Post by CandyKANE on Feb 26, 2003 17:33:36 GMT -5
WWE held a conference call with investors today to discuss the WWE third quarter financial results, which were released yesterday. Here are highlights of the call.
- VP of Investor Relations Tom Gibbons hosted the call, with Acting Chief Financial Officer Frank Serpe and Linda McMahon, CEO of WWE.
- Linda McMahon opened the call with a prepared statement, and immediately addressed the closing of The World, saying that the restaurant simply has not been profitable since they took it over from their licensee seven months ago.
- She pointed out that while their "key drivers" and still "soft", they are happy with the progression of the Brand Extension, and said their ratings are turning in a positive way. She said there was "slight improvement" in their live attendance, although she stated that it was not reflected in their recently released numbers.
- She put over the current South African tour (which they have added an additional show to), and talked up the increased international business.
- WWE Films is currently working on their first "big project", which will be an animation project for television. Linda talked about working with their toy licensees on the project, and their goal is to have it on the air in 2004.
- Linda pointed out that the World was heading to a $9 million loss this year, so cutting that loss will help their bottom line.
- Frank Serpe then went over the specifics of the financial numbers. The company showed a $26.7 million operating loss for the quarter.
Then they took questions from investors:
- When asked about cost-cutting, Serpe said that they will constantly review their business and look for places to save money. Linda said that from an operating standpoint, they will always look for ways to be more efficient in all business units.
credit:wrestlingunlimited.com
- VP of Investor Relations Tom Gibbons hosted the call, with Acting Chief Financial Officer Frank Serpe and Linda McMahon, CEO of WWE.
- Linda McMahon opened the call with a prepared statement, and immediately addressed the closing of The World, saying that the restaurant simply has not been profitable since they took it over from their licensee seven months ago.
- She pointed out that while their "key drivers" and still "soft", they are happy with the progression of the Brand Extension, and said their ratings are turning in a positive way. She said there was "slight improvement" in their live attendance, although she stated that it was not reflected in their recently released numbers.
- She put over the current South African tour (which they have added an additional show to), and talked up the increased international business.
- WWE Films is currently working on their first "big project", which will be an animation project for television. Linda talked about working with their toy licensees on the project, and their goal is to have it on the air in 2004.
- Linda pointed out that the World was heading to a $9 million loss this year, so cutting that loss will help their bottom line.
- Frank Serpe then went over the specifics of the financial numbers. The company showed a $26.7 million operating loss for the quarter.
Then they took questions from investors:
- When asked about cost-cutting, Serpe said that they will constantly review their business and look for places to save money. Linda said that from an operating standpoint, they will always look for ways to be more efficient in all business units.
credit:wrestlingunlimited.com