Wrestling History Today - Aug 2nd
On this day in history in ....
1962 - Almost a year before their famous WWF World Title match, Bruno Sammartino defeats Buddy Rogers for the NWA World Heavyweight Title in Toronto, Ontario, Canada. However, Sammartino refused to accept the championship since Rogers was injured, and the title remained with Rogers.
1975 - Jose Rivera & Ciclon defeated Pierre & Michael Martel in Caguas, Puerto Rico for the WWC North American Tag Team Title.
1977 - Antonio Inoki defeats kickboxer Eddie Everett in Tokyo, Japan at Budokan Hall in the fifth round of a Wrestler vs. Kickboxer match via knockout.
1982 - WWF ran Madison Square Garden, featuring the following results, courtesy www.TheHistoryofWWE.com:
-The Fabulous Moolah & Leilani Kai defeated Vivian St. John & Peggy Lee at 7:13.
-Johnny Rodz fought Pete Sanchez to a double disqualification.
-Tony Garea fought Steve Travis to a draw at 13:32.
-Salvatore Bellomo defeated Jose Estrada at 4:14.
-SD Jones defeated Swede Hanson at 2:36.
-Ivan Putski (substituting for Tony Atlas) defeated WWF Tag Team Champion Mr. Saito at 10:18.
-Ivan Putski defeated WWF Tag Team Champion Mr. Fuji via disqualification at 2:58.
-Chief Jay & Jules Strongbow defeated the Masked Demons at 5:06.
-Jimmy Snuka defeated WWF Intercontinental Champion Pedro Morales via count-out at 9:18.
- Andre the Giant defeated Blackjack Mulligan at 14:41 in a Texas Death Match.
-WWF Champion Bob Backlund defeated Bob Orton Jr. at 23:38
1984 - New Japan Pro Wrestling ran Sumo Hall in Tokyo, Japan, with Antonio Inoki defeating Riki Choshu in a highly anticipated singles match.
1985 - Harley Race defeats Jerry Blackwell in St. Louis, Missouri for the NWA Missouri Heavyweight Title. This marked the record setting seventh and final Missouri Title run for Race. The belt would be vacated when Jim Crockett Promotions purchased the Missouri territory.
1991 - Takako Inoue & Mariko Yoshida defeats Esther & Cynthia Moreno for the All Japan Women's Tag Team Title in Tokyo, Japan.
1992 - Ron Simmons defeats Big Van Vader in Baltimore, Maryland to win the WCW World Heavyweight Title.
1993 - Luna Vachon defeats Miss Texas (Jacqueline Moore) in Memphis, Tennessee for the USWA Heavyweight Title, ending Miss Texas' fifth and final run with the belt at the Mid-South Coliseum. Other results from the event saw:
-JC Ice beat Scott Taylor.
-Wolfie D beat Randy Rockett.
-USWA Middleweight Champ Danny Davis beat Disco Inferno.
-Moondogs Spike & Cujo beat CW Bergstrom & Melvin Penrod Jr. to win the USWA Tag Title.
-Brian Christopher pinned Chris Adams.
-Jeff Jarrett beat USWA Southern Champ Vampire Warrior (Gangrel) via DQ.
-Unified champ Jerry Lawler vs. Bret Hart ended in a double disqualification in 23:46.
1996 - Guerrero de la Muerte defeats Mascara Magica in Mexico City, Mexico to win the CMLL World Welterweight Title.
1998 - ECW holds their Heatwave Pay-per-view in the Hara Arena in Dayton, Ohio. ECW World Champion Shane Douglas, out of action with an arm injury, did color commentary with announcer Joey Styles for the show. Here are the results of the show:
- In a dark match, Balls Mahoney & Axl Rotten defeated the FBI (Tracey Smothers & Little Guido).
- Justin Credible defeated Jerry Lynn.
- Chris Candido defeated Lance Storm.
- Masato Tanaka defeated Mike Awesome.
- ECW World Tag Team Champions Sabu & Rob Van Dam defeated Hayabusa & Jinsei Shinzaki when Sabu pinned Shinzaki.
- FTW Champion Taz defeated Bam Bam Bigelow via submission in a Falls Count Anywhere match.
- Tommy Dreamer, The Sandman, & Spike Dudley defeated Buh Buh Ray, D-Von, & Big Dick Dudley.
1999 - The Monday Night Wars continued, with WWF getting the win this week. WWF Monday Night Raw, headlined by Steve Austin vs. Undertaker in a no-contest, D'Lo Brown defeating Jeff Jarrett for the Intercontinental Title, and Edge defeating Gangrel in a Bloodbath match, earned a 5.9 rating. WCW Monday Nitro, headlined by Chris Benoit defeating Dallas Page, Vampiro defeating Eddie Guerrero, and Sting & Bill Goldberg defeating Rick Steiner & Sid Vicious via DQ did a 3.1.
