More WWE Financials: Total Revenue Slightly Up

Along with the fourth quarter financials, WWE also released their year end comparison results. Here are those highlights…

* Total revenues for the year ended December 31, 2011 were $483.9 million as compared to $477.7 million in the prior year. Operating income was $37.0 million as compared to $82.3 million in the prior year. Net income was $24.8 million, or $0.33 per share, as compared to $53.5 million, or $0.71 per share, in the prior year. EBITDA was $52.0 million for the current year as compared to $94.0 million in the prior year. Excluding items that impact comparability, Adjusted Operating income for the current year was $64.4 million as compared $82.3 million in the prior year. Adjusted Net income was $43.3 million, or $0.58 per share, as compared to $53.5 million, or $0.71 per share, in the prior year. Adjusted EBITDA was $79.4 million for the current year as compared to $94.0 million in the prior year.

* Revenues increased 1% led by our Live and Televised Entertainment segment primarily reflecting the impact of WrestleMania. Growth in Pay-Per-View and Licensing was offset by the absence of two hours of television programming and declines across our other businesses. The decline in Television Advertising reflects a new agreement with a Canadian television distributor. We receive television rights fees rather than advertising revenue under the new agreement.

* Revenues from North America increased 2% led by higher Pay-Per-View and Licensing revenues reflecting the impact of WrestleMania and an additional video game, respectively. This was partially offset by the absence of domestic television rights fees for NXT and Superstars and lower WWE.com revenues primarily driven by lower advertising sales.

* Revenues from outside North America were essentially flat to the prior year as lower sales of licensed toy, collectible and home video products were offset by contractual expansion of television rights fees and increased pay-per-view buy rates, primarily in our Asia Pacific markets. The current year also benefited from a $3.4 million favorable impact from changes in foreign exchange rates.

* During the current year, WWE Studios recognized revenue of $20.9 million as compared to $19.6 million in the prior year, with the growth in revenue driven by an increase in the number of film releases (four in the current year, namely, The Chaperone, That’s What I Am, Inside Out and The Reunion, compared to two in the prior year). Lower than anticipated performance of several films contributed to revised ultimate projections for current and pending releases, which resulted in $23.4million of impairment charges. Film profits declined $28.0 million from the prior year driven by the film impairment charges and the increased distribution expenses associated with the higher number of releases under our self-distribution model in the current year as compared to the prior year.

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