WWE 2009 Financial Results: Net Income Up 11% For The Year

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World Wrestling Entertainment has released its financial results for the final quarter and entire year of 2009.

To view a PDF file of the complete report from corporate.wwe.com, click here. From the report:

WWE® Reports 2009 Fourth Quarter Results For the year, Net Income Increases 11%

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STAMFORD, Conn., February 11, 2010 – World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its fourth quarter ended December 31, 2009. Revenues totaled $117.3 million as compared to $125.4 million in the prior year quarter. Operating income was $17.8 million as compared to $23.3 million in the prior year quarter. Net income was $11.2 million, or $0.15 per share, as compared to $13.6 million, or $0.18 per share, in the prior year quarter.

“We concluded a strong year with solid performance in the fourth quarter, which was highlighted by 7% growth in Adjusted EBITDA. For the quarter, we generated revenue growth and improved margins in our live event, pay-per-view, and television businesses,” stated Vince McMahon, Chairman and Chief Executive Officer. “For the full year, we achieved a 13% increase in Adjusted EBITDA.    The results reflected the significant improvements we have made in productivity and a heightened fiscal discipline, which we intend to sustain going forward. The increased operating leverage we have established will enable us to drive greater profits as revenue growth returns. We are confident in our ability to achieve our targeted earnings growth.” The WWE business outlook targets average annual earnings growth of 15% to 20% over the 2009- 12 period.

Summary Results for the Twelve Months Ended

Total revenues through the year ended December 31, 2009 were $475.2 million as compared to $526.5 million in the prior year. Operating income for the current year was $77.1 million versus $70.3 million in the prior year. Net income was $50.3 million, or $0.68 per share, as compared to $45.4 million, or $0.62 per share, in the prior year. EBITDA was $91.6 million for the current year as compared to $83.4 million in the prior year. Current year expenses included the benefit of $8.3 million in tax credits associated with our television and digital media production, an increase of $7.4 million in bad debt expense related to a prior business partner and a $2.2 million restructuring charge associated with a 10% reduction in staff. As previously disclosed, the prior year results included the recognition of a $6.4 million advance related to a multi-year contract with a book publisher, an expense of $3.5 million associated with our McMahon’s Million Dollar Mania brand awareness campaign and a $1.9 million charge for our film See No Evil. Excluding these items, Adjusted EBITDA was $92.9 million for the current year as compared to $82.4 million in the prior year. (See Schedule of Adjustments in Supplemental Information)

Again, visit Corporate.WWE.com for more to read the full report.