2002 - In one of the darkest stories in independent wrestling history, former XPW star The Messiah, who had left the promotion and was wrestling regularly for Combat Zone Wrestling, was beaten and stabbed in his apartment in Granada Hills, CA. As part of the attack, Messiah had one of his thumbs cut off. He was treated at a nearby hospital, released, and is currently staying at an undisclosed location. The assailants were never appreheneded and the belief was that the attack was related to Messiah having a relationship with XPW owner Rob Black's wife Lizzie Borden. Black was never charged in relation to the attack, which was covered by America's Most Wanted and later on Vice TV's Dark Side of the Ring episode on XPW.
XPW actually acknowledged the attack the day after on their website, posting:
XPW sends its most sincere thoughts and prayers to The Messiah. The incident of the other night is a tragedy no matter what has been said in the past and no matter where feelings stand right now.
2002 - Pro Wrestling NOAH's Mitsuharu Misawa and Yoshinari Ogawa appeared on Pro Wrestling Iron's sophmore effort in Fairfield, California, defeating British star Doug Williams and Vinny Massaro when Ogawa pinned Massaro after a back-suplex in what was said to have been a good match. The NOAH contingent received a standing ovation upon entering the ring. The crowd was heavily into the surprise, chanting Misawa's name through the bout. Misawa and Ogawa were never announced for the show, listed in the event lineups as Mr. X and Mr X 2000, although the event was billed as "Iron vs. NOAH" and those close to the promotion were touting a big surprise. In that aspect, Iron certainly came through.
Other results from the show saw:
*Lars Dauger defeated Bart Blaxon with a choke submission.
*Ric Thompson & Apollo Kahn defeated Jett Taylor & Hook Bomberry when Kahn pinned Bomberry.
*Tony Jones pinned Dok Schultz after a belly-to-belly suplex from the second rope.
*Vito Thomaselli & Simon Snuka defeated Boom Boom Comini & J.J. Perez after Snuka pinned Perez.
*Bison Smith & Tommy Drake defeated Danny Dominion & Ace Steele after Smith pinned Steele with a variation of AJ Styles' Styles Clash.
*Pro Wrestling NOAH's Takao Omori and Maxx Justice defeated Michael Modest and Donovan Morgan after Maxx pinned Donovan with a chokeslam. Following the bout, Omori continued to beat on Morgan, leading Justice to attack Omori and defend Morgan, which set off a pull apart brawl.
Notes: The crowd was in the 400 range....There was a large contingent of Japanese press at the event, and the show was taped by Nippon TV for airing in the Japan.
2002 - WWE broadcast Byte This on their website. John Keane filed the following report:
BYTE THIS REPORT 8/2/02
by Josh Shephard
The show opens to the Booker T & Goldust at the Movies Bit from Raw awhile back.
We open to Kevin Kelly and Dr. Tom commenting on the lack of Big Country and Seth in the studio and he puts over Matt Duda new era. Dr. Tom mentions how The Rock tapped out on Smackdown and he needs to be more focused to beat Brock Lesnar at Summer Slam. Today we will talk with Booker T and Booker is also going to be on Confidential.
Droz comes on the show now. Kevin asks Droz about the Shawn Michael's situation on Raw. Droz says he thinks it is Big Show. Droz says everyone wanted to blame HHH, but that Big Show wanted to pay Michaels back for the way he was treated in the NwO. Kevin Kelly says HHH was in the ring when this happened so it couldn't have been him and now there is a room full of suspects. Dr. Tom says it could be the Un-Americans because of Shawn's interference in their promo on Raw. Kevin Kelly asks Droz what impact Jericho will have on Raw. Droz says Jericho will make a huge impact and puts over the phrase "Raw is Jericho".
Kevin Kelly mentions Benoit and Guerrero's defection with the IC Title to Raw, and he asks what impact this will have. Droz says he doesn't think the impact will be that big and that the IC Title could be back on Raw at anytime. Kevin Kelly asks Droz if he was smiling when Rosie and Jamal attacked Mullah and Mae Young on Raw. Droz says those women are incredible tough and he couldn't believe it when it happened. Dr. Tom says he can't believe they are still walking. Kevin Kelly mentions how he got in trouble with his wife for laughing when it happens. Dr. Tom says he has taken a top rope splash before and it hurts badly and he can't understand how Mae can take it.
