AdBrite
AdBrite
Monday, November 16, 2009
Thursday, November 5, 2009
WWE(R) Reports 2009 Third Quarter Results
STAMFORD, Conn., Nov 05, 2009 (BUSINESS WIRE) -- World Wrestling Entertainment, Inc. (NYSE:WWE) today announced financial results for its third quarter ended September 30, 2009. Revenues totaled $111.3 million as compared to $108.8 million in the prior year quarter. Operating income was $14.5 million as compared to $7.9 million in the prior year quarter. Net income was $8.9 million, or $0.12 per share, as compared to $5.3 million, or $0.07 per share, in the prior year quarter.
"We are pleased with our solid performance. During the quarter we achieved an 84% increase in our operating income and managed a 26% increase for the first nine months of the year," stated Vince McMahon, Chairman and Chief Executive Officer. "Entering the year, we established clear goals to reduce our cost structure and to improve our operating efficiency. Our results to date, including significant and sustained improvement in our profit margins, demonstrate our ongoing commitment in meeting these objectives."
"Looking ahead, we believe WWE can achieve meaningful growth by taking advantage of our strategic opportunities and maintaining our focus on managing costs. Our portfolio of businesses exhibit significant operating leverage and, through disciplined cost management, we expect that leverage to drive future earnings growth."
Results by Business Segment
The following charts reflect net revenues by segment and by geographical region for the three months ended September 30, 2009 and September 30, 2008. (Dollars in millions)
Revenues from outside North America increased 17% led by the timing and performance of our live events in Asia Pacific.
Net Revenues by Segment
Three Months Ended
September 30,
2009
September 30,
2008
Live and Televised Entertainment $ 77.9 $ 68.7
Consumer Products 23.0 26.6
Digital Media 7.4 7.9
WWE Studios 3.0 5.6
Total $ 111.3 $ 108.8
Net Revenues by Region
Three Months Ended
September 30,
2009
September 30,
2008
North America $ 81.3 $ 83.2
Europe, Middle East & Africa (EMEA) 14.4 17.1
Asia Pacific (APAC) 12.5 6.8
Latin America 3.1 1.7
Total $ 111.3 $ 108.8
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $77.9 million for the current quarter as compared to $68.7 million in the prior year quarter, representing a 13% increase.
Live Event revenues were $27.2 million as compared to $20.3 million in the prior year quarter. Revenues increased 34% primarily due to higher average attendance and an increase in the number of international events.
There were 94 events, including 17 international events, during the current quarter as compared to 89 events, including 12 international events, in the prior year quarter.
North American events generated $16.6 million of revenues from 77 events as compared to $15.5 million from 77 events in the prior year quarter. North American average attendance increased 9% to approximately 5,800 from 5,300 in the prior year quarter. The average ticket price for North American events was $36.26 in the current quarter as compared to $38.21 in the prior year quarter.
International events generated approximately $10.6 million of revenues as compared to $4.8 million in the prior year quarter. The quarter-over-quarter increase reflected five additional events in the current quarter and a 38% increase in average attendance to approximately 9,100 fans. These factors were partially offset by a 19% reduction in average ticket prices to $65.59, in part due to changes in foreign exchange rates.
Pay-Per-View revenues were $14.5 million as compared to $16.4 million in the prior year quarter reflecting a 10% decline in total pay-per-view buys and a higher percentage of international buys, which are generally lower in price. For the comparable pay-per-view events which occurred in both the current and prior year periods, pay-per-view buys declined 22% in the quarter and 9% on a year-to-date basis.
The details for the number of buys (in 000s) are as follows:
Events (in chronological order)
Three Months Ended
September 30, 2009
Three Months Ended
September 30, 2008
The Bash(TM) - 196
Night of Champions(R) 267 -
SummerSlam(R) 369 477
Breaking Point(R)/Unforgiven(R) 169 211
Prior events 31 42
Total 836 926
Venue Merchandiserevenues were $4.3 million as compared to $4.2 million in the prior year quarter, as higher average attendance and the impact of five additional international events was offset by an 11% decline in lower domestic per capita merchandise sales to $8.71 in the current quarter.
Television Rights Fees revenues were $28.3 million as compared to $24.4 million in the prior year quarter. This increase was primarily due to fees received from our new WWE Superstars television show and contractual increases from our existing programs.
WWE Classics On Demand(TM) revenues were$1.2 million as compared to $1.4 million in the prior year quarter.
Consumer Products
Revenues from our Consumer Products businesses were $23.0 million versus $26.6 million in the prior year quarter, representing a 14% decrease.
Home Video net revenues were $11.2 million as compared to $11.0 million in the prior year quarter. The increase reflects the performance of our new releases and catalog titles.
Licensing revenues were $7.9 million as compared to $10.6 million in the prior year quarter. The decrease primarily reflects the reduction in royalties earned on the sales of toys and videogames, particularly in international markets.
Magazine publishing net revenues were $3.4 million as compared to $4.7 million in the prior year quarter. The decrease primarily reflects a reduction in subscription revenue and the publication of one fewer issue of WWE Magazine in the current quarter.
Digital Media
Revenues from our Digital Media related businesses were $7.4 million as compared to $7.9 million in the prior year quarter, representing a 6% decrease.
WWE.com revenues were $4.5 million as compared to $4.0 million in the prior year quarter, reflecting increased sales of online advertising and expanded licensing of our website for international markets.
