Higher event costs and lower revenue pinned World Wrestling Entertainment Inc.’s fiscal-second-quarter net income, the company said Tuesday.
The wrestling organization posted net income of $4.4 million, or 6 cents per share, for its fiscal second quarter ended Oct. 29, a sharp drop from $17.1 million (25 cents) in the year-earlier period.
The current-year quarter includes a gain of 2 cents per share from discontinued operations, while the prior-year period included a gain of 6 cents per share from the favorable settlement of litigation.
Revenue slipped to $83.9 million from $94.4 million in the year-ago quarter.
Earnings before interest, taxes, debt and amortization were $7.2 million compared with $28.8 million in the prior-year quarter.
"While the attendance of our domestic live events and pay-per-view buys for the current quarter did not achieve the levels anticipated, our international tours in the quarter were very successful," WWE CEO Linda McMahon said in a prepared statement.