DISH Network Corporation (NASDAQ:DISH) reported net income above Wall Street’s expectations for the fourth quarter. Net income for DISH Network Corporation rose to $313 million (70 cents per share) vs. $251.8 million (56 cents per share) in the same quarter a year earlier. This marks a rise of 24.3% from the year-earlier quarter. Revenue rose 13.2% to $3.63 billion from the year-earlier quarter. DISH Network Corporation beat the mean analyst estimate of 61 cents per share. Analysts were expecting revenue of $3.62 billion.
“DISH delivered a quarter and a year of strong growth in net income and total revenue compared to the same period last year,” said Joe Clayton, president and CEO of DISH Network. “By introducing new Blockbuster-branded services, we’ve begun to turn the tide in subscriber losses while continuing to face increased competitive pressures. We look forward to the introduction of our new Hopper product this quarter, the most technically advanced whole-home HD DVR in the world.”
Competitors to Watch: DIRECTV (NASDAQ:DTV), TiVo Inc. (NASDAQ:TIVO), Netflix, Inc. (NASDAQ:NFLX), Comcast Corporation (NASDAQ:CMCSA), Cablevision Systems Corp. (NYSE:CVC), Time Warner Cable Inc. (NYSE:TWC), Hughes Communications Inc. (NASDAQ:HUGH), and Liberty Media Corp (NASDAQ:LINTA).
World Wrestling Entertainment Inc. (NYSE:WWE) reported a drop to a loss in the fourth quarter driven by higher costs. Reported a loss of $8.6 million (12 cents per diluted share) in the quarter. The entertainment company had net income of $8.1 million or 11 cents per share in the year-earlier quarter. Revenue fell 7.8% to $112.9 million from the year-earlier quarter. World Wrestling Entertainment Inc. reported adjusted net income of 2 cents per share. By that measure, the company fell short of mean estimate of 12 cents per share. It fell short of the average revenue estimate of $120 million.
“In 2011, we evaluated several paths for creating new programs and distributing all of our content in a way that optimizes its value. Executing this strategy effectively, including the potential creation of a WWE Network, has the power to transform our business,” stated Vince McMahon, Chairman and Chief Executive Officer. “While we made significant progress toward this objective, our fourth quarter and full year results were impacted primarily by three items: significant non-cash film impairment charges stemming from the weak performance of our movie releases, strategic decisions to withhold several hours of previously licensed television content for distribution on other platforms, and initial start-up operating expenses associated with our emerging content and distribution strategy. Regarding the first item, we have taken several measures to improve the profitability of our movie business. And, regarding the other items, we believe that our ongoing investment to expand and maximize the value of our content is the most potent approach for driving our future earnings.”
Competitors to Watch: CKX Inc. (NASDAQ:CKXE), CBS Corporation (NYSE:CBS), Time Warner Inc. (NYSE:TWX), Lions Gate Entertainment Corp. (NYSE:LGF), News Corporation (NASDAQ:NWSA), Live Nation Entertainment, Inc. (NYSE:LYV), DreamWorks Animation SKG, Inc. (NASDAQ:DWA), Madison Square Garden, Inc. (NASDAQ:MSG), and Cinedigm Digital Cinema Corp. (NASDAQ:CIDM).
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com