WWEShop revenues were $2.9 million as compared to $3.9 million in the prior year quarter. The number of orders declined by 21% to approximately 55,000 and the average revenue per order decreased by approximately 8% to $50.46 from the prior year quarter.
WWE Studios
During the current quarter, we recorded revenue of $3.0 million related to four previously released films, including Behind Enemy Lines: Colombia as compared to $5.6 million in the prior year quarter related to See No Evil, The Marine, and The Condemned. In the prior year quarter, we recorded a $1.9 million charge related to revised expectations for our film See No Evil. During the first quarter of 2009, we released our fourth feature film, 12 Rounds, as well as a Direct-to-DVD film, Behind Enemy Lines: Colombia. 12 Rounds generated approximately $12.2 million in gross domestic box office receipts and was released on DVD on June 30, 2009. We participate in revenues generated by the distribution of these films after the print, advertising and distribution costs incurred by our distributors have been recouped and the results have been reported to us. As such, no revenues have been recorded for 12 Rounds to-date.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution increased to $51.2 million in the current quarter as compared to $42.5 million in the prior year quarter. Gross profit margins increased to 46% as compared to 39% in the prior year quarter, reflecting increased efficiencies in our Live and Televised Entertainment segment. Improved margins were driven by continued cost reductions in marketing and TV production, and by the impact of the staff reduction at the beginning of the 2009 year.
Selling, general and administrative expenses
SG&A expenses were $33.1 million for the current quarter as compared to $31.3 million in the prior year quarter, reflecting an increase in accrued incentive compensation, partially offset by decreases in advertising, travel expenses, as well as legal and professional fees.
EBITDA
EBITDA was approximately $18.1 million in the current quarter as compared to $11.2 million in the prior year quarter, primarily due to the improved efficiencies discussed above.
Investment and Other Income (Expense)
The decline in investment income of $0.6 million in the current quarter reflects lower interest rates. Other income of $0.2 million, as compared to other expense of $1.4 million in the prior year quarter, reflected changes in realized foreign exchange gains and losses and the revaluation of warrants held in certain licensees.
Effective tax rate
In the current quarter the effective tax rate was 42% as compared to 32% in the prior year quarter. The effective tax rate reflects differences between the taxes provided for as compared to actual amounts calculated on returns for both periods.
Summary Results for the Nine Months Ended
Total revenues through the nine months ended September 30, 2009 were $357.9 million as compared to $401.1 million in the prior year period. Operating income for the current period was $59.3 million versus $47.0 million in the prior year period. Net income was $39.1 million, or $0.53 per share, as compared to $31.8 million, or $0.43 per share, in the prior year period. EBITDA was $70.3 million for the current nine month period as compared to $56.5 million in the prior year period.
The following charts reflect net revenues by segment and by geographical region for the nine months ended September 30, 2009 and September 30, 2008. (Dollars in millions)
Net Revenues by Segment
Nine Months Ended
September 30,
2009
September 30,
2008
Live and Televised Entertainment $ 251.2 $ 255.3
Consumer Products 77.0 102.4
Digital Media 22.2 23.9
WWE Studios 7.5 19.5
Total $ 357.9 $ 401.1
Net Revenues by Region
Nine Months Ended
September 30,
2009
September 30,
2008
North America $ 268.6 $ 298.3
Europe, Middle East & Africa (EMEA) 55.8 69.5
Asia Pacific (APAC) 25.1 28.4
Latin America 8.4 4.9
Total $ 357.9 $ 401.1
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $251.2 million for the current period as compared to $255.3 million in the prior year, a decrease of 2%.
September 30,
2009
September 30,
2008
Live Events $ 79.6 $ 80.2
Pay-Per-View $ 63.7 $ 75.5
Venue Merchandise $ 15.2 $ 15.0
Television Rights Fees $ 81.5 $ 73.1
Television Advertising $ 5.5 $ 5.3
WWE Classics On Demand
$ 4.2 $ 4.8
Consumer Products
Revenues from our Consumer Products businesses were $77.0 million versus $102.4 million in the prior year, a decrease of 25%.
September 30,
2009
September 30,
2008
Home Video $ 29.0 $ 43.5
Licensing $ 36.7 $ 45.8
Magazine Publishing $ 9.9 $ 11.9
Digital Media
Revenues from our Digital Media related businesses were $22.2 million as compared to $23.9 million in the prior year, a decrease of 7%.
September 30,
2009
September 30,
2008
WWE.com $ 12.9 $ 12.5
WWEShop $ 9.3 $ 11.4
WWE Studios
We recorded revenue of $7.5 million in the current period related to four of our releases, See No Evil, The Marine, The Condemned, and Behind Enemy Lines: Colombia as compared to $19.5 million in the prior year period, which was led by the performance of The Marine. During the first quarter of 2009, we released our fourth feature film, 12 Rounds, as well as a Direct-to-DVD film, Behind Enemy Lines: Colombia.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution increased to $165.6 million in the current period as compared to $158.4 million in the prior year period, as improved efficiencies essentially offset the impact of revenue declines as discussed above. Total profit contribution margin increased to approximately 46% as compared to 39% in the prior year period, reflecting increased efficiencies in our Live and Televised Entertainment segment.
Selling, general and administrative expenses
SG&A expenses were $95.3 million for the current period as compared to $101.9 million in the prior year period, reflecting decreases in advertising, legal and professional fees and travel expenses, offset by an increase in accrued incentive compensation and bad debt expense. Current period expenses include the impact of our corporate restructuring of approximately $2.2 million in severance costs while expenses in the prior year included $3.5 million associated with our McMahon's Million Dollar Mania brand awareness campaign.