Kevin Kelly puts over Mullah's book, and talks about the Un-Americans. Kelly says that some people feel that the Un-Americans should not be on TV, and asks Droz what he thinks. Droz says it has been entertaining, but they are making a lot of enemies. Droz mentions how Storm and Christian are great Tag Champions and puts over Test. Kevin Kelly asks Droz who is winning the general manager battle so far. Droz says he thinks Bischoff is winning and he is totally impressed with the way things are going, and is just happy for the business. Kelly says morale is up now and he mentions how there is a sense of team between members of each show. He says there is now an "us versus them" mentality from the wrestlers. Droz says this whole general manager and trading roster scenario has been great. Droz says he talks about Mullah and Mae, the Un-Americans, and Brock Lesnar in his web column. Droz leaves now
A caller comes on and states that the last few weeks on WWE have been amazing and especially the Rock tapping out. He says he is definitely going to order Summer Slam. Kelly asks the caller what has changed and made it better. The caller says now there is a feeling of competition between the shows and he is excited that Smackdown has the IC Title. He mentions he would have rather had Mick Foley as the general manager over Bischoff because he didn't like WCW and thought it just copied WWF.
We now go to footage of Nidia's lap dance on Michael Cole.
Dr. Tom says that Kevin got a little too excited while watching that footage. Kevin says Michael Cole is married and he looked really uncomfortable. I have to applaud Kevin for not making any homosexual comments here. Another caller calls in from Canada and he believes that the Un-Americans did it, but says another person is involved. The caller thinks that person is Bret Hart. Kevin Kelly kindly mentions that Bret may not be in the best of condition to be involved. Kelly asks the caller if Canadians think like the Un-Americans about America. He says no and that Canadians feel closer to Americans since Sept. 11.
Tazz has been scratched and Booker T comes in early. Kelly asks what we will see on Confidential. Booker says he will be giving a tour of his house and it is his dream house and a reward of all his hard work. Booker says it took a year to build. Dr. Tom mentions that Booker now does the Houston Hangover instead of the Harlem Hangover. Dr. Tom mentions the skits Booker T has done with Goldust and asks what Booker thinks about them. Booker says he loves doing them and it has given him a chance to build his character instead of just wrestling like he did in WCW. Kevin Kelly asks about how easy it is to be comical. Booker says it was tough at first because you want to be funny out of the ring, but not make fans laugh at your in-ring persona. Kevin Kelly puts over Booker T putting The Big Show through the table at Vengeance.
Dr. Tom puts Booker's career over and asks Booker if he tries to create new things every week to do in the ring. Booker says he is not as young as he used to be and he has to work harder than he has before, he mentions that he brought back the Hangover to rekindle "some of that old magic" and turn something old, new again. Booker is asked about Bischoff and about him being the first one to seem him on Raw. Booker says that he has never had against Bischoff and Bischoff always did right by him. Booker says he has been in the business too long to be shocked, but he was surprised to see Bischoff. Kevin Kelly asks if there is more of a team concept in the back since the general manager story line. Booker says he is not sure, but you always have to work as a team to put the butts in the seats. Dr. Tom asked Booker about Stevie Ray and Harlem Heat. Booker says that he loves his brother and that Stevie is doing well and just enjoying retirement. He also mentions that you can never rule out a reunion of Harlem Heat, but it isn't in the cards right now
Kevin Kelly asks about Shawn Michaels and if Booker if he thinks he could come back to the ring after four years away. Booker says he had major difficulties after being out for only four months and he knows that Shawn has a lot of doubts about whether he can compete at the level he wants did. Dr. Tom asks Booker T about a comment he made on Howard Stern about retiring in two years. Booker says he has been revitalized, but he still wants to get out of the game while he is still healthy.
Kevin Kelly asks Booker about Jam Zone in Houston. Booker says is a store to help people in Houston and kids in the surrounding schools. Kelly asks Booker about his golf game and Booker says it is a work in progress. Booker says he has always liked golf even before Tiger Woods and he got into the game through video game and that he is a big video game junkie. He says he always loved golf video games. Booker says he didn't pick up a club until a couple of months ago, but once he felt the club and the ball connect he was hooked. Kelly says they should all play golf in Houston
Kelly asks how the company has been since Austin left and how Booker's role has changed. Booker says that last year it was very hard to try to get over as a heel when he feels he is naturally a baby face. Booker says he doesn't think the company business has dropped since SSA left. He says his role has changed and it allowed him be the baby face he wants to be, and he is enjoying it. Dr. Tom mentions Booker T's relationship with Sharmel. Booker talks about how well the relationship is going says he cries on her shoulder.
Kelly asks Booker about his son, who is a great basketball player, and has had scholarship offers. Booker says he just wants his son to get an education and that he hopes his son is ready to compete at the college level. Kelly mentions that the odds aren't great for high school players to make it to the pros and that the same is true for the road to the WWE. Booker T says he has been very blessed and lucky and that it is very tough to make it into the wrestling business. Kevin Kelly puts over Booker versus Benoit and their best of seven series. Booker says getting in the ring with Benoit again was like old times and he couldn't wait. He says he and Benoit really didn't talk before the match and he wishes the match could have been a lot longer. He says Benoit is the best he has ever been with in the ring and that they will meet again. Kevin Kelly asks if Benoit is at 100%. Booker says he didn't sense any drop off, but he isn't really sure because he was in the heat of battle. He says he may not have the height he used to have on the German Suplex Bridge or his usually quickness, but it is had for him to tell He feels Benoit is still great and that their recent match was only an appetizer and that they will meet again.
