WWE News: Vince McMahon comments on the 2013 first quarter financial report
WWE revealed its first quarter financial results on Thursday. The company reported revenues totaling 124.0 million, up from 123.1 million in the same quarter last year. Operating income is $6.1 million, down from 16.0 million in the prior year quarter.
“In the first quarter, EBITDA grew 19%, reflecting increased profits across all our businesses," Vince McMahon stated in a press release. "Our results were highlighted by the strong performance of our live events as we entered a new market in the Middle East. We are very pleased that our positive first quarter execution continued in April with the successful staging of WrestleMania, which is expected to deliver nearly 1.3 million pay-per-view buys globally.
"In the first quarter, our performance reflected investments to enhance our brand strength, which we view as a critical determinant of our long-term growth," Vince McMahon stated in a press release. "Operating metrics such as pay-per-view buys and live event attendance, which are key leading indicators, continued to show improvement.
"Demonstrating the ongoing demand for WWE content, we successfully staged WrestleMania in April, which attracted more than 80,000 fans and is expected to deliver more than one million pay-per-view buys globally, ranking the event as the highest grossing and most profitable pay-per-view event in our history. Looking ahead, we are confident that we can leverage this demand to transform our business."
Powell's POV: We will have live coverage of the quarterly conference call coming at 10:00 a.m. CT. Vince McMahon is expected to host the call and take questions.
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