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3rd Quarter earnings and resignation
Topic Started: Nov 6 2008, 06:31 PM (278 Views)
TheObserver

Quote:
 
World Wrestling Entertainment announced financial results for its third quarter ended September 30, 2008 today. The company reported revenues that totaled $108.8 million compared to $108.1 million in the third quarter of 2007, while operating income for the third quarter of 2008 was $7.9 million down from $13.4 million for the third quarter of last year. Net income fell from $8.5 million ($0.12 per share) in the third quarter of 2007 to $5.3 million ($0.07 per share) in the third quarter of this year.

"Through the first half of 2008, our business achieved significant top-line growth despite a difficult economic environment. In the third quarter, however, our revenue growth slowed. Consistent with our previously announced commitment, we are moving forward with at least $20 million of cost savings in 2009," said WWE Chief Executive Officer Linda McMahon. "In addition, we have adjusted the scope of our Media Center project and reduced our planned capital spending by approximately $30 million to a range of $65 million to $75 million. We remain committed to managing our business in a manner that is consistent with maintaining our dividend and achieving our long-term financial objectives," McMahon concluded.

In addition to a break down of the company's revenue in all areas, WWE released the pay-per-view buys for all third quarter pay-per-views including The Great American Bash, SummerSlam, and Unforgiven. The Great American Bash did 196,000 buys (compared to 229,000 in 2007), SummerSlam did 477,000 buys (compared to 537,000 in 2007), and Unforgiven did 211,000 buys (compared to 210,000 in 2007).

While most WWE categories were consistent with the year prior or in some cases elevated, revenues from the official WWE website decreased from $4.6 million from quarter three last year to $4.0 million in the third quarter this year or a 13% decline in web-based advertising revenue.


Full report

Quote:
 
Following the announcement of their third quarter earnings this morning, WWE has accepted the resignation of COO and member of the Board of Directors, Mike Sileck. Donna Goldsmith, Executive Vice President of Consumer Products, has been named his successor. The change will take effect December 31, 2008.

Sileck has been with the company since June of 2005 as the Chief Financial Officer and was promoted to Chief Operating Officer in February 2007. Vince McMahon issued a quoted to the media saying that, "WWE has had the benefit of Mike's former experience from both USA Network and Monster Worldwide, and we appreciate the contributions Mike has made in both of the positions he has held in our company."

His successor, Donna Goldsmith came to WWE from the NBA and has been with the company for the past eight years. Vince McMahon told the media, "Donna's business savvy, proven management and leadership skills, along with in depth product knowledge makes her uniquely qualified to fill the COO position." In addition to the new position, effective today, Donna has also been elected to serve on the Board of Directors. According to Reuters, Mike Sileck was making an annual compensation of $618,606.
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