Stocks/Earning

Revenue, Cash Flow Rise At Crown Media

Ad Sales Drive Results 5/02/2013 7:03 AM Eastern

Revenue in the first quarter at Crown Media, parent of the Hallmark Channel, was up 2% to $85.6 million, as strong broadcast ad sales drove results.

Overall advertising revenue increased 2% to $65.2 million from $63.9 million in the 2012. Subscriber fee revenue increased 2% to $20.1 million from $19.8 million last year due to contractual rate increases.

Adjusted EBITDA was $36.2 million for the first quarter of 2013 compared to $33.0 million for the same period last year. Cash used in operating activities totaled $6 million for the first quarter of 2013 compared to $4.8 million for the same period last year. The net income to common shareholders for the quarter ended March 31, 2013, totaled $14.5 million, or $0.04 per share, compared to $12.3 million, or $0.03 per share, in the first quarter of 2012.

"Crown Media is off to a strong start for 2013 across all areas of the business. We are well-positioned to maximize several important strategies we put in place last year," said
Crown Media CEO Bill Abbottin a statement. "We have redoubled our commitment to establishing Hallmark Channel as an exciting new primetime destination for original scripted series, while substantially expanding Hallmark Movie Channel's programming slate — including the addition of that network's first original Christmas movie — to parallel its distribution and ratings growth. With these and other exciting developments on the horizon, we are further reinforcing Crown Media's unique value in the marketplace and have laid a foundation that will continue to pay off well into the future."

November