, and favorable revenue totals from their main sources.

WWE's total revenue came in well under expectations, though. The numbers indicate the brand isn't as strong as it was two years ago as far as being able to generate strong revenue totals across the board during WrestleMania season.

Looking back to first quarter 2008 when WrestleMania was reported in the first quarter, WWE reported revenue of $162.6 million. This year, WWE reported revenue of $138.7 million with WrestleMania counted in the first quarter.

Analysts were expecting $153.5 million in revenue in the first quarter this year, with WWE coming in $15 million short of expectations.

In the earnings release, WWE CEO Vince McMahon pointed to the the company's profitability as one of the main items to look at from this year's first quarter. WWE has cut back on costs and tried to become more efficient, which is a positive. However, the side-effect is not being able to make as much money as two years ago.

Right now, WWE is leaning more toward operating efficiently rather than going after every potential dollar in the market by throwing tons of money at marketing opportunities.

WWE hopes their strong partnerships will make up for the reduction in expenses and costs. WWE's TV partnerships with NBC Universal give them a solid foundation on cable TV, WWE's toy line is secure with Mattel, their video game relationship is secure with THQ and with Jakks out of the picture, they have consistent partnerships with 7-Eleven and K-Mart, and they have a potential big-money deal this summer with Burger King to promote Summerslam.

Licensing revenue from the toy deal with Mattel should boost revenue in future quarters. WWE reported in their conference call that first quarter toy sales were a mix of the old Jakks product lines and the new Mattel toys, which will delay the first surge in toy sales appearing on the financial statement.

Also, THQ is working on new WWE video games as well as preparing to announce details on the next installment of the Smackdown vs. Raw video game series.

WWE's TV Network is still a concept floating in the air without the public seeing anything on paper just yet, but that has potential to be a money-maker or a financial bust. Working with NBC Universal will certainly help avoid this becoming an XFL or ICO PRO (or perhaps soon to be NXT) type project.

Of course, the main concern remains PPV business. WWE has combined brands on one monthly PPV, they have attempted to re-brand their 1990s-era PPVs, and they have created monthly concept events, but it still comes down to the creative. If the creative build-up to PPVs isn't organic or doesn't intrigue TV viewers, it doesn't matter what concept they put on PPV.

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