WWE Going Against TNA on Thursday Nights

wwe-net-2059050

The bigger news coming out of the WWE Network programming lineup announcement on Wednesday is WWE going head-to-head with TNA’s Impact Wrestling on Thursday nights.

The Network will have a three hour block of programming on Thursday nights – Legends House at 8pm (beginning April 10th), NXT TV at 9pm (beginning March 6th) and Superstars at 10pm (beginning February 27th). We’ve already seen website comments and heard from fans who say they will be choosing the Network over Impact on Thursdays.

Brodus Clay Working WWE Developmental, Ryback’s New Singlet for Sunday, JBL Teases News

– Ryback revealed a new singlet for Sunday’s Elimination Chamber pay-per-view, featuring he and partner Curtis Axel. Axel re-tweeted the photo and called it the greatest thing he’s ever seen. Below is the photo:

Ryback's New Ring Gear

 

– JBL noted on Twitter that he and Michael Cole will be fishing in the marlin world championships on July 4th in Bermuda. He also revealed that one of the major outdoor TV show’s are interested in filming an episode on Bermuda marlin fishing and that he is sorting out the details now.

– Brodus Clay has been working out at the WWE Performance Center in Orlando this week. He will be working Saturday’s NXT live event in Jacksonville, Florida also

 

Video: Main Event Results Feb.19.2014

eGXUMbiPTk

 

Here are your Main Event Results!

Enjoy!

 

Sin Cara & Los Matadores vs. The Shield

 

Cameron vs. Aksana

 

Kofi Kingston vs. Curtis Axel

 

Cause Carnage, Watch Wrestling!

WWE Announces 2013 Fourth Quarter and Full Year Financial Results

vincemcmahon

Source: WWE

WWE issued the following today:

STAMFORD, Conn., Feb 20, 2014 (BUSINESS WIRE) — WWE today announced financial results for its fourth quarter ended December 31, 2013. Revenues totaled $118.4 million as compared to $115.1 million in the prior year quarter. Operating loss was $12.2 million as compared to income of $2.6 million in the prior year quarter. Net loss was $7.9 million, or $0.10 per share, as compared to income of $0.6 million, or $0.01 per share, in the prior year quarter. OIBDA in the fourth quarter 2013 decreased to a $5.6 million loss from income of $8.5 million in the prior year quarter.

The decline in OIBDA and Operating income was primarily attributable to increased investment in staffing, talent and marketing to support our strategic content initiatives, including the launch of WWE Network. Lower sales of new DVD releases and a corresponding shift in product mix to lower priced catalog titles, as well as compressed television production margins that derived from changes in the mix of programming also contributed to the year-over-year decline.

“During the past year, we laid the foundation for future growth and enhanced our brand strength,” stated Vince McMahon, Chairman and Chief Executive Officer. “We have now announced the renewal of our television distribution agreement in the U.K., are continuing the negotiations regarding our domestic content, and are poised to launch our global WWE Network in the next few days. With preparations for WrestleMania 30 fully underway, we look forward to celebrating our enduring legacy and ushering in a new era as we blaze new trails in the media industry.”

“As we prepared to transform our business, we invested in content production and talent. Although our earnings declined in 2013, our performance was in-line with our guidance, which targeted a range of OIBDA results, excluding film impairments, of $40 million to $50 million,” added George Barrios, Chief Strategy & Financial Officer. “Regarding our domestic TV licensing agreements, we are now engaged with potential partners after exiting our exclusive negotiating period with NBCU. Based on our analysis of the value of comparable programs and our extensive research regarding consumer interest in WWE Network, we continue to believe that we can double or triple our 2012 OIBDA results of $63 million by 2015.”

Comparability of Results

For the full year 2013, OIBDA results included $11.7 million in film impairment charges primarily related to the Company’s 2010-2012 film release slate, and an approximate $3.4 million positive impact from the transition of the Company’s video game business to a new licensee in 2013. For the full year ended 2012, OIBDA results included $1.2 million in film impairment charges, and net income included a $4.1 million benefit due to the recognition of previously unrecognized tax benefits. For the fourth quarter 2012, OIBDA results included a $0.5 million in film impairment charges. In order to facilitate an analysis of financial results on a comparable basis, where noted, fourth quarter and full year results have been adjusted to exclude these items. (See Schedule of Adjustments in Supplemental Information).

Three Months Ended December 31, 2013 – Results by Region and Business Segment

Revenues of $118.4 million increased 3% from the prior year quarter based on growth in international markets. Revenues from outside North America grew 12%, or $3.4 million, driven by the impact of scheduling three additional events in international markets, stronger performance of our live event tours, and contractual increases in international television agreements. These factors more than offset lower sales of licensed consumer products. North American revenues were essentially unchanged from the prior year quarter as revenue from the release of Christmas Bounty, a made-for TV movie, and the timing impact of an additional pay-per-view event during the quarter were offset by lower home entertainment sales and the impact to television rights from one less episode of Raw.