EBITDA
EBITDA for the current period was approximately $70.3 million as compared to $56.5 million in the prior year period.
Investment and Other Income (Expense)
The $2.0 million decline in investment income in the current period reflects lower average interest rates. Other income of $0.3 million as compared to other expense of $3.7 million in the prior year period includes the revaluation of warrants held in certain licensees.
Effective tax rate
The effective tax rate was 37% in the current period as compared to 33% in the prior year period. The prior year rate reflects tax benefits related to previously unrecognized tax positions.
Cash Flows
Net cash provided by operating activities was $92.8 million for the nine months ended September 30, 2009 as compared to $17.7 million in the prior year period. The increase was driven by the timing of feature film investments, favorable changes in working capital and reduced capital expenditures. Capital expenditures were $3.7 million for the current period as compared to $19.8 million in the prior year period as the prior year reflected an approximate $11.5 million investment in High Definition broadcasting equipment.
Additional Information
Additional business metrics are made available to investors on a monthly basis on our corporate website - corporate.wwe.com.
Note: World Wrestling Entertainment, Inc. will host a conference call on November 5, 2009 at 11:00 a.m. ET to discuss the Company's earnings results for the third quarter of 2009. All interested parties can access the conference call by dialing 888-647-2706 (conference ID: WWE). Please reserve a line 15 minutes prior to the start time of the conference call. A presentation that will be referenced during the call can be found at the Company web site at corporate.wwe.com. A replay of the call will be available approximately three hours after the conference call concludes, and can be accessed at corporate.wwe.com.
World Wrestling Entertainment, Inc. (NYSE: WWE) is an integrated media and entertainment company headquartered in Stamford, Conn. Additional information on the Company can be found at wwe.com and corporate.wwe.com.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, feature films, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition to these risks and uncertainties, our dividend is based on a number of factors, including our liquidity and historical and projected cash flow, strategic plan, our financial results and condition, contractual and legal restrictions on the payment of dividends and such other factors as our board of directors may consider relevant.
World Wrestling Entertainment, Inc.
Consolidated Income Statements
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net revenues $ 111,254 $ 108,782 $ 357,873 $ 401,072
Cost of revenues 60,077 66,279 192,264 242,655
Selling, general and administrative expenses 33,108 31,263 95,337 101,884
Depreciation and amortization 3,578 3,330 10,954 9,521
Operating income 14,491 7,910 59,318 47,012
Investment income, net 704 1,290 2,495 4,511
Interest expense (82 ) (110 ) (261 ) (324 )
Other income (expense), net 168 (1,356 ) 300 (3,649 )
Income before income taxes 15,281 7,734 61,852 47,550
Provision for income taxes 6,342 2,460 22,717 15,720
Net income $ 8,939 $ 5,274 $ 39,135 $ 31,830
Earnings per share - basic:
Net income $ 0.12 $ 0.07 $ 0.53 $ 0.44
Earnings per share - diluted:
Net income $ 0.12 $ 0.07 $ 0.53 $ 0.43
Shares used in per share calculations:
Basic 73,944 73,191 73,646 72,725
Diluted 74,419 73,735 74,207 73,469
World Wrestling Entertainment, Inc.
Consolidated Balance Sheets
(dollars in thousands)
(Unaudited)
As of As of
September 30, December 31,
2009 2008
ASSETS
CURRENT ASSETS:
Cash and equivalents $ 152,706 $ 119,655
Short-term investments 53,058 57,686
Accounts receivable, net 60,613 60,133
Inventory, net 2,847 4,958
Prepaid expenses and other current assets 23,691 37,596
Total current assets 292,915 280,028
PROPERTY AND EQUIPMENT, NET 85,990 92,367
FEATURE FILM PRODUCTION ASSETS 28,799 31,657
INVESTMENT SECURITIES 22,878 22,299
INTANGIBLE ASSETS, NET 339 1,184
OTHER ASSETS 1,734 1,875
TOTAL ASSETS $ 432,655 $ 429,410
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 1,062 $ 1,002
Accounts payable 21,192 18,334
Accrued expenses and other liabilities 35,647 27,121
Deferred income 12,538 11,875
Total current liabilities 70,439 58,332
LONG-TERM DEBT 3,068 3,872
NON-CURRENT TAX LIABILITY 15,431 7,232
STOCKHOLDERS' EQUITY:
Class A common stock 256 252
Class B common stock 477 477
Additional paid-in capital 323,056 317,105
Accumulated other comprehensive income 2,333 1,171
Retained earnings 17,595 40,969
Total stockholders' equity 343,717 359,974
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 432,655 $ 429,410
World Wrestling Entertainment, Inc.
Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited)
Nine Months Ended
Sept. 30, Sept. 30,
2009 2008
OPERATING ACTIVITIES:
Net income $ 39,135 $ 31,830
Adjustments to reconcile net income to net cash provided
by operating activities:
Amortization/write-off of feature film production assets 3,723 13,220
Revaluation of warrants 802 2,198
Depreciation and amortization 10,954 9,521
Realized (gains)/losses on sale of investments (863 ) 348
Amortization of investment income 805 384
Stock compensation costs 5,659 7,953
Provision for doubtful accounts 3,115 179
Provision for inventory obsolescence 1,745 2,316
Reimbursement of operating expenses by principal shareholder - 1,950
Provision (benefit) from deferred income taxes 6,000 (1,010 )
Excess tax benefits from stock-based payment arrangements (74 ) (1,091 )
Changes in assets and liabilities:
Accounts receivable (3,596 ) (12,177 )
Inventory 366 (3,721 )
Prepaid expenses and other assets 12,615 (3,138 )
Feature film production assets (1,496 ) (24,742 )
Accounts payable 2,859 (1,870 )
Accrued expenses and other liabilities 10,025 (6,539 )
Deferred income 1,033 2,084
Net cash provided by operating activities 92,807 17,695
INVESTING ACTIVITIES:
Purchases of property and equipment (3,640 ) (19,591 )
Purchase of film library assets (92 ) (212 )
Purchase of investment securities (41,489 ) (104,736 )
Proceeds from sales or maturities of investment securities 45,586 143,634
Net cash provided by investing activities 365 19,095
FINANCING ACTIVITIES:
Repayments of long-term debt (744 ) (688 )
Dividends paid (61,605 ) (60,929 )
Issuance of stock, net 864 771
Proceeds from exercise of stock options 1,290 6,251
Excess tax benefits from stock-based payment arrangements 74 1,091
Net cash used in financing activities (60,121 ) (53,504 )
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 33,051 (16,714 )
CASH AND EQUIVALENTS, BEGINNING OF PERIOD 119,655 135,805
CASH AND EQUIVALENTS, END OF PERIOD $ 152,706 $ 119,091
World Wrestling Entertainment, Inc.
Supplemental Information - EBITDA
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net income reported on U.S. GAAP basis $ 8,939 $ 5,274 $ 39,135 $ 31,830
Provision for income taxes 6,342 2,460 22,717 15,720
Investment, interest and other income (expense),
net
790 (176 ) 2,534 538
Depreciation and amortization 3,578 3,330 10,954 9,521
EBITDA $ 18,069 $ 11,240 $ 70,272 $ 56,533
Non-GAAP Measure:
EBITDA is defined as net income before investment, interest and other income, income taxes, depreciation and amortization. The Company's definition of EBITDA does not adjust its U.S. GAAP basis earnings for the amortization of Feature Film production assets. Although it is not a recognized measure of performance under U.S. GAAP, EBITDA is presented because it is a widely accepted financial indicator of a company's performance. The Company uses EBITDA to measure its own performance and to set goals for operating managers. EBITDA should not be considered as an alternative to net income, cash flows from operations or any other indicator of World Wrestling Entertainment Inc.'s performance or liquidity, determined in accordance with U.S. GAAP.
World Wrestling Entertainment, Inc.
Supplemental Information- Free Cash Flow
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net cash provided by operating activities $ 17,778 $ 14,617 $ 92,807 $ 17,695
Less cash used in capital expenditures:
Purchase of property and equipment and other assets (820) (4,160) (3,732) (19,803)
Free Cash Flow $ 16,958 $ 10,457 $ 89,075 $ (2,108)
Non-GAAP Measure:
We define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. Although it is not a recognized measure of liquidity under U.S. GAAP, Free Cash Flow provides useful information regarding the amount of cash our continuing business is generating after capital expenditures, available for reinvesting in the business and for payment of dividends.
SOURCE: World Wrestling Entertainment, Inc.
World Wrestling Entertainment, Inc.Media:Robert Zimmerman 203-359-5131orInvestors:Michael Weitz 203-352-8642
"We are pleased with our solid performance. During the quarter we achieved an 84% increase in our operating income and managed a 26% increase for the first nine months of the year," stated Vince McMahon, Chairman and Chief Executive Officer. "Entering the year, we established clear goals to reduce our cost structure and to improve our operating efficiency. Our results to date, including significant and sustained improvement in our profit margins, demonstrate our ongoing commitment in meeting these objectives."
"Looking ahead, we believe WWE can achieve meaningful growth by taking advantage of our strategic opportunities and maintaining our focus on managing costs. Our portfolio of businesses exhibit significant operating leverage and, through disciplined cost management, we expect that leverage to drive future earnings growth."
Results by Business Segment
The following charts reflect net revenues by segment and by geographical region for the three months ended September 30, 2009 and September 30, 2008. (Dollars in millions)
Revenues from outside North America increased 17% led by the timing and performance of our live events in Asia Pacific.
Net Revenues by Segment
Three Months Ended
September 30,
2009
September 30,
2008
Live and Televised Entertainment $ 77.9 $ 68.7
Consumer Products 23.0 26.6
Digital Media 7.4 7.9
WWE Studios 3.0 5.6
Total $ 111.3 $ 108.8
Net Revenues by Region
Three Months Ended
September 30,
2009
September 30,
2008
North America $ 81.3 $ 83.2
Europe, Middle East & Africa (EMEA) 14.4 17.1
Asia Pacific (APAC) 12.5 6.8
Latin America 3.1 1.7
Total $ 111.3 $ 108.8
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $77.9 million for the current quarter as compared to $68.7 million in the prior year quarter, representing a 13% increase.
Live Event revenues were $27.2 million as compared to $20.3 million in the prior year quarter. Revenues increased 34% primarily due to higher average attendance and an increase in the number of international events.
There were 94 events, including 17 international events, during the current quarter as compared to 89 events, including 12 international events, in the prior year quarter.
North American events generated $16.6 million of revenues from 77 events as compared to $15.5 million from 77 events in the prior year quarter. North American average attendance increased 9% to approximately 5,800 from 5,300 in the prior year quarter. The average ticket price for North American events was $36.26 in the current quarter as compared to $38.21 in the prior year quarter.
