World Wrestling Federation Profits Drop
{{#rendered}} {{/rendered}}World Wrestling Federation Entertainment Inc. Wednesday posted lower quarterly profits as the weak economy and Sept. 11 attacks led to softer television ratings and lower attendance and pay-per-view sales.
Net income in the fiscal second quarter ended Oct. 26 totaled $4.8 million, or 7 cents a share, compared with $9.5 million, or 13 cents a share, a year ago. The year-ago earnings included a charge of $2.9 million for discontinued operations.
Wall Street analysts had expected the company to earn 6 cents a share, according to research firm Thomson Financial/First Call. Total revenues dropped to $98.2 million from $111.9 million a year ago.
{{#rendered}} {{/rendered}}WWF said it aims to build ratings, develop a second brand, and expand internationally. It will open a new office in London in the beginning of calendar 2002 and will launch an international tour shortly.
It said it expects fiscal 2002 revenues of $395 million to $415 million. It said it will spend about $15 million to improve its television production facilities during the year. Analysts expect the company to earn 37 cents a share for 2002, according to First Call.