The following tables reflect net revenues by region and by segment (in millions):

Three Months Ended
December 31, 2013 December 31, 2012
Net Revenues By Region:
North America $ 87.5 $ 87.6
Europe/Middle East/Africa (EMEA) 21.0 19.1
Asia Pacific (APAC) 7.7 7.0
Latin America 2.2 1.4
Total net revenues $ 118.4 $ 115.1
Three Months Ended
December 31, 2013 December 31, 2012
Net Revenues By Segment:
Live and Televised Entertainment $ 87.6 $ 82.0
Consumer Products 14.1 20.4
Digital Media 11.7 12.1
WWE Studios 5.0 0.6
Total net revenues $ 118.4 $ 115.1

Live and Televised Entertainment

Revenues from our Live and Televised Entertainment businesses increased 7% to $87.6 million primarily due to the timing of an additional pay-per-view event (4 vs. 3 in the prior year quarter), the staging of three additional live events, and changes in the mix of live events.

The details for the number of buys (in 000s) are as follows:

Three Months Ended
Broadcast Events (in chronological order) December 31,2013 December 31, 2012
October WWE Battleground 114
October Hell in a Cell 228 199
November Survivor Series 177 208
December WWE TLC 181 175
Prior events 82 70
Total 782 652

Consumer Products

Revenues from our Consumer Products businesses decreased 31% to $14.1 million from $20.4 million in the prior year quarter, primarily due to declines in the Company’s home entertainment business and toy licensing as described below.

Digital Media

Revenues from our Digital Media related businesses were $11.7 million as compared to $12.1 million in the prior year quarter.

WWE Studios

WWE Studios recognized revenue of $5.0 million as compared to revenue of $0.6 million in the prior year quarter primarily due to the performance and timing of results from the Company’s portfolio of movies. The fourth quarter 2013 reflected revenue from Christmas Bounty, a made-for-TV movie that aired in November 2013, and to a lesser extent, revenue from The Call (starring Halle Berry), which was released theatrically in March 2013. Although four movies were released during 2012, these releases had limited impact on revenue recognized in the fourth quarter of that year. WWE Studios’ movie portfolio generated income of $0.1 million in the quarter compared to a loss of $1.2 million in the prior year quarter, which included $0.5 million in film impairment charges. Excluding the impact of film impairment charges, the WWE Studios’ movie portfolio contributed to essentially break-even results in the current year as compared to a loss of $0.7 million in the prior year quarter.

Unallocated SG&A

Unallocated SG&A expense was $35.1 million for the current year quarter as compared to $32.0 million in the prior year quarter. The 10% increase was primarily due to increased marketing, recruiting and relocation expenses to support the Company’s brands and key initiatives. A $1.0 million increase in salary was offset by a year-over-year reduction in accrued management incentive compensation.

Operating Income Before Depreciation and Amortization (OIBDA)

OIBDA declined $14.1 million to a loss of $5.6 million primarily due to lower results from the Company’s home entertainment, licensing and television operations as well as sustained investment to support our content initiatives. Profits from home entertainment declined $3.5 million reflecting lower sales of new releases and a shift in product mix to lower priced catalog titles. Profits from the Company’s licensing business declined $2.9 million with lower sales of toy products in both domestic and international markets. Profits from the Company’s television operations declined $3.2 million reflecting changes in the mix of programming as well as increased production costs. Salary expense increased approximately $2.7 million with a 9% increase in headcount, talent expense increased $2.2 million and marketing expense increased nearly $1 million predominantly to support our strategic initiatives and brand strength. Partially offsetting these factors, the quarter’s results were favorably impacted by a year-over-year reduction in accrued management incentive compensation and increased profits from the timing of an additional pay-per-view event.

Based on the increased investment and changes in business mix, WWE’s OIBDA margin was a negative 5% in the quarter as compared to 7% in the prior year quarter. Excluding the impact of film impairments, Adjusted OIBDA declined $14.6 million to a loss of $5.6 million and the Adjusted OIBDA margin was a negative 5% as compared to 8% in the prior year quarter. (See Schedules of Adjustments in Supplemental Information).

Depreciation and amortization

Depreciation and amortization expense totaled $6.6 million for the current year quarter as compared to $5.9 million in the prior year quarter. The increase in depreciation and amortization expense derived from investment in assets to support the Company’s content initiatives, including efforts to launch WWE Network.

Investment Income, Interest and Other Income, Net

Investment income, interest and other income, net yielded income of $0.3 million in the current year quarter compared to expense of $0.2 million in the prior year quarter.

Effective tax rate

The current year quarter’s effective tax rate was 34% versus the prior year tax rate of 75%. The tax rate in the fourth quarter of 2012 was adversely impacted by $0.4 million of additional tax expense as a result of differences between estimated and actual full year taxable income. Additionally, the fourth quarter of 2012 tax rate reflected a $0.2 million increase in unrecognized tax benefits and $0.2 million to provide for dividends from a foreign subsidiary. In total, these items were responsible for 33 percentage points of the prior year quarter’s 75% effective tax rate.

Summary Results for the Year Ended December 31, 2013

Total revenues for the year ended December 31, 2013 were $508.0 million as compared to $484.0 million in the prior year. Operating income for the current year was $5.9 million versus $43.2 million in the prior year. Net income was $2.8 million, or $0.04 per share, as compared to $31.4 million, or $0.42 per share, in the prior year. OIBDA was $30.4 million for the current year as compared to $63.2 million in the prior year.