International events generated approximately $10.6 million of revenues as compared to $4.8 million in the prior year quarter. The quarter-over-quarter increase reflected five additional events in the current quarter and a 38% increase in average attendance to approximately 9,100 fans. These factors were partially offset by a 19% reduction in average ticket prices to $65.59, in part due to changes in foreign exchange rates.
Pay-Per-View revenues were $14.5 million as compared to $16.4 million in the prior year quarter reflecting a 10% decline in total pay-per-view buys and a higher percentage of international buys, which are generally lower in price. For the comparable pay-per-view events which occurred in both the current and prior year periods, pay-per-view buys declined 22% in the quarter and 9% on a year-to-date basis.
The details for the number of buys (in 000s) are as follows:
Events (in chronological order)
Three Months Ended
September 30, 2009
Three Months Ended
September 30, 2008
The Bash(TM) - 196
Night of Champions(R) 267 -
SummerSlam(R) 369 477
Breaking Point(R)/Unforgiven(R) 169 211
Prior events 31 42
Total 836 926
Venue Merchandiserevenues were $4.3 million as compared to $4.2 million in the prior year quarter, as higher average attendance and the impact of five additional international events was offset by an 11% decline in lower domestic per capita merchandise sales to $8.71 in the current quarter.
Television Rights Fees revenues were $28.3 million as compared to $24.4 million in the prior year quarter. This increase was primarily due to fees received from our new WWE Superstars television show and contractual increases from our existing programs.
WWE Classics On Demand(TM) revenues were$1.2 million as compared to $1.4 million in the prior year quarter.
Consumer Products
Revenues from our Consumer Products businesses were $23.0 million versus $26.6 million in the prior year quarter, representing a 14% decrease.
Home Video net revenues were $11.2 million as compared to $11.0 million in the prior year quarter. The increase reflects the performance of our new releases and catalog titles.
Licensing revenues were $7.9 million as compared to $10.6 million in the prior year quarter. The decrease primarily reflects the reduction in royalties earned on the sales of toys and videogames, particularly in international markets.
Magazine publishing net revenues were $3.4 million as compared to $4.7 million in the prior year quarter. The decrease primarily reflects a reduction in subscription revenue and the publication of one fewer issue of WWE Magazine in the current quarter.
Digital Media
Revenues from our Digital Media related businesses were $7.4 million as compared to $7.9 million in the prior year quarter, representing a 6% decrease.
WWE.com revenues were $4.5 million as compared to $4.0 million in the prior year quarter, reflecting increased sales of online advertising and expanded licensing of our website for international markets.
WWEShop revenues were $2.9 million as compared to $3.9 million in the prior year quarter. The number of orders declined by 21% to approximately 55,000 and the average revenue per order decreased by approximately 8% to $50.46 from the prior year quarter.
WWE Studios
During the current quarter, we recorded revenue of $3.0 million related to four previously released films, including Behind Enemy Lines: Colombia as compared to $5.6 million in the prior year quarter related to See No Evil, The Marine, and The Condemned. In the prior year quarter, we recorded a $1.9 million charge related to revised expectations for our film See No Evil. During the first quarter of 2009, we released our fourth feature film, 12 Rounds, as well as a Direct-to-DVD film, Behind Enemy Lines: Colombia. 12 Rounds generated approximately $12.2 million in gross domestic box office receipts and was released on DVD on June 30, 2009. We participate in revenues generated by the distribution of these films after the print, advertising and distribution costs incurred by our distributors have been recouped and the results have been reported to us. As such, no revenues have been recorded for 12 Rounds to-date.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution increased to $51.2 million in the current quarter as compared to $42.5 million in the prior year quarter. Gross profit margins increased to 46% as compared to 39% in the prior year quarter, reflecting increased efficiencies in our Live and Televised Entertainment segment. Improved margins were driven by continued cost reductions in marketing and TV production, and by the impact of the staff reduction at the beginning of the 2009 year.
Selling, general and administrative expenses
SG&A expenses were $33.1 million for the current quarter as compared to $31.3 million in the prior year quarter, reflecting an increase in accrued incentive compensation, partially offset by decreases in advertising, travel expenses, as well as legal and professional fees.
EBITDA
EBITDA was approximately $18.1 million in the current quarter as compared to $11.2 million in the prior year quarter, primarily due to the improved efficiencies discussed above.
Investment and Other Income (Expense)
The decline in investment income of $0.6 million in the current quarter reflects lower interest rates. Other income of $0.2 million, as compared to other expense of $1.4 million in the prior year quarter, reflected changes in realized foreign exchange gains and losses and the revaluation of warrants held in certain licensees.
Effective tax rate
In the current quarter the effective tax rate was 42% as compared to 32% in the prior year quarter. The effective tax rate reflects differences between the taxes provided for as compared to actual amounts calculated on returns for both periods.
Summary Results for the Nine Months Ended
Total revenues through the nine months ended September 30, 2009 were $357.9 million as compared to $401.1 million in the prior year period. Operating income for the current period was $59.3 million versus $47.0 million in the prior year period. Net income was $39.1 million, or $0.53 per share, as compared to $31.8 million, or $0.43 per share, in the prior year period. EBITDA was $70.3 million for the current nine month period as compared to $56.5 million in the prior year period.