Dr. Tom asks Booker what he wants to accomplish in the business now. Booker says he wants to be the Undisputed Champion and headline Wrestlemania. Kelly asks Booker how he felt about his treatment on Howard Stern. Booker says he understands it was business, and he doesn't think that the Stern Show was racist. Kelly says Booker has always tried to give back to the community through charities and he asks Booker what his philosophy of life is that helped him get out of the tough neighborhood in which he grew up in? Booker says it is to not let yourself get caught up in the whirl wind, to keep your head up and think about what you are doing as you progress through life. Kelly asks Booker who will win between The Rock and Brock Lesnar. Booker says he will go with Brock because Rock is softer these days from making all the movies. Kevin Kelly mentions the Shawn Michaels incident and Booker says he didn't do anything and he didn't see anything. Booker now leaves
Kelly mentions that Confidential will also discuss if Bischoff ruined WCW and asks if Bischoff should be as accountable for the 80 million dollar debt that WCW was in. Kelly equates Bischoff to Enron and World Com. Tom says after talking with Bischoff and other WCW he doesn't feel it is all Bischoff's fault and that the whole company was messed up, but he is going to watch Confidential to know the truth.
Kelly has to make me cringe in pain by bringing out Matt Duda and complimenting him on the job he is doing. Kelly now asks Duda if he has received comments from the gay community for taking off his shirt. We now get talk about Duda's Freddie Mercury collection and whether the three women Duda brought in as the "studio audience" are his friends and that gay men have female friends. Of course Duda denies that he is gay, and Kelly accuses more people of being gay as my head begins to ache. I am going to once again say that I am stopping transcribing this because it really stinks. Just to show I am not kidding you the show descends into talk of how Booker T should cut his hair, how Duda is still gay, that Big Country sucked, and of course we get the Body Donna picture of Dr, Tom. Kevin Kelly than adds a few redneck and incest jokes about Alabama for good measure. They seem to not know what to do because the show has gone by so quickly. Finally they decide to go to the phones.
A caller comes on and seemingly has nothing to say except that he is from Missouri. Finally, after being silent for a couple of minutes he asks what the guys think about Bischoff. Kelly says he didn't like it at first, but now he is getting behind the idea, and Dr. Tom was indifferent to Bischoff at first and now he really likes what Bischoff was doing. Kevin Kelly transcribes more chat room banter, which is all about Duda being gay. Duda says fans can e-mail in and choose which Diva they want to see on the show next week. Kevin Kelly and Dr. Tom really put over Booker T now. Thank God my prayers have been answered, Kelly agrees that the last 15 minutes has sucked and might as well of been dead air so we are ending the show.
We leave with a classic clip of Summer Slam 2001 of Booker T vs. The Rock. I guess next week we get an unnamed Diva. Well guess what? Things are going so well that they only show the end of the match and the guys come back on the air and stare blankly at the screen. They kind of mumble for a second and now we go back to the footage, and this time it actually is the middle of the match.
2008 - Ric Flair was released, at his request, from WWE after retiring, choosing to instead work outside of the company doing appearances.
2007 - Jimmy Rave, who was under contract to Ring of Honor, parted ways with the company and will no longer be working for ROH or its sister promotion Florida's Full Impact Pro.
2007 - WWE Released their second quarter results. Here they are.
World Wrestling Entertainment, Inc. Reports 2007 Second Quarter Results
STAMFORD, Conn.--(BUSINESS WIRE)--World Wrestling Entertainment, Inc. (NYSE:WWE - News) today announced financial results for its second quarter ended June 30, 2007. Revenues totaled $137.5 million as compared to $119.3 million in the prior year quarter. Operating income was $9.7 million as compared to $21.4 million in the prior year quarter. Net income was $7.0 million, or $0.10 per share, as compared to $14.7 million, or $0.21 per share, in the prior year quarter. Earnings in the quarter were negatively impacted by a $15.7 million impairment charge related to our revised performance expectations of our feature film "The Condemned".
Excluding the impairment charge discussed above, operating income would have been $25.4 million as compared to $21.4 million in the prior year quarter, representing a 19% increase. Net income would have been $16.9 million, or $0.23 per share, in the current quarter as compared to $14.7 million, or $0.21 per share, in the prior year quarter.
"We achieved a broad-based 15% revenue increase, posting higher revenues across all key business lines in the current quarter. In addition to the top line growth, we achieved EBITDA of approximately $12.0 million, or $27.7 million excluding the film impairment. This $27.7 million represents an 18% increase over the prior year quarter," said Linda McMahon, Chief Executive Officer.