Excluding items that impacted comparability on a year-over-year basis, Adjusted Operating income was $14.2 million compared to $44.4 million in the prior year, Adjusted OIBDA was $38.7 million as compared to $64.4 million and Adjusted Net income was $8.2 million, or $0.11 per share, compared to $28.1 million, or $0.38 per share, in the prior year.

Year Ended December 31, 2013 – Results by Region and Business Segment

Revenues increased 5% to $508.0 million driven by growth in North America, which was primarily from the licensing of new television and digital content, improved performance of our live events, and the timing of our movie releases. Revenues from outside North America declined less than 2% as lower sales of consumer products more than offset contractual increases in our international television agreements. Changes in foreign exchange rates also reduced current year revenue by approximately $1 million.

The following tables reflect net revenues by region and by segment (in millions):

Year Ended
December 31, December 31, 2012
Net Revenues By Region:
North America $ 391.7 $ 365.9
Europe/Middle East/Africa 72.4 70.7
Asia Pacific 37.3 37.1
Latin America 6.6 10.3
Total net revenues $ 508.0 $ 484.0
Year Ended
December 31, 2013 December 31, 2012
Net Revenues By Segment:
Live and Televised Entertainment $ 382.3 $ 353.8
Consumer Products 76.4 87.8
Digital Media 38.5 34.5
WWE Studios 10.8 7.9
Total net revenues $ 508.0 $ 484.0

Live and Televised Entertainment

Revenues from our Live and Televised Entertainment businesses were $382.3 million for the current year as compared to $353.8 million in the prior year, representing an increase of 8%.

Year Ended
December 31, December 31, 2012
Live events $ 111.5 $ 103.7
Venue merchandise 19.4 18.8
Pay-per-view 82.5 83.6
Television rights fees 160.9 139.5
Other 8.0 8.2
Total $ 382.3 $ 353.8

Consumer Products

Revenues from our Consumer Products businesses were $76.4 million for the current year as compared to $87.8 million in the prior year, representing a decrease of 13%.

Year Ended
December 31, 2013 December 31, 2012
Licensing $ 43.6 $ 46.3
Home entertainment 24.3 33.0
Magazine publishing 5.7 6.0
Other 2.8 2.5
Total $ 76.4 $ 87.8

Digital Media

Revenues from our Digital Media related businesses were $38.5 million as compared to $34.5 million in the prior year, representing an increase of 12%.

Year Ended
December 31, 2013 December 31, 2012
WWE.com $ 23.0 $ 19.7
WWEShop 15.5 14.8
Total $ 38.5 $ 34.5

WWE Studios

During the current year, WWE Studios recognized revenue of $10.8 million as compared to $7.9 million in the prior year, reflecting the timing of results generated by the Company’s portfolio of movies. In November 2013, the Company released Christmas Bounty, a made-for-TV film. Additionally, five other films were released in the current year (12 Rounds 2: Reloaded, No One Lives, Dead Man Down, The Call and The Marine 3: Homefront) versus four in the prior year.

Based on revised ultimate expectations for the Company’s movies, film impairment charges increased to $11.7 million in the current year compared to $1.2 million in the prior year. Impairments were primarily related to the Company’s 2010-2012 film slate, as well as Dead Man Down, which was released earlier in 2013. As a result, WWE Studios generated a loss of $12.7 million compared to a loss of $5.5 million in the prior year. Excluding the impact of film impairment charges, the WWE Studios’ movie portfolio generated an adjusted loss of $1.0 million compared to an adjusted loss of $4.3 million in the prior year.

Unallocated SG&A

Unallocated SG&A expenses were $125.1 million in the current year as compared to $116.7 million in the prior year. The rise in expense was driven by an increase in salary and benefit costs of $5.2 million, consulting and professional fees of $3.3 million, marketing expenses of $1.9 million, and talent development costs, which were primarily to support the Company’s content related initiatives, including the launch of WWE Network. These items were partially offset by a $3.2 million reduction in accrued management incentive compensation and a $2.5 million reduction in bad debt expense.

Operating Income Before Depreciation and Amortization (OIBDA)

OIBDA was $30.4 million in the current year as compared to $63.2 million in the prior year. The decline in OIBDA was primarily due to a $10.8 million reduction in profits from the Pay-Per-View business reflecting increased production costs, a $10.5 million increase in film impairment charges primarily associated with the Company’s 2010-2012 film slate and the current year release of Dead Man Down, a $5.2 million increase in compensation and benefit costs, and lower results from Home Entertainment. These items more than offset the increased monetization of our content licensing on broadcast and digital platforms and the strong performance of the Live Event business. Based on the impact of film impairments, increased investment and resulting changes in business mix, the Company’s OIBDA margin was 6% in the current year as compared to 13% in the prior year. Excluding the impact of film impairments and video game transition, Adjusted OIBDA was $38.7 million in the current year as compared to $64.4 million in the prior year, and the Adjusted OIBDA margin was 8% in the current year as compared to 13% in the prior year. (See Schedules of Adjustments in Supplemental Information).

Depreciation and amortization

Depreciation and amortization expense totaled $24.5 million for the current year as compared to $20.0 million in the prior year. The increase in depreciation and amortization expense derived from investment in assets to support the Company’s content initiatives, including efforts to launch WWE Network.

