Crown Media said its third quarter earnings jumped as revenues rose by double digits.
Net income rose 49% to 14.9 million, or 4 cents a share, from $10 million, or 3 cents a share, during 2013's Q3.
Revenues rose 11% to $84.4 million. Advertising revenue rose 12% to $71.4 million. Sub fee revenue rose 1% to $20.7.
Programing costs rose 9%. There were more episodes of Home & Family and amortization of syndicated programming including The Middle. Marketing expenses decreased by $2.6 million in the quarter, compared to a year ago, when the company promoted the first season of Cedar Cove.
"Third quarter's achievements served as a stepping stone in the growth of Crown Media's business. From appeasing viewers' appetites for episodic programming with the second season of Cedar Cove to the successful rebrand of Hallmark Movies & Mysteries on September 29th and our upcoming holiday programming, these positive business strategies well position us for another record year," CEO Bill Abbott said in a statement.
Broadcasting & Cable Newsletter
The smarter way to stay on top of broadcasting and cable industry. Sign up below
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.