"Live and Televised revenues were driven by the success of WrestleMania® which set WWE® records for both the number of pay-per-view buys and gross ticket sales. Consumer Products revenues increased 29% over the prior year quarter, reflecting improvements in our home video, licensing and magazine publishing businesses. Digital Media revenues, which were up 30% over the prior year quarter, also benefited from new partnerships, particularly for wireless content," concluded Mrs. McMahon.
Results By Business Segment
The following chart reflects net revenues and profit contribution by segment for the three months ended June 30, 2007 and June 30, 2006. (Dollars in millions)
Three Months Ended June 30, June 30, Net Revenues 2007 2006 -------------------------------------------------- --------- --------- Live and Televised Entertainment $ 102.9 $ 92.6 Consumer Products 26.4 20.4 Digital Media 8.2 6.3 WWE Films - - Total $ 137.5 $ 119.3 Three Months Ended June 30, June 30, Profit Contribution 2007 2006 -------------------------------------------------- --------- --------- Live and Televised Entertainment $ 33.4 $ 33.0 Consumer Products 15.8 10.9 Digital Media 3.7 2.4 WWE Films (15.9) - --------- --------- Total profit contribution $ 37.0 $ 46.3 ========= ========= Profit contribution margin 27% 39% --------- ---------
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $102.9 million for the current quarter as compared to $92.6 million in the prior year quarter, representing an 11% increase.
Live Event revenues were $ 30.1 million as compared to $25.1 million in the prior year quarter, primarily due to an increase in the number of international events as well as an increase in attendance at our North American events.
-- There were 84 events, including 26 international events, during the current quarter as compared to 85 events, including 17 international events, in the prior year quarter. -- North American average attendance was approximately 6,900 in the current quarter as compared to 5,800 in the prior year quarter, an increase of 19%, which represents our tenth consecutive quarter in which average attendance has increased as compared to the prior year quarter. The average ticket price for North American events was approximately $46.00 in the current quarter as compared to $42.00 in the prior year quarter. Revenue related to our pay-per-view events increased by approximately $3.1 million, reflecting the success of our WrestleMania 23 event which was attended by more than 80,000 fans and generated $5.4 million in ticket sales.
Pay-Per-View revenues were $39.8 million as compared to $38.1 million in the prior year quarter. There were five pay-per-view events produced in each quarter.
The details for the number of buys (in 000s) are as follows:
Three Months Ended Three Months Ended Events (in chronological order) June 30, 2007 June 30, 2006 -------------------------------- ------------------ ------------------ WrestleMania(R) 1,188 958 Backlash(R) 194 213 Judgment Day(R) 242 238 One Night Stand(R) 186 294 Vengeance(R) 243 339 ------------------ ------------------ Prior events 51 185 ------------------ ------------------ Total 2,104 2,227
The North American retail price of our pay-per-view events, excluding WrestleMania, was increased to $39.95 from $34.95 beginning with the One Night Stand event in 2006. The North American retail price of WrestleMania was $49.95 in both the current and prior year. The buys reported for WrestleMania 23 represent the most buys ever generated by a WWE pay-per-view event.
Venue Merchandise revenues were $5.4 million as compared to $5.2 million in the prior year quarter, primarily reflecting the increase in North American attendance and an increase in per capita spending by our fans of approximately $1.00 to $12.75 in the current quarter.
Television Rights Fees revenues were $23.9 million as compared to $20.8 million in the prior year quarter. This increase is primarily due to the rights fees received from our ECW® telecasts in the current quarter, which began airing on the SCI FI Channel in June, 2006.
WWE 24/7(TM) revenues were $1.3 million as compared to $0.7 million in the prior year quarter. The increase in revenues reflects the growth in the number of subscribers for our video-on-demand program.
Consumer Products
Revenues from our Consumer Products businesses were $26.4 million versus $20.4 million in the prior year quarter, representing a 29% increase.
Home Video net revenues were $14.8 million as compared to $12.1 million in the prior year quarter. We shipped over 310,000 DVD units of WrestleMania 23, which represented our best selling title in the current quarter. In addition, we shipped a combined 215,000 DVD units for the two releases of The Ladder Match and Ric Flair and the Four Horsemen in the current quarter.
Licensing revenues were $7.7 million as compared to $5.2 million in the prior year quarter, primarily reflecting increases in toy and apparel related sales. Revenues related to toy sales and apparel increased by approximately $2.4 million as compared to the prior year quarter.
Magazine publishing net revenues were $3.7 million as compared to $ 3.0 million in the prior year quarter, representing a 23% increase. In the current quarter we published 3 issues as compared to 7 issues in the prior year quarter. In July 2006 we began publishing WWE Magazine, which replaced our two former magazines, Raw® and SmackDown®.
Digital Media
Revenues from our Digital Media related businesses were $8.2 million as compared to $6.3 million in the prior year, representing a 30% increase.
WWE.com revenues were $4.6 million as compared to $2.9 million in the prior year quarter, reflecting additional revenues from sales of advertising and our wireless content.