Investment Income, Interest and Other Income, Net

Investment income, interest and other income, net yielded expense of $1.3 million in the current year as compared to $0.5 million in the prior year as investment income, net declined by $0.8 million due to lower average balances of cash and short term investments. Interest expense and other expense were essentially unchanged from the prior year.

Effective tax rate

The effective tax rate was 40% in the current year as compared to 26% in the prior year. The prior year effective tax rates were positively impacted by the recognition of previously unrecognized tax benefits, primarily related to the settlement of several audits including the State of Connecticut, the IRS and other state and local jurisdictions.

Cash Flows & Liquidity

Net cash generated by operating activities was $23.8 million for the year ended December 31, 2013 as compared to $63.0 million in the prior year. This $39.2 million decrease was driven by the decline in operating performance and changes in working capital, including an $11.0 million increase in the annual payout of management incentive compensation related to the Company’s previous year performance, increased spending on television production assets, and timing differences in the collection of receivables, that negatively impacted current year cash flow as compared to the prior year.

The Company completed the purchase of a corporate aircraft and made related aircraft improvements for $30.9 million. The Company utilized debt financing for this purchase. Excluding the purchase of the corporate aircraft, purchases of property and equipment and other assets declined by $8.9 million primarily due to lower current year investment in assets to support the creation and distribution of new content, including through WWE Network.

As of December 31, 2013, the Company held $109.4 million in cash and short-term investments and estimates debt capacity under the Company’s revolving line of credit to be approximately $83 million.

Additional Information

Additional key performance indicators are made available to investors on a monthly basis on our corporate website – corporate.wwe.com.

Note: As previously announced, the Company’s Chairman & CEO, Vincent K. McMahon, and the Company’s Chief Strategy & Financial Officer, George Barrios, will host a conference call on February 20, 2014 beginning at 11:00 a.m. ET to discuss the Company’s earnings results for the fourth quarter and full year of 2013.

All interested parties are welcome to listen to a live web cast that will be hosted through the Company’s web site at ir.corporate.wwe.com. Participants can access the conference call by dialing 1-800-697-5978 (US Toll Free) or 1-630-691-2750 using the passcode 6775847. Please reserve a line 10-15 minutes prior to the start time of the conference call.

WWE, a publicly traded company WWE -4.35% , is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family friendly entertainment on its television programming, pay-per-view, digital media and publishing platforms. WWE programming is broadcast in more than 150 countries and 30 languages and reaches more than 650 million homes worldwide. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, London, Mexico City, Miami, Mumbai, Shanghai, Singapore, Munich and Tokyo. Additional information on WWE WWE -4.35% can be found at wwe.com and corporate.wwe.com. For information on our global activities, go tohttp://www.wwe.com/worldwide/ .

Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, logos and copyrights are the exclusive property of WWE and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.

Forward-Looking Statements: This press release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, including, without limitations, forward-looking statements regarding the Company’s growth plans. All of those forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to entering into, maintaining and renewing key agreements, including television and pay-per-view programming and our new network distribution agreements; the need for continually developing creative and entertaining programming; the continued importance of key performers and the services of Vincent McMahon; the conditions of the markets in which we compete and acceptance of the Company’s brands, media and merchandise within those markets; our exposure to bad debt risk; uncertainties relating to regulatory and litigation matters; risks resulting from the highly competitive nature of our markets; uncertainties associated with international markets; the importance of protecting our intellectual property and complying with the intellectual property rights of others; risks associated with producing and travelling to and from our large live events, both domestically and internationally; the risk of accidents or injuries during our physically demanding events; risks relating to our film business; risks relating to increasing content production for distribution on various platforms, including the network; risks relating to new businesses generally and risks specific to the new network; risks relating to our computer systems and online operations; risks relating to the large number of shares of common stock controlled by members of the McMahon family and the possibility of the sale of their stock by the McMahons or the perception of the possibility of such sales; the relatively small public float of our stock; 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, our dividend is dependent on a number of factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition, contractual and legal restrictions on the payment of dividends, general economic and competitive conditions and such other factors as our Board of Directors may consider relevant.