The following charts reflect net revenues by segment and by geographical region for the nine months ended September 30, 2009 and September 30, 2008. (Dollars in millions)
Net Revenues by Segment
Nine Months Ended
September 30,
2009
September 30,
2008
Live and Televised Entertainment $ 251.2 $ 255.3
Consumer Products 77.0 102.4
Digital Media 22.2 23.9
WWE Studios 7.5 19.5
Total $ 357.9 $ 401.1
Net Revenues by Region
Nine Months Ended
September 30,
2009
September 30,
2008
North America $ 268.6 $ 298.3
Europe, Middle East & Africa (EMEA) 55.8 69.5
Asia Pacific (APAC) 25.1 28.4
Latin America 8.4 4.9
Total $ 357.9 $ 401.1
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $251.2 million for the current period as compared to $255.3 million in the prior year, a decrease of 2%.
September 30,
2009
September 30,
2008
Live Events $ 79.6 $ 80.2
Pay-Per-View $ 63.7 $ 75.5
Venue Merchandise $ 15.2 $ 15.0
Television Rights Fees $ 81.5 $ 73.1
Television Advertising $ 5.5 $ 5.3
WWE Classics On Demand
$ 4.2 $ 4.8
Consumer Products
Revenues from our Consumer Products businesses were $77.0 million versus $102.4 million in the prior year, a decrease of 25%.
September 30,
2009
September 30,
2008
Home Video $ 29.0 $ 43.5
Licensing $ 36.7 $ 45.8
Magazine Publishing $ 9.9 $ 11.9
Digital Media
Revenues from our Digital Media related businesses were $22.2 million as compared to $23.9 million in the prior year, a decrease of 7%.
September 30,
2009
September 30,
2008
WWE.com $ 12.9 $ 12.5
WWEShop $ 9.3 $ 11.4
WWE Studios
We recorded revenue of $7.5 million in the current period related to four of our releases, See No Evil, The Marine, The Condemned, and Behind Enemy Lines: Colombia as compared to $19.5 million in the prior year period, which was led by the performance of The Marine. During the first quarter of 2009, we released our fourth feature film, 12 Rounds, as well as a Direct-to-DVD film, Behind Enemy Lines: Colombia.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution increased to $165.6 million in the current period as compared to $158.4 million in the prior year period, as improved efficiencies essentially offset the impact of revenue declines as discussed above. Total profit contribution margin increased to approximately 46% as compared to 39% in the prior year period, reflecting increased efficiencies in our Live and Televised Entertainment segment.
Selling, general and administrative expenses
SG&A expenses were $95.3 million for the current period as compared to $101.9 million in the prior year period, reflecting decreases in advertising, legal and professional fees and travel expenses, offset by an increase in accrued incentive compensation and bad debt expense. Current period expenses include the impact of our corporate restructuring of approximately $2.2 million in severance costs while expenses in the prior year included $3.5 million associated with our McMahon's Million Dollar Mania brand awareness campaign.
EBITDA
EBITDA for the current period was approximately $70.3 million as compared to $56.5 million in the prior year period.
Investment and Other Income (Expense)
The $2.0 million decline in investment income in the current period reflects lower average interest rates. Other income of $0.3 million as compared to other expense of $3.7 million in the prior year period includes the revaluation of warrants held in certain licensees.
Effective tax rate
The effective tax rate was 37% in the current period as compared to 33% in the prior year period. The prior year rate reflects tax benefits related to previously unrecognized tax positions.
Cash Flows
Net cash provided by operating activities was $92.8 million for the nine months ended September 30, 2009 as compared to $17.7 million in the prior year period. The increase was driven by the timing of feature film investments, favorable changes in working capital and reduced capital expenditures. Capital expenditures were $3.7 million for the current period as compared to $19.8 million in the prior year period as the prior year reflected an approximate $11.5 million investment in High Definition broadcasting equipment.
Additional Information
Additional business metrics are made available to investors on a monthly basis on our corporate website - corporate.wwe.com.
Note: World Wrestling Entertainment, Inc. will host a conference call on November 5, 2009 at 11:00 a.m. ET to discuss the Company's earnings results for the third quarter of 2009. All interested parties can access the conference call by dialing 888-647-2706 (conference ID: WWE). Please reserve a line 15 minutes prior to the start time of the conference call. A presentation that will be referenced during the call can be found at the Company web site at corporate.wwe.com. A replay of the call will be available approximately three hours after the conference call concludes, and can be accessed at corporate.wwe.com.
World Wrestling Entertainment, Inc. (NYSE: WWE) is an integrated media and entertainment company headquartered in Stamford, Conn. Additional information on the Company can be found at wwe.com and corporate.wwe.com.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, feature films, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition to these risks and uncertainties, our dividend is based on a number of factors, including our liquidity and historical and projected cash flow, strategic plan, our financial results and condition, contractual and legal restrictions on the payment of dividends and such other factors as our board of directors may consider relevant.
World Wrestling Entertainment, Inc.
