Crown Media Reports Higher Q2 Earnings - Multichannel

Crown Media Reports Higher Q2 Earnings

Author:
Publish date:

Crown Media, which runs the Hallmark Channels, reported higher second-quarter earnings behind ad revenue and subscriber fee increases.

Net income rose 12% to $13.5 million, or 4 cents a share, from $12.1 million, or 3 cents a share, a year ago.

Revenues rose 14% to $86.7 million in the quarter.

"For second quarter, Crown Media continued to experience impressive revenue and earnings growth," Bill Abbott, president and CEO, said in a statement.

Ad revenues were up 15% to $66.5 million. The company attributed the gains to audience growth.

Crown said the Hallmark Channel's new daytime programming, including the daily show Home and Family, was drawing CPMs that were 80% to 100% above its off-network daytime fare. Home and Family and Marie, another daytime series, attracted first-time advertisers including KitchenAid, Electrolux, Visa and General Motors to the channel.

Ad revenue at Hallmark Movie Channel increased 40% to $11.5 million in the quarter from a year ago.

Subscriber fee revenues increased 10% to $19.9 million.

Programming expenses fell 5% to $34.5 million as a number of program license agreement expired.

Related