WWFE 3Q Revenues, Profits Fall

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Taking hits at the gate and in the pay-per-view arena, World Wrestling
Federation Entertainment Inc. sustained revenue and profit declines during its
third quarter ended Jan. 25.

The grappling group saw total revenue fall 9.9 percent to $100.2 million and
its bottom line decline 19.7 percent to $9.4 million in the quarter. The company
said net profits reflected the favorable impact of some $4.6 million tied
to provisions that were no longer required and the recording of tax
benefits, both of which were linked to the discontinuance of the XFL. In the
prior-year period, WWFE posted a $6.6 million loss from its discontinued
football circuit.

In reporting its third-quarter results, WWFE indicated that PPV revenue amounted to $23.8 million. PPV buys dropped 17.6 percent to 1.4 million -- a decline influenced by the absence of DirecTV Inc. as a distributor.
DirecTV resumed airing WWFE PPV shows Feb. 17.

WWFE reported that live-event revenues totaled $15.3 million, a total shaped
by a 13 percent drop in attendance to 446,000 -- despite an increase to 61 events
from 48 in the prior-year period -- and a 3 percent rise in average ticket price
to $34.21.

Meanwhile, TV-rights fees, driven by increases both domestically and
internationally, grew 14 percent to $13 million in the period. TV ad revenues,
despite a tough market, fell 4.9 percent to $21.3 million.

All told, the company's live and televised businesses were off 7.7 percent in
the third quarter to $73.4 million versus the prior-year period.

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