Consolidated Income Statements
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net revenues $ 111,254 $ 108,782 $ 357,873 $ 401,072
Cost of revenues 60,077 66,279 192,264 242,655
Selling, general and administrative expenses 33,108 31,263 95,337 101,884
Depreciation and amortization 3,578 3,330 10,954 9,521
Operating income 14,491 7,910 59,318 47,012
Investment income, net 704 1,290 2,495 4,511
Interest expense (82 ) (110 ) (261 ) (324 )
Other income (expense), net 168 (1,356 ) 300 (3,649 )
Income before income taxes 15,281 7,734 61,852 47,550
Provision for income taxes 6,342 2,460 22,717 15,720
Net income $ 8,939 $ 5,274 $ 39,135 $ 31,830
Earnings per share - basic:
Net income $ 0.12 $ 0.07 $ 0.53 $ 0.44
Earnings per share - diluted:
Net income $ 0.12 $ 0.07 $ 0.53 $ 0.43
Shares used in per share calculations:
Basic 73,944 73,191 73,646 72,725
Diluted 74,419 73,735 74,207 73,469
World Wrestling Entertainment, Inc.
Consolidated Balance Sheets
(dollars in thousands)
(Unaudited)
As of As of
September 30, December 31,
2009 2008
ASSETS
CURRENT ASSETS:
Cash and equivalents $ 152,706 $ 119,655
Short-term investments 53,058 57,686
Accounts receivable, net 60,613 60,133
Inventory, net 2,847 4,958
Prepaid expenses and other current assets 23,691 37,596
Total current assets 292,915 280,028
PROPERTY AND EQUIPMENT, NET 85,990 92,367
FEATURE FILM PRODUCTION ASSETS 28,799 31,657
INVESTMENT SECURITIES 22,878 22,299
INTANGIBLE ASSETS, NET 339 1,184
OTHER ASSETS 1,734 1,875
TOTAL ASSETS $ 432,655 $ 429,410
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 1,062 $ 1,002
Accounts payable 21,192 18,334
Accrued expenses and other liabilities 35,647 27,121
Deferred income 12,538 11,875
Total current liabilities 70,439 58,332
LONG-TERM DEBT 3,068 3,872
NON-CURRENT TAX LIABILITY 15,431 7,232
STOCKHOLDERS' EQUITY:
Class A common stock 256 252
Class B common stock 477 477
Additional paid-in capital 323,056 317,105
Accumulated other comprehensive income 2,333 1,171
Retained earnings 17,595 40,969
Total stockholders' equity 343,717 359,974
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 432,655 $ 429,410
World Wrestling Entertainment, Inc.
Consolidated Statements of Cash Flows
(dollars in thousands)
(Unaudited)
Nine Months Ended
Sept. 30, Sept. 30,
2009 2008
OPERATING ACTIVITIES:
Net income $ 39,135 $ 31,830
Adjustments to reconcile net income to net cash provided
by operating activities:
Amortization/write-off of feature film production assets 3,723 13,220
Revaluation of warrants 802 2,198
Depreciation and amortization 10,954 9,521
Realized (gains)/losses on sale of investments (863 ) 348
Amortization of investment income 805 384
Stock compensation costs 5,659 7,953
Provision for doubtful accounts 3,115 179
Provision for inventory obsolescence 1,745 2,316
Reimbursement of operating expenses by principal shareholder - 1,950
Provision (benefit) from deferred income taxes 6,000 (1,010 )
Excess tax benefits from stock-based payment arrangements (74 ) (1,091 )
Changes in assets and liabilities:
Accounts receivable (3,596 ) (12,177 )
Inventory 366 (3,721 )
Prepaid expenses and other assets 12,615 (3,138 )
Feature film production assets (1,496 ) (24,742 )
Accounts payable 2,859 (1,870 )
Accrued expenses and other liabilities 10,025 (6,539 )
Deferred income 1,033 2,084
Net cash provided by operating activities 92,807 17,695
INVESTING ACTIVITIES:
Purchases of property and equipment (3,640 ) (19,591 )
Purchase of film library assets (92 ) (212 )
Purchase of investment securities (41,489 ) (104,736 )
Proceeds from sales or maturities of investment securities 45,586 143,634
Net cash provided by investing activities 365 19,095
FINANCING ACTIVITIES:
Repayments of long-term debt (744 ) (688 )
Dividends paid (61,605 ) (60,929 )
Issuance of stock, net 864 771
Proceeds from exercise of stock options 1,290 6,251
Excess tax benefits from stock-based payment arrangements 74 1,091
Net cash used in financing activities (60,121 ) (53,504 )
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 33,051 (16,714 )
CASH AND EQUIVALENTS, BEGINNING OF PERIOD 119,655 135,805
CASH AND EQUIVALENTS, END OF PERIOD $ 152,706 $ 119,091
World Wrestling Entertainment, Inc.
Supplemental Information - EBITDA
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net income reported on U.S. GAAP basis $ 8,939 $ 5,274 $ 39,135 $ 31,830
Provision for income taxes 6,342 2,460 22,717 15,720
Investment, interest and other income (expense),
net
790 (176 ) 2,534 538
Depreciation and amortization 3,578 3,330 10,954 9,521
EBITDA $ 18,069 $ 11,240 $ 70,272 $ 56,533
Non-GAAP Measure:
EBITDA is defined as net income before investment, interest and other income, income taxes, depreciation and amortization. The Company's definition of EBITDA does not adjust its U.S. GAAP basis earnings for the amortization of Feature Film production assets. Although it is not a recognized measure of performance under U.S. GAAP, EBITDA is presented because it is a widely accepted financial indicator of a company's performance. The Company uses EBITDA to measure its own performance and to set goals for operating managers. EBITDA should not be considered as an alternative to net income, cash flows from operations or any other indicator of World Wrestling Entertainment Inc.'s performance or liquidity, determined in accordance with U.S. GAAP.
World Wrestling Entertainment, Inc.