WWEShop revenues were $3.6 million as compared to $3.4 million in the prior year quarter, primarily due to a 3% increase in the number of orders processed during the current quarter. The average amount spent by our customers per order was approximately $51.00.
WWE Films
WWE does not participate in any revenues associated with our film projects until the print and advertising costs incurred by our distributors have been recouped and the results have been reported to us. Accordingly, no revenues have been recorded to date for the three feature films released to date. After the recording of our $15.7 million asset impairment for "The Condemned", we have approximately $39.3 million of capitalized film production costs on our balance sheet as of June 30, 2007.
Profit Contribution (Net revenues less cost of revenues)
Profit contribution was $37.0 million in the current quarter as compared to $46.3 million in the prior year quarter while the profit contribution margin was approximately 27% as compared to 39% in the prior year. Excluding the impact of the $15.7 million feature film asset impairment discussed above, the profit contribution margin would have been consistent with the prior year quarter. Improved margins from our live events, home video and digital media businesses were offset by increased pay-per-view and television production costs. These costs reflect the staging of WrestleMania 23 in a large stadium and producing four television shows from international locations as compared to two in the prior year.
Selling, general and administrative expenses
SG&A expenses were $25.0 million for the current quarter as compared to $23.0 million in the prior year quarter, primarily reflecting increased staff related costs.
EBITDA
EBITDA for the current quarter was approximately $12.0 million, or $27.7 million excluding the film impairment, as compared to $23.4 million in the prior year quarter.
Summary Results for the Six Months Ended
Total revenues through the six months ended June 30, 2007 were $244.9 million as compared to $214.4 million in the prior year period. Operating income for the current period was $30.3 million versus $35.7 million in the prior year period. Net income was $22.2 million, or $0.31 per share, as compared to $24.1 million, or $0.34 per share, in the prior year period. As discussed above, the current year results reflect the $15.7 million asset impairment for "The Condemned".
Excluding the impairment charge discussed above, operating income would have been $46.0 million as compared to $35.7 million in the prior year period, representing a 29% increase. Net income would have been $32.2 million, or $0.45 per share, in the current period as compared to $24.1 million, or $0.34 per share, in the prior year period.
The following chart reflects net revenues and profit contribution by segment for the six months ended June 30, 2007 and June 30, 2006. (Dollars in millions)
June 30, June 30, Net Revenues 2007 2006 ---------------------------------------------------- -------- -------- Live and Televised Entertainment $ 165.9 $ 153.9 Consumer Products 63.8 49.3 Digital Media 15.2 11.2 WWE Films - - -------- -------- Total $ 244.9 $ 214.4 ======== ========
June 30, June 30, Profit Contribution 2007 2006 ---------------------------------------------------- -------- -------- Live and Televised Entertainment $ 57.1 $ 56.8 Consumer Products 39.4 29.4 Digital Media 5.7 3.8 WWE Films (15.9) - -------- -------- Total profit contribution $ 86.3 $ 90.0 ======== ======== Profit contribution margin 35% 42% -------- --------
Live and Televised Entertainment
Revenues from our Live and Televised Entertainment businesses were $165.9 million for the current period as compared to $153.9 million in the prior year, an increase of 8%.
June 30, June 30, 2007 2006 -------- -------- Pay-Per-View $55.6 $55.2 Live Events $48.3 $42.1 Venue Merchandise $10.6 $ 9.6 Television Rights Fees $45.8 $41.5 Television Advertising $ 2.2 $ 3.7 WWE 24/7 $ 2.3 $ 1.0
Consumer Products
Revenues from our Consumer Products businesses were $63.8 million versus $49.3 million in the prior year, an increase of 29%.
June 30, June 30, 2007 2006 -------- -------- Home Video $ 28.2 $ 24.5 Licensing $ 28.3 $ 18.5 Magazine Publishing $ 6.6 $ 6.0
Digital Media
Revenues from our Digital Media related businesses were $15.2 million as compared to $11.2 million in the prior year, an increase of 36%.
June 30, June 30, 2007 2006 -------- -------- WWE.com $7.4 $5.1 WWE Shop $7.8 $6.1
Profit Contribution (Net revenues less cost of revenues)
Profit contribution was $86.3 million in the current period as compared to $90.0 million in the prior year period while the profit contribution margin was approximately 35% in the current year as compared to 42% in the prior year period. Excluding the impact of the $15.7 million feature film asset impairment discussed above, the profit contribution margin would have been consistent with the prior year period. Improved margins from our home video and digital media businesses were offset by increased pay-per-view and television production costs. These costs reflect the staging of WrestleMania 23 in a large stadium and producing four television shows from international locations as compared to two in the prior year.
Selling, general and administrative expenses
SG&A expenses were $51.4 million for the current period as compared to $50.0 million in the prior year period.
