Sports entertainment company World Wrestling Entertainment Inc. (WWE) Thursday reported a sharp decline in profit for the second quarter, hurt mainly by lower revenues.
Net income for the quarter dropped to $6.25 million or $0.08 per share from $19.87 million or $0.27 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share. Analysts estimates typically excludes special items.
The Stamford, Connecticut-based company's net revenue fell to $106.84 million from $138.79 million in the comparable quarter a year ago. Five analysts were looking for revenue of $109.33 million for the quarter.
According to the company, the timing of annual WrestleMania event, which occurred in the first quarter of 2010 and the second quarter of 2009 impacted the comparability to the prior year quarter. Excluding the effects of WrestleMania in the prior year quarter, 2009 second quarter revenues were $106.6 million and net income was $10.2 million or $0.14 per share.
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