Supplemental Information- Free Cash Flow
(dollars in thousands)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2009 2008 2009 2008
Net cash provided by operating activities $ 17,778 $ 14,617 $ 92,807 $ 17,695
Less cash used in capital expenditures:
Purchase of property and equipment and other assets (820) (4,160) (3,732) (19,803)
Free Cash Flow $ 16,958 $ 10,457 $ 89,075 $ (2,108)
Non-GAAP Measure:
We define Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. Although it is not a recognized measure of liquidity under U.S. GAAP, Free Cash Flow provides useful information regarding the amount of cash our continuing business is generating after capital expenditures, available for reinvesting in the business and for payment of dividends.
SOURCE: World Wrestling Entertainment, Inc.
World Wrestling Entertainment, Inc.Media:Robert Zimmerman 203-359-5131orInvestors:Michael Weitz 203-352-8642
WWE, Inc. Announces 2009-12 Business Outlook
STAMFORD, Conn., Nov 05, 2009 (BUSINESS WIRE) -- 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.1 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 wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
Notes:
1The 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.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition to these risks and uncertainties, our dividend is based on a number of factors, including our liquidity and historical and projected cash flow, strategic plan, our financial results and condition, contractual and legal restrictions on the payment of dividends and such other factors as our board of directors may consider relevant.
SOURCE: World Wrestling Entertainment, Inc.
World Wrestling Entertainment, Inc.Investors:Michael Weitz, 203-352-8642Media:Robert Zimmerman, 203-359-5131
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 wwe.com and corporate.wwe.com. For information on our global activities, go to http://www.wwe.com/worldwide/.
Notes:
1The 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.
Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition to these risks and uncertainties, our dividend is based on a number of factors, including our liquidity and historical and projected cash flow, strategic plan, our financial results and condition, contractual and legal restrictions on the payment of dividends and such other factors as our board of directors may consider relevant.
SOURCE: World Wrestling Entertainment, Inc.
World Wrestling Entertainment, Inc.Investors:Michael Weitz, 203-352-8642Media:Robert Zimmerman, 203-359-5131
Disney, Reaches Another Major Milestone on Shanghai Theme Park Project
BURBANK, Calif., Nov 03, 2009 (BUSINESS WIRE) -- The Walt Disney Company today announced that the Project Application Report (PAR) for a Disney theme park in the Pudong district of Shanghai has received approval from the relevant authorities of the central government of China.
"China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," said Robert A. Iger, president and CEO of The Walt Disney Company.
The PAR approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. Upon completion of the final agreement, the project's initial phase would include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide.
About The Walt Disney Company China
The Walt Disney Company (DIS), together with its subsidiaries and affiliates, is a diversified international family entertainment enterprise with five business segments and is a Dow 30 company with revenues of nearly $38 billion in its most recently reported fiscal year. Our first animation screened in China in the 1930s and today our long association continues with offices in Beijing, Shanghai and Guangzhou with over 600 employees.
About Walt Disney Parks and Resorts
Walt Disney Parks and Resorts are where families experience and enjoy the magic of Disney's beloved characters and where dreams come true. More than 50 years ago, Walt Disney created a new kind of entertainment families could experience together, immersed in detailed atmospheres and vibrant storytelling. His vision now includes a collection of five of the world's leading family vacation destinations -- Disneyland Resort, Anaheim, Calif.; Walt Disney World Resort, Lake Buena Vista, Fla.; Tokyo Disney Resort, Urayasu, Chiba, Japan; Disneyland Paris, Marne-la-Vallee, France; and Hong Kong Disneyland Resort, located on Lantau Island. In addition, Walt Disney Parks and Resorts includes the world-class Disney Cruise Line; Disney Vacation Club, with 10 resorts and more than 400,000 members; Adventures by Disney, a guided group vacation experience to some of the world's most popular destinations; and Walt Disney Imagineering, which creates and designs all Disney parks, resorts and attractions.
from the wire
"China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China," said Robert A. Iger, president and CEO of The Walt Disney Company.
The PAR approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. Upon completion of the final agreement, the project's initial phase would include a Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney's destination resorts worldwide.
About The Walt Disney Company China
The Walt Disney Company (DIS), together with its subsidiaries and affiliates, is a diversified international family entertainment enterprise with five business segments and is a Dow 30 company with revenues of nearly $38 billion in its most recently reported fiscal year. Our first animation screened in China in the 1930s and today our long association continues with offices in Beijing, Shanghai and Guangzhou with over 600 employees.
About Walt Disney Parks and Resorts
Walt Disney Parks and Resorts are where families experience and enjoy the magic of Disney's beloved characters and where dreams come true. More than 50 years ago, Walt Disney created a new kind of entertainment families could experience together, immersed in detailed atmospheres and vibrant storytelling. His vision now includes a collection of five of the world's leading family vacation destinations -- Disneyland Resort, Anaheim, Calif.; Walt Disney World Resort, Lake Buena Vista, Fla.; Tokyo Disney Resort, Urayasu, Chiba, Japan; Disneyland Paris, Marne-la-Vallee, France; and Hong Kong Disneyland Resort, located on Lantau Island. In addition, Walt Disney Parks and Resorts includes the world-class Disney Cruise Line; Disney Vacation Club, with 10 resorts and more than 400,000 members; Adventures by Disney, a guided group vacation experience to some of the world's most popular destinations; and Walt Disney Imagineering, which creates and designs all Disney parks, resorts and attractions.
from the wire
Subscribe to:
Posts (Atom)