EBITDA
EBITDA was for the current period was approximately $34.9 million, or $50.6 excluding the film impairment, as compared to $40.1 million in the prior year period.
Cash Flows
Net cash provided by operating activities was $48.8 million for the six months ended June 30, 2007 as compared to $21.0 million in the prior year period.
Business Outlook
In lieu of providing specific financial guidance, we have expanded the depth of our business metrics, and made these available to investors on a monthly basis on our corporate website - corporate.wwe.com. Additionally, as a specific point of reference, the Company has targeted 2007 EBITDA growth of approximately 12% over the prior calendar year for the payout of management bonuses.
Note: World Wrestling Entertainment, Inc. will host a conference call on August 2, 2007 at 11:00 a.m. ET to discuss the Company's earnings results for the second quarter of 2007. All interested parties can access the conference call by dialing 800-795-1259 FREE (conference ID: WWE). Please reserve a line 15 minutes prior to the start time of the conference call. A presentation that will be referenced during the call can be found at the Company web site at corporate.wwe.com. A replay of the call will be available approximately three hours after the conference call concludes, and can be accessed at corporate.wwe.com.
World Wrestling Entertainment, Inc. (NYSE: WWE - News) is an integrated media and entertainment company headquartered in Stamford, Conn. Additional information on the Company can be found at wwe.com and corporate.wwe.com.
Trademarks: All World Wrestling Entertainment, Inc. programming, talent names, images, likenesses, slogans, wrestling moves, and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. ECW is a trademark of WWE Libraries, Inc. All other trademarks, logos and copyrights are the property of their respective owners.
Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, feature films, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to maintaining and renewing key agreements, including television distribution agreements; 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.
World Wrestling Entertainment, Inc. Consolidated Income Statements (in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2007 2006 2007 2006 ------------------------------------------- Net revenues $ 137,511 $ 119,339 $ 244,902 $ 214,417 Cost of revenues 100,524 72,955 158,621 124,375 Selling, general and administrative expenses 25,008 22,979 51,369 49,973 Depreciation and amortization 2,252 2,038 4,604 4,412 ---------- ---------- ---------- ---------- Operating income 9,727 21,367 30,308 35,657 Investment income, net 1,681 1,806 3,979 3,804 Interest expense 126 138 234 280 Other (expense) income, net (60) 13 346 997 ---------- ---------- ---------- ---------- Income before income taxes 11,222 23,048 34,399 40,178 Provision for income taxes 4,176 8,381 12,215 16,057 ---------- ---------- ---------- ---------- Net income $ 7,046 $ 14,667 $ 22,184 $ 24,121 ========== ========== ========== ========== Earnings per share - basic and diluted: Net income $ 0.10 $ 0.21 $ 0.31 $ 0.34 Shares used in per share calculations: Basic 71,307 71,176 71,041 69,952 ========== ========== ========== ========== Diluted 72,145 71,397 71,411 70,409 ========== ========== ========== ==========
World Wrestling Entertainment, Inc. Consolidated Balance Sheets (dollars in thousands) (Unaudited) As of As of June 30, December 31, 2007 2006 ------------ ------------ ASSETS CURRENT ASSETS: Cash and equivalents $ 82,367 $ 86,267 Short-term investments 183,789 161,889 Accounts receivable, net 54,608 52,113 Inventory, net 3,309 3,049 Prepaid expenses and other current assets 19,856 13,803 ------------ ------------ Total current assets 343,929 317,121 PROPERTY AND EQUIPMENT, NET 66,678 67,972 FEATURE FILM PRODUCTION ASSETS 39,273 53,560 INTANGIBLE ASSETS, NET 2,761 3,328 OTHER ASSETS 13,557 11,304 ------------ ------------ TOTAL ASSETS $ 466,198 $ 453,285 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 894 $ 862 Accounts payable 14,890 14,909 Accrued expenses and other liabilities 31,272 25,837 Deferred income 18,660 20,166 ------------ ------------ Total current liabilities 65,716 61,774 LONG-TERM DEBT 5,345 5,800 NON-CURRENT TAX LIABILITY 11,130 - STOCKHOLDERS' EQUITY: Class A common stock 236 231 Class B common stock 479 479 Additional paid-in capital 298,441 286,985 Accumulated other comprehensive income 1,551 666 Retained earnings 83,300 97,350 ------------ ------------ Total stockholders' equity 384,007 385,711 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 466,198 $ 453,285 ============ ============
