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WWE News: WWE reports Second Quarter 2012 Results - lower Revenue, WWE raises full-year projection, McMahon talks Tout & Raw to three hours

Aug 2, 2012 - 8:15:11 AM
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By James Caldwell, PWTorch assistant editor

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WWE reported Thursday Second Quarter 2012 (April - June) financial results that include Total Revenue of $141.6 million compared to $142.6 million in the prior year quarter. The Revenue total came in short of analyst expectations of $143.1-$143.3 million.

The decline in Revenue can be attributed to lower Consumer Products revenue, virtually no revenue from WWE Studios during the quarter, and lower revenue from international sources, specifically Latin America.

WWE also reported Net Income of $11.9 million, as compared to $14.3 million in the prior year quarter. Net Income was $0.16 per share, which just topped analyst expectations of $0.15 per share.

WWE noted in their earnings release that Net Income was impacted by "expenses incurred in conjunction with our potential network in the current quarter." It's worth noting WWE used the phrase "potential Network" throughout the earnings release when describing start-up costs incurred in the Second Quarter related to WWE Network plans.

Without the impact of Network start-up costs, WWE says Net Income would have been $13.1 million, translating to $0.17 per share, but still below a comparable figure of $16.5 million in Second Quarter 2011.

- Prepared comments from WWE CEO Vince McMahon and CFO George Barrios focused on WWE's social media initiatives to engage their audience. Although Raw 1,000 and the expansion to three hours occurred in the Third Quarter, those items were stressed going forward. McMahon, who did not comment on the actual Second Quarter business results, stressed the new Tout initiative and claimed the incorporation of Tout allows WWE to "enhance our programming content."

“In the second quarter, we made important progress on our key strategic initiatives, expanding our content and distribution, and enhancing our brand strength,” McMahon said. “The production and licensing of a third hour of Raw and the launch of a new program, WWE Main Event, for ION Television, as well as our exploding social media presence which now reaches over 100 million global fans, exemplify our achievement of these goals. In order to cultivate further the unique passion of our global fans, we continued to integrate social media in our program content and entered a strategic investment agreement with Tout, which enables users to capture and share 15-second videos. Integrating our fans's voice in our programming enables us to escalate fan interaction, enhance our programming content, and drive the value of our investment.”

WWE CFO George Barrios echoed McMahon's comments, while also stressing improvements in WWE's PPV business following WrestleMania. Barrios also noted the viewership success of Raw 1,000, which occurred outside of the Second Quarter.

“Our results were highlighted by the strong performance of our pay-per-view business, which offset an anticipated decline in video game sales,” said Barrios. “Key audience measures, including a 17 percent increase in pay-per-view buys and the attraction of 6 million viewers to our 1,000th episode of Raw in July demonstrate our staying power and our continuing ability to build consumer interest."

Barrios also said WWE is raising their full-year earnings projections on the basis of their second quarter results. "We expect that our 2012 earnings, measured by either earnings per share, or EBITDA, will be roughly 5 percent to 15 percent above our 2011 results on an 'as reported' basis," Barrios said.

- More To Follow on PPV Business and other Business Segments...

Link: WWE's quarterly report can be read at this link on Finance.Yahoo.com .


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