World Wrestling Entertainment, Inc.
Three Months Ended Year Ended
December 31, December 31, December 31,2013 December 31,2012
Net revenues $ 118.4 $ 115.1 $ 508.0 $ 484.0
Cost of revenues 80.4 69.2 323.0 284.4
Selling, general and administrative expenses 43.6 37.4 154.6 136.4
Depreciation and amortization 6.6 5.9 24.5 20.0
Operating income (loss) (12.2 ) 2.6 5.9 43.2
Investment income, net 0.3 0.5 1.4 2.2
Interest expense (0.5 ) (0.3 ) (1.7 ) (1.7 )
Other income (expense), net 0.5 (0.4 ) (1.0 ) (1.0 )
Income (loss) before income taxes (11.9 ) 2.4 4.6 42.7
Provision (benefit) for income taxes (4.0 ) 1.8 1.8 11.3
Net income (loss) $ (7.9 ) $ 0.6 $ 2.8 $ 31.4
Earnings (loss) per share:
Basic $ (0.11 ) $ 0.01 $ 0.04 $ 0.42
Diluted $ (0.10 ) $ 0.01 $ 0.04 $ 0.42
Weighted average common shares outstanding:
Basic 75.1 74.8 74.9 74.6
Diluted 75.5 75.1 75.4 75.0
World Wrestling Entertainment, Inc.
As of
December 31, 2013 December 31, 2012
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 32.9 $ 66.0
Short-term investments, net 76.5 86.3
Accounts receivable, net 59.6 50.7
Inventory 2.9 1.8
Deferred income taxes 12.2 14.4
Prepaid expenses and other current assets 16.1 15.3
Total current assets 200.2 234.5
PROPERTY AND EQUIPMENT, NET 133.5 102.2
FEATURE FILM PRODUCTION ASSETS, NET 16.0 23.7
TELEVISION PRODUCTION ASSETS, NET 10.8 6.3
INVESTMENT SECURITIES 8.3 5.2
OTHER ASSETS 9.7 9.5
TOTAL ASSETS $ 378.5 $ 381.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 4.3 $
Accounts payable and accrued expenses 47.9 49.0
Deferred income 30.1 28.6
Total current liabilities 82.3 77.6
LONG-TERM DEBT 25.4
NON-CURRENT INCOME TAX LIABILITIES 4.9 9.1
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Class A common stock 0.3 0.3
Class B convertible common stock 0.4 0.5
Additional paid-in capital 347.0 341.7
Accumulated other comprehensive income 3.5 4.0
Accumulated deficit (85.3 ) (51.8 )
Total stockholders’ equity 265.9 294.7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 378.5 $ 381.4
World Wrestling Entertainment, Inc.
Year Ended
December 31,2013 December 31,2012
OPERATING ACTIVITIES:
Net income $ 2.8 $ 31.4
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Amortization and impairments of feature film production assets 19.1 8.8
Amortization of television production assets 7.0
Depreciation and amortization 24.5 20.0
Amortization of bond premium 2.0 2.3
Amortization of debt issuance costs 0.5 0.6
Stock-based compensation 5.5 3.8
Provision for doubtful accounts 2.5
Services provided in exchange for equity instruments (0.9 ) (0.4 )
Loss on disposal of property and equipment 0.1
Provision for deferred income taxes 1.4 6.2
Other non-cash adjustments (0.1 ) (0.1 )
Cash (used in)/provided by changes in operating assets and liabilities:
Accounts receivable (9.0 ) 4.5
Inventory (1.1 ) (0.1 )
Prepaid expenses and other assets (2.1 ) (2.8 )
Feature film production assets (9.1 ) (8.9 )
Television production assets (11.5 ) (6.1 )
Accounts payable and accrued expenses (6.7 ) 2.5
Deferred income 1.5 (1.3 )
Net cash provided by operating activities 23.8 63.0
INVESTING ACTIVITIES:
Purchase of corporate aircraft and related improvements (30.9 )
Purchases of other property and equipment and other assets (25.0 ) (33.9 )
Purchases of short-term investments (37.0 ) (19.2 )
Proceeds from sales and maturities of investments 44.3 45.2
Purchase of cost method investments (2.2 ) (5.0 )
Net cash used in investing activities (50.8 ) (12.9 )
FINANCING ACTIVITIES:
Proceeds from the issuance of note payable 31.0
Repayment of long-term debt (1.4 ) (1.6 )
Dividends paid (36.0 ) (35.8 )
Debt issuance costs (0.7 )
Issuance of stock, net 0.7 0.8
Excess tax benefits from stock-based payment arrangements 0.3
Net cash used in financing activities (6.1 ) (36.6 )
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (33.1 ) 13.5
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 66.0 52.5
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 32.9 $ 66.0
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash (received) paid for income taxes, net of refunds $ (3.1 ) $ 7.2
Cash paid for interest $ 1.0 $ 0.8
NON-CASH INVESTING TRANSACTIONS:
Non-cash purchase of property and equipment $ 1.7 $ 1.4
World Wrestling Entertainment, Inc.
Three Months EndedDecember 31, 2013 Three Months EndedDecember 31, 2012
As Film Video Adjusted As Film Tax Adjusted
Operating (loss) income $ (12.2 ) $ $ $ (12.2 ) $ 2.6 $ 0.5 $ $ 3.1
Investment, interest and other income, net 0.3 0.3 (0.2 ) (0.2 )
(Loss) Income before taxes (11.9 ) (11.9 ) 2.4 0.5 2.9
Benefit (Provision) for taxes 4.0 4.0 (1.8 ) (0.2 ) (2.0 )
Net (loss) income $ (7.9 ) $ $ $ (7.9 ) $ 0.6 $ 0.3 $ $ 0.9
(Loss) Earnings per share $ (0.10 ) $ $ $ (0.10 ) $ 0.01 $ 0.01 $ $ 0.02
Reconciliation of Operating income to OIBDA
Operating (loss) income $ (12.2 ) $ $ $ (12.2 ) $ 2.6 $ 0.5 $ $ 3.1
Depreciation & amortization 6.6 6.6 5.9 5.9
OIBDA $ (5.6 ) $ $ $ (5.6 ) $ 8.5 $ 0.5 $ $ 9.0

Non-GAAP Measures:

We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company’s business. OIBDA should not be regarded as an alternative to operating income or net income as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA.

Adjusted OIBDA , Adjusted Operating income, Adjusted Net income and Adjusted Earnings per share exclude certain material items, which otherwise would impact the comparability of results between periods. These should not be considered as an alternative to net income, cash flows from operations or any other indicator of WWE’s performance or liquidity, determined in accordance with U.S. GAAP.

