WWE Changes Their Business Outlook – More Cost Cutting
Following the release of WWE’s third quarter financial results, the company issued the following statement this morning:
WWE, Inc. Announces 2009-12 Business Outlook
Expects 15% to 20% Earnings Growth
STAMFORD, Conn., Nov 05, 2009 — World Wrestling Entertainment, Inc. (NYSE:WWE) today issued a revised business outlook, targeting average annual earnings growth between 15% to 20% over the 2009 through 2012 period. The revised outlook is based on a comprehensive review of the Company’s operations.
Vince McMahon, Chairman and Chief Executive Officer, said, “We believe we can achieve meaningful growth by strengthening our global expansion and television distribution, leveraging our new partnership with Mattel and continuing to improve operating efficiency. Through disciplined cost management, we expect our operating leverage to deliver outstanding earnings growth with even moderate increases in revenue.”
George Barrios, Chief Financial Officer, added, “WWE’s projected earnings growth reflects our focus on producing superior economic returns on the capital invested in our business and thereby creating value for our shareholders.”
Additional information on World Wrestling Entertainment, Inc. (NYSE:WWE) can be found at http://wwe.com and http://corporate.wwe.com/. For information on our global activities, go to http://www.wwe.com/worldwide/.
Notes: The outlook above does not include the impact of any future merger or unplanned restructuring charges, the impact from sales and acquisitions of operating assets and investments, or the impact of taxes on the above items, that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events.
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