World Wrestling Reports 2Q Loss
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STAMFORD, Conn. (AP) _ World Wrestling Entertainment Inc. on Thursday posted a loss smaller than Wall Street had been predicting for the company’s fiscal second quarter.
World Wrestling said it lost $1.6 million, or 2 cents a share, on revenue of $92.8 million for the quarter ended Oct. 25,
Analysts were expecting a loss of 5 cents a share, according to Thomson First Call.
In the 2001 second quarter, the company reported a profit of $4.8 million, or 7 cents a share, on revenue of $98.2 million.
The current quarter loss includes a charge of $3.7 million, or 5 cents a share, for a settlement with the William Morris Agency.
New York Stock Exchange-listed World Wrestling shares traded Thursday morning at $8.37, up 15 cents, or 2 percent.
The Stamford-based media and entertainment company said it is focused on rebuilding and hopes to improve slipping ratings, live event attendance and pay-per-view figures. The company added it will develop new wrestling entertainment talent and create compelling story lines.
World Wrestling, forced in May to change its name from World Wrestling Federation following a lawsuit by the World Wildlife Fund, tangled with the animal protection group again this week.
The Swiss wildlife group is demanding World Wrestling pay $90 million to settle damage claims related to its use of the ``WWF″ logo.
World Wrestling called the motion ``ludicrous″ and said the group has yet to demonstrate it suffered ``a dime’s worth of damage.″