World Wrestling Entertainment, Inc.
Year Ended December 31, 2013 Year Ended December 31, 2012
As Film Adjusted Video Adjusted As Film Tax Adjusted
Operating income (loss) $ 5.9 $ 11.7 $ 17.6 $ (3.4 ) $ 14.2 $ 43.2 $ 1.2 $ $ 44.4
Investment, interest and other expense, net (1.3 ) (1.3 ) (1.3 ) (0.5 ) (0.5 )
Income before taxes 4.6 11.7 16.3 (3.4 ) 12.9 42.7 1.2 43.9
(Provision) benefit for taxes (1.8 ) (4.1 ) (5.9 ) 1.2 (4.7 ) (11.3 ) (0.4 ) (4.1 ) (15.8 )
Net income (loss) $ 2.8 $ 7.6 $ 10.4 $ (2.2 ) $ 8.2 $ 31.4 $ 0.8 $ (4.1 ) $ 28.1
Earnings (loss) per share $ 0.04 $ 0.10 $ 0.14 $ (0.03 ) $ 0.11 $ 0.42 $ 0.01 $ (0.05 ) $ 0.38
Reconciliation of Operating income to OIBDA
Operating income (loss) $ 5.9 $ 11.7 $ 17.6 $ (3.4 ) $ 14.2 $ 43.2 $ 1.2 $ $ 44.4
Depreciation & amortization 24.5 24.5 24.5 20.0 20.0
OIBDA $ 30.4 $ 11.7 $ 42.1 $ (3.4 ) $ 38.7 $ 63.2 $ 1.2 $ $ 64.4

Non-GAAP Measures:

We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production amortization and related impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company’s business. OIBDA should not be regarded as an alternative to operating income or net income as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA.

Adjusted OIBDA , Adjusted Operating income, Adjusted Net income and Adjusted Earnings per share exclude certain material items, which otherwise would impact the comparability of results between periods. These should not be considered as an alternative to net income, cash flows from operations or any other indicator of WWE’s performance or liquidity, determined in accordance with U.S. GAAP.

World Wrestling Entertainment, Inc.
Three Months Ended Year Ended
December 31, 2013 December 31, 2012 December 31, 2013 December 31, 2012
Net cash provided by operating activities $ 11.6 $ 22.1 $ 23.8 $ 63.0
Less cash used for capital expenditures:
Purchase of property and equipment and (6.7 ) (7.2 ) (25.0 ) (33.9 )
Free Cash Flow $ 4.9 $ 14.9 $ (1.2 ) $ 29.1

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.

JR Comments on WWE Talent Being Worried About Pay

– Jim Ross has updated the Q&A section on jrsbarbq.com and was asked about some of the WWE talents being worried how the WWE Network will hurt their pay. Ross replied:

“I’d suggest that they worry about more of the things that they can control and that’s their in ring performances and how they grow as a professional. Mid card and Prelim wrestlers NEVER made big money on PPV’s but had good years by staying healthy and being booked and working steady. I can’t see WWE not paying their talents fairly. Remember, most issues with wrestlers are about the two C’s, Cash and Creative. It’s always been that way and likely always will.”

WWE NETWORK ANNOUNCES PROGRAMMING LINEUP

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Source: WWE.com

February 19, 2014
STAMFORD, Conn., February 19, 2014 – WWE Network, the first-ever 24/7 streaming network, has unveiled its programming lineup, which is highlighted by WrestleMania® 30 on Sunday, April 6 at 7 pm ET live from the Mercedes-Benz Superdome in New Orleans.In addition, for the first time ever, the WWE Hall of Fame Induction Ceremony will air live in its entirety on Saturday, April 5 at 9 pm ET on WWE Network. This year’s current inductees include The Ultimate Warrior, Jake “The Snake” Roberts and Lita. A one-hour special will also air on USA Network on Monday, April 7, immediately following Monday Night Raw®.

WWE Network will officially launch on Monday, February 24 at 9 am ET and fans will instantly have access to live programming and the most comprehensive WWE video-on-demand library upon signing up exclusively at WWE.com.

WWE Network will be available through the WWE App on TV via connected devices including Roku streaming devices, Sony PlayStation® 3, Sony PlayStation® 4 and Xbox 360. WWE Network will also be available through the WWE App on iOS devices, including Apple iPad and iPhone, Amazon’s Kindle Fire devices and Android devices, as well as on desktops and laptops via WWE.com.

The programming line-up on WWE Network includes:

WrestleMania 30

WWE’s pop-culture extravaganza, WrestleMania 30, will air live on Sunday, April 6 at 7 pm ET from New Orleans. More than 70,000 fans from all 50 states and more than 30 countries are expected to converge on the Mercedes-Benz Superdome with millions more watching around the world. Current WWE Superstars will be joined by a host of WWE Legends for a celebration 30 years in the making.

WWE Hall of Fame Induction Ceremony

For the first time ever, the 2014 WWE Hall of Fame Induction Ceremony will air live in its entirety on WWE Network on Saturday, April 5 at 9 pm ET from the Smoothie King Center in New Orleans. This year’s current inductees include The Ultimate Warrior, Jake “The Snake” Roberts and Lita.

