WWE Pins International Gains6/30/2002 8:00 PM Eastern
Increased international demand helped World Wrestling Entertainment report a net profit in its most recent quarter, even as domestic advertising revenue for the company remained flat.
WWE reported net income of $16 million (22 cents per share) in the fiscal fourth quarter, compared to a loss of $20.4 million, or 28 cents per share, in the same period last year. That loss was due, in part, to WWE's write-off of the failed XFL professional football league.
Revenue grew 4 percent during the period, to $135.9 million from $131.1 million. Cash flow rose to $28.5 million versus $26.1 million last year. The company said in a statement that its cash flow in the most recent quarter included expenses of $2 million associated with its name change to World Wrestling Entertainment, Inc.
WWE changed its name last month from World Wrestling Federation following a legal squabble with the World Wildlife Fund.
Pay-per-view revenue rose to $40.6 million in the quarter, compared to $39.3 million in the prior year, while PPV buys increased to 2.4 million from 2.3 million.
Television rights fees were up 17 percent to $14.2 million, largely due to increased international fees. TV advertising revenue was unchanged from the prior year at about $21.9 million, the company said.