WWFE 1st Quarter Earnings (2002)
WWF Chief Executive Officer Linda McMahon and WWF Executive Vice President and Chief Financial Officer August Liguori held a conference call announcing the financial report for the first quarter ending July 27th, 2001.
Total revenues were $90.7 million, down from the $101.9 million of the same period last year. Earnings per common share were $0.16 for the quarter against $0.22 in the first quarter in the prior fiscal year. In this quarter, WWFE registered a pre-tax gain of $9.3 million associated with the revaluation and sale of its warrant position in one of its licensees. Total profits declined 21%.
In Live and Televised Entertainment, total revenues were down 4% to $72.4 million compared to the same period last year. Live event revenues were $14.9 million compared to the $18.0 million in the same period last year. Attendance was approximately 415,000 versus the 611,500 of last year.
PPV buys increased from 1,284,000 from last year to 1,431,000 of this year. There were 167,000 out of period buys against the 515,000 in the same quarter last year. Total revenues declined 12% from the same period of 2000.
TV advertising revenues decreased 17% from the same period last year, largely due to the lower sell through on Sunday Night Heat. TV rights were doubled from last year and international license fees also increased.
Merchandise took a hit, down 32% from the same period last year. There were $18.3 million registered versus the previous $26.7 million.