Live Monday Night Raw Pre-Show and WWE Raw Backstage Pass

A live, 30-minute Raw Pre-Show will air each week and premieres on Monday, February 24 at 7:30 pm ET.

WWE Raw Backstage Pass will air live each week immediately following Monday Night Raw, providing analysis of the night’s action and exclusive backstage interviews. The premiere will air on Monday, February 24 at 11:05 pm ET.

Friday Night SmackDown® Pre-Show and WWE SmackDown Backstage Pass

A 30-minute pre-show for SmackDown will air each week and premieres on Friday, February 28 at 7:30 pm ET.

WWE SmackDown Backstage Pass will air each week immediately following SmackDown, providing analysis of the night’s action and exclusive backstage interviews. The premiere will air on Friday, February 28 at 10 pm ET.

WrestleMania® Rewind

WrestleMania® Rewind will provide fans with a comprehensive look back at the most groundbreaking matches and dramatic moments in WrestleMania history. The series premieres on Tuesday, February 25 at 9 pm ET with a sneak peek on Monday, February 24 at 9 am ET.

WWE Countdown™

A one-hour, groundbreaking, interactive, countdown series that will put the power squarely in viewers’ hands by giving the audience the chance to discuss and rank WWE’s most spectacular Superstars, unexpected moments, best catch phrases and more through digital polling and social media interaction. The series premieres on Tuesday, February 25 at 10 pm ET with a sneak peek on Monday, February 24 at 10 am ET.

WWE Legends’ House™

WWE’s greatest Legends reunite for a new title – only this time, they’re competing outside of the ring. Imagine a beautiful house in the suburbs – perfectly furnished, with gorgeous landscaping, a lovely pool and quiet, respectable neighbors. WWE Superstars from the past including Rowdy Roddy Piper, Tony Atlas and Hacksaw Jim Duggan will turn the neighborhood upside down as the house staff tries their best to keep these Legends on time, on speaking terms, and out of trouble in this new reality show. The series premieres on Thursday, April 10 at 8 pm ET.

This is NXT®

A one-hour special that will take viewers inside the action-packed world of tomorrow’s WWE’s Superstars as they aspire to become the future of WWE. Featuring behind-the-scenes moments and in-ring action from WWE’s Performance Center, fans will get up close and personal with the next generation of Superstars. The series premieres on Monday, February 24 at 11 am ET.

NXT ArRival™

WWE Network’s first live in-ring event will air on Thursday, February 27 at 8 pm ET. The live special will showcase the brightest and best of WWE’s rising stars from WWE’s Performance Center, as well as appearances by WWE Superstars John Cena®, Sheamus®, The New Age Outlaws and WWE Legends Bret Hart and Shawn Michaels.

Thirty minutes prior to the event, the NXT ArRival Pre-Show will air at 7:30 pm ET and include exclusive interviews and appearances by NXT Superstars, WWE Superstars and Legends.

WWE NXT®

Each Thursday at 9 pm ET, WWE Superstars and Divas of tomorrow face off on WWE NXT, a one-hour, weekly show that features the brightest and best of WWE’s rising stars. WWE NXT showcases the Superstars and Divas from WWE’s Performance Center as well as appearances from WWE Superstars and Legends in an intimate setting. WWE NXT broadcasts from the state-of-the-art Full Sail LIVE venue on the Full Sail University campus in Orlando, Florida. The series premieres on Thursday, March 6 at 9 pm ET.

WWE Superstars®

A one-hour, weekly show highlighting the best of WWE Superstars and Divas in heart-pounding matches. The show will also feature highlights from all WWE programming, as well as a special glimpse at everything going on in the WWE Universe. The series premieres on Thursday, February 27 at 10 pm ET.

Beyond the Ring™

An all-access pass to the fast-paced action of WWE’s home video library. With classic matches and groundbreaking biographies of WWE Legends, fans will have all the action from WCW®, AWA®, ECW® and WWE right at their fingertips. The series premieres on Saturday, March 1 at 8 pm ET.

Best of Raw

Every Wednesday at 9 pm ET, Best of Raw will feature the most memorable episodes from the longest-running weekly episodic show in television history. Each week, see some of the most incredible matches and controversial moments featured over the years on Monday Night Raw. The series premieres at a special date and time on Thursday, February 27 at 4:30 pm ET.

Best of SmackDown

For more than a decade, Friday Night SmackDown has brought amazing action and memorable moments to the WWE Universe. On Saturdays at 1 pm ET, WWE Network will showcase the most exciting episodes of SmackDown. The series premieres on Saturday, March 1 at 1 pm ET.

Expansive Video-On-Demand Library

In addition to live and original programming, fans will have access to the most comprehensive WWE video-on-demand library the instant they subscribe. WWE Network will offer all WWE, WCW and ECW pay-per-views as well as encores of Raw and SmackDown® totaling more than 1,500 hours of video on demand at launch.

Fandango Becomes a Stalker?

 

Fandango tweeted this earlier today towards Emma in a kind of creepy way..

 

I myself responded:

Triple H Weights in on the Six Contestants in the Elimination Chamber

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Here is another sit-down interview between Triple H and Michael Cole regarding the Elimination Chamber.

You can see all interviews here.

