Crown Media Holdings reported higher profits in the second quarter as ad revenues continued to rise at the Hallmark cable networks.
Net income rose 26% to $20.1 million, or 6 cents a share, from $16 million, or 4 cents a share, a year ago.
Revenue rose 16% to $113.2 million. Bucking the industry trends, advertising revenue grew 18% to $89.4 million. Subscriber revenue was down 2% because a decline in revenue from one distributor. Last month, Crown Media ended a five-year dispute with AT&T and Hallmark Channel and Hallmark Movies & Mysteries is being launched by U-verse.
Programming costs were up 11%. Marketing expenses dropped by $1.6 million.
“The strength of our original movies and series, the continued growth of Home & Family and our character-driven mysteries on Hallmark Movies & Mysteries solidified the company’s economic performance over the first half of the year,” Bill Abbott, president and CEO of Crown Media Family Networks, said in a statement. “Our ability to deliver quality, family entertainment continues to resonate with viewers, further positioning the Company to realize our strategic goals through the remainder of the year.”
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Next TV. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.