Excluding items that impacted comparability on a year-over-year basis, Adjusted Operating loss was $33.1 million compared to income of $16.2 million in the prior year period, and Adjusted Net loss was $21.5 million, or $0.29 per share, compared to Net income of $9.1 million, or $0.12 per share, in the prior year period.
Six Months Ended June 30, 2014 - Results by Region and Business Segment
Revenues increased 2% to $281.9 million as growth from North America was partially offset by declines from WWE's international markets. Revenues from North America increased 4% primarily due to the launch of WWE Network, the licensing of new television content and contractual increases for existing programs, and an increase in the average attendance and pricing of live events, as well as higher Studios revenues related to prior year releases. These increases were partially offset by reduced pay-per-view revenues, reflecting the availability of pay-per-view events in the U.S. on WWE Network, and the absence of a prior year benefit related to the transition to a new video game licensee, Take-Two Interactive. Revenues from outside North America declined 4% primarily due to lower video game licensing revenues, a reduction in the average attendance and number of international live events and lower pay-per-view revenues. There was no significant impact from changes in foreign exchange rates in the current year period.
Media Division
Revenues from the Company's Media Division increased 9% to $173.5 million primarily driven by the launch and ramp up of WWE Network as well as from increased television and home entertainment revenue. Revenue growth was partially offset by lower pay-per-view (included in the Network segment) and Digital Media revenue as our video content became available on WWE Network.
Live Events
Live Event revenues were $62.0 million as compared to $62.6 million in the prior year period primarily due to lower attendance at WrestleMania (because of stadium configuration) and the staging of 10 fewer events. These factors were partially offset by increases in average attendance and effective price across the Company's other events.
Consumer Products Division
Revenues from Consumer Products businesses were $39.2 million for the current year period as compared to $49.2 million in the prior year period, representing a decrease of 20%. The decrease was primarily driven by the transition to a new video game partner, Take-Two Interactive, lower sales and contractual changes in the Company's video game licensing agreement. Additionally, Venue merchandise sales decreased primarily due to a decline in per-capita merchandise sales at domestic events. Partially offsetting these declines was increased revenue from WWEShop, which benefited from mobile shop optimization and a new distribution model in the U.K. utilizing Amazon.
WWE Studios
WWE Studios revenue increased to $6.1 million from $4.0 million in the prior year period primarily due to the strong performance of The Call, which was released theatrically in March 2013. WWE Studios' movie portfolio generated income of $1.4 million compared to a loss of 5.4 million in the prior year quarter, which included $4.7 million in film impairment charges. Excluding the impact of prior-year film impairment charges, WWE Studios generated income of $1.4 million compared to an adjusted loss of $0.7 million.
Read more at http://www.wrestlinginc.com/wi/news/2014/0731/579544/wwe-reports-2014-second-quarter-results/#OFgPB8zdJt5FqQcy.99
Six Months Ended June 30, 2014 - Results by Region and Business Segment
Revenues increased 2% to $281.9 million as growth from North America was partially offset by declines from WWE's international markets. Revenues from North America increased 4% primarily due to the launch of WWE Network, the licensing of new television content and contractual increases for existing programs, and an increase in the average attendance and pricing of live events, as well as higher Studios revenues related to prior year releases. These increases were partially offset by reduced pay-per-view revenues, reflecting the availability of pay-per-view events in the U.S. on WWE Network, and the absence of a prior year benefit related to the transition to a new video game licensee, Take-Two Interactive. Revenues from outside North America declined 4% primarily due to lower video game licensing revenues, a reduction in the average attendance and number of international live events and lower pay-per-view revenues. There was no significant impact from changes in foreign exchange rates in the current year period.
Media Division
Revenues from the Company's Media Division increased 9% to $173.5 million primarily driven by the launch and ramp up of WWE Network as well as from increased television and home entertainment revenue. Revenue growth was partially offset by lower pay-per-view (included in the Network segment) and Digital Media revenue as our video content became available on WWE Network.
Live Events
Live Event revenues were $62.0 million as compared to $62.6 million in the prior year period primarily due to lower attendance at WrestleMania (because of stadium configuration) and the staging of 10 fewer events. These factors were partially offset by increases in average attendance and effective price across the Company's other events.
Consumer Products Division
Revenues from Consumer Products businesses were $39.2 million for the current year period as compared to $49.2 million in the prior year period, representing a decrease of 20%. The decrease was primarily driven by the transition to a new video game partner, Take-Two Interactive, lower sales and contractual changes in the Company's video game licensing agreement. Additionally, Venue merchandise sales decreased primarily due to a decline in per-capita merchandise sales at domestic events. Partially offsetting these declines was increased revenue from WWEShop, which benefited from mobile shop optimization and a new distribution model in the U.K. utilizing Amazon.
WWE Studios
WWE Studios revenue increased to $6.1 million from $4.0 million in the prior year period primarily due to the strong performance of The Call, which was released theatrically in March 2013. WWE Studios' movie portfolio generated income of $1.4 million compared to a loss of 5.4 million in the prior year quarter, which included $4.7 million in film impairment charges. Excluding the impact of prior-year film impairment charges, WWE Studios generated income of $1.4 million compared to an adjusted loss of $0.7 million.
Read more at http://www.wrestlinginc.com/wi/news/2014/0731/579544/wwe-reports-2014-second-quarter-results/#OFgPB8zdJt5FqQcy.99
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