 

Here is the latest video:

Triple H Talks About Creating the Elimination Chamber

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Source: WWE.com

There are a number of stipulation matches in WWE designed to intimidate, threaten and menace the athletes chosen to compete in them, but there’s only one that inspires actual terror. The Elimination Chamber, now more than a decade old, is famously known for its ability to turn the stomachs of even the most stalwart Superstars.

“That’s real,” said Triple H, a battle-hardened veteran of six bouts inside the Prison. “It’s not something we hype up. The concern is legit. They couldn’t have made it any more difficult for us to work in if they tried.”

Sitting in his stately offices inside Titan Tower, the WWE COO cut the same imposing figure now as the man who won a record four Chamber bouts in the past.

“What people don’t understand is that the metal grating outside the ring is the same grating they make the stage with,” he explained. “It’s designed to support thousands of pounds, so there’s no give to it all. Then there are the walls themselves, which are made of thick metal chain. And at first you think, ‘Oh, well, the chain moves a bit.’ But it’s actually worse, because the chain shifts about an inch and a half, even though it’s all connected, so it’s like you’re hitting a steel wall. And it’s a bumpy steel wall that digs into you everywhere.”

Triple H has a long history with the structure, having been in the first-ever Elimination Chamber Match at 2002’s Survivor Series. But his connection with Satan’s Prison runs even deeper, as he revealed to WWE Magazine.

“I’m the one who invented it,” he said.

“I drew a square cage and put four other squares in the corners,” Triple H recalled. “And I said, ‘It’s six guys. Two start and every few minutes, another cage opens and one more guys enters the fight, and everyone fights until there’s one guy left.’ I thought it could be interesting because, if the Superstars involved have issues, then there’s intrigue.”Indeed, WWE’s most hated and feared stipulation match spawned from the mind of The Cerebral Assassin a decade ago. The company was looking for concepts for matches that might spin off into yearly events similar to Royal Rumble, and The Game was ready with a winning idea.

The ambitious concept was well received, and the creative team set about turning Triple H’s vision into reality. Of course, when he saw it, he realized he’d gotten far more than he’d bargained for.

“In typical WWE form, it was twice as big as I envisioned it and twice as elaborate,” he remembered. “We don’t do anything small, so I should have known better. When I stood in it for the first time, I thought, ‘Jeez. Please don’t tell anybody this was my idea!’”

“One of the things I find funny is watching the guys who haven’t been in it yet,” Triple H said. “They’re talking about all these crazy things they’re going to do in the Chamber. And then they go sailing over the rope for the first time and hit the floor, and their whole demeanor changes. Every bit of bravado goes out the window and they think, ‘Oh man, I’ve got another 30 minutes in here?’”Once his creation was brought to life, it quickly caught fire with the crowds and viewers, becoming one of the company’s most popular stips and eventually launching its own annual event. But as beloved as the Elimination Chamber is amongst the WWE Universe, it’s equally feared by the Superstars who have to compete in it.

Inside the Chamber, it’s essentially a full-on melee, but The Game said that being in the pod is actually worse than mixing it up in the match itself.

“If you’re one of the guys who comes out third or fourth,” he said, “you’ve been in that pod for 15 or 20 minutes cold. Then, all of a sudden, you have to charge out at a thousand miles per hour and get creamed.”

That’s the reason, he said, when the clock runs down and another pod is about to open, you’ll see the Superstars start to psyche themselves up.

At some point, you’re going to eat that steel.“Because you know what’s coming,” he explained, “at some point, you’re going to eat that steel, and if you don’t psyche yourself up it’s going to be like getting run over by a train.”

On Feb. 23, six Superstars will step inside the Chamber for another dose of punishment. Some will experience it for the first time, while others will return with the scars from beatings past. But each will leave having been changed by the event.

“The Elimination Chamber stands by itself,” The Game said. “We tout Hell in a Cell Matches as being brutal, and over the years they certainly have been. But Hell in a Cell is brutal because of what the guys who are in it do to each other. The Elimination Chamber is brutal because the Chamber itself is brutal. There are six guys in the ring, but it’s almost like there’s a seventh opponent in there with you, and he’s the one you have to really look out for.”

WWE Promotes Tandy O’Donoghue

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Source: WWE Corporate

STAMFORD, Conn., February 19, 2014 – WWE (NYSE: WWE) today announced that Tandy O’Donoghue has been promoted to Executive Vice President, Strategy & Analytics, effective March 15. In this newly created role, she will be responsible for overseeing corporate strategy, corporate and business development and data analytics for WWE. O’Donoghue will report to WWE’s Chief Strategy & Financial Officer George A. Barrios.

O’Donoghue will work with WWE executives to identify and execute cross-functional high-impact initiatives including the global rollout of WWE Network, the development and execution of WWE’s long-term gaming strategy and global content monetization initiatives. She will also lead WWE’s efforts in securing strategic equity investments and partnerships, and will provide leadership for WWE’s use of advanced data analytics to support short- and long-term decision making across the company.

O’Donoghue previously served as WWE’s Senior Vice President, Affiliate Relations & Business Development, where she was responsible for the day-to-day management of WWE’s pay-per-view business as well as the development and launch plans for WWE Network.

O’Donoghue holds a J.D. from Tulane University School of Law and a Bachelor of Science degree in Industrial and Labor Relations from Cornell University.

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