World Wrestling Entertainment, Inc. Consolidated Statements of Cash Flows (dollars in thousands) (Unaudited) Six Months Ended June 30, June 30, 2007 2006 --------- --------- OPERATING ACTIVITIES: Net income $ 22,184 $ 24,121 Adjustments to reconcile net income to net cash provided by operating activities: Write-off of feature film production assets 15,919 - Revaluation of warrants (117) (714) Depreciation and amortization 4,604 4,412 Realized loss on sale of investments 730 1,029 Amortization of investment income (247) (776) Stock compensation costs 4,218 2,795 Provision for doubtful accounts (573) 101 Provision for inventory obsolescence 1,090 1,119 Benefit for deferred income taxes (1,636) (1,754) Excess tax benefit from stock-based payment arrangements (795) (1,475) Changes in assets and liabilities: Accounts receivable (1,923) 75 Inventory (1,350) (1,658) Prepaid expenses and other assets 3,508 3,156 Feature film production assets (1,631) (10,737) Accounts payable (18) (1,654) Accrued expenses and other liabilities 6,070 4,298 Deferred income (1,259) (1,299) --------- --------- Net cash provided by operating activities 48,774 21,039 --------- --------- INVESTING ACTIVITIES: Purchase of property and equipment (2,578) (4,629) Purchase of other assets (166) (2,264) Purchase of short-term investments (79,695) (20,154) Proceeds from sales or maturities of short-term investments 57,275 101,615 --------- --------- Net cash (used in) provided by investing activities (25,164) 74,568 --------- --------- FINANCING ACTIVITIES: Repayments of long-term debt (422) (391) Dividends paid (34,214) (33,583) Issuance of stock, net 438 305 Proceeds from exercise of stock options 5,893 12,753 Excess tax benefit from stock-based compensation arrangements 795 1,475 --------- --------- Net cash used in financing activities (27,510) (19,441) --------- --------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3,900) 76,166 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 86,267 101,314 --------- --------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 82,367 $ 177,480 ========= =========
World Wrestling Entertainment, Inc. Supplemental Information - EBITDA (dollars in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2007 2006 2007 2006 --------------------------------------- Net income reported on U.S. GAAP basis $ 7,046 $ 14,667 $ 22,184 $ 24,121 Provision for income taxes 4,176 8,381 12,215 16,057 Interest and other, net 1,495 1,681 4,091 4,521 Depreciation and amortization 2,252 2,038 4,604 4,412 EBITDA $ 11,979 $ 23,405 $ 34,912 $ 40,069 --------- --------- --------- ---------
Non-GAAP Measure:
EBITDA is defined as net income before interest and other income, income taxes, depreciation and amortization. Although it is not a recognized measure of performance under U.S. GAAP, EBITDA is presented because it is a widely accepted financial indicator of a company's performance. The Company uses EBITDA to measure its own performance and to set goals for operating managers. EBITDA should not be considered as an alternative to net income, cash flows from operations or any other indicator of World Wrestling Entertainment Inc.'s performance or liquidity, determined in accordance with U.S. GAAP.
World Wrestling Entertainment, Inc. Supplemental Information- Free Cash Flow (dollars in thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2007 2006 2007 2006 --------- --------- --------- --------- Net cash provided by operating activities $ 24,077 $ 3,286 $ 48,774 $ 21,039 Less cash used in capital expenditures: Purchase of property and equipment (1,090) (2,822) (2,578) (4,629) Purchase of other assets (104) (1,389) (166) (2,264) --------- --------- --------- --------- Free Cash Flow $ 22,883 ($925) $ 46,030 $ 14,146 ========= ========= ========= =========
Non-GAAP Measure:
We define Free Cash Flow as net cash provided by continuing operations 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.
2008 - WWE broadcast Saturday Night's Main Event on NBC. Sean Ryan filed the following TV report:
We are live from Washington D.C. with your announcers, Jim Ross and Jerry “The King” Lawler, who are joined by World Heavyweight Champion CM Punk.
JBL makes his way to the ring to start off Saturday Night’s Main Event with the big 4 on 4 tag match. JBL is followed by Cryme Tyme. They are followed by the World Tag Team Champions, Cody Rhodes and Ted Dibiase. Next up is John Cena. I’m not sure why they are running this out of order. Cena is followed by Kane, who is still carrying his mystery bag of fun. And finally to the big home town pop, is Batista.
Match Number One: Batista, John Cena, and Cryme Tyme vs. JBL, Kane, and the World Tag Team Champions Cody Rhodes and Ted Dibiase
Batista and Kane start off the match. They exchange strikes and Batista gets the better of Kane. Batista sends Kane into the ropes, but Kane responds with a big boot. Kane takes Batista into the corner and begins pounding on him. Batista reverses the Irish Whip into the corner and takes the advantage back. Batista with a snapmare and kick to a seated Kane for a near fall. Kane with an uppercut and a tag to Cody Rhodes. Cody takes advantage until he is powered into the corner for a tag to JTG. JTG works Cody over, until tagging in Shad for a double team. Shad with a big military press on Cody for another near fall. Shad continues to show his strength by catching a Cody Rhodes running body press and tossing him into the corner. JBL hits Shad from behind, allowing Cody to tag in Kane, who takes Shad down with a big clothesline. We go to commercial.
We are back as JBL is working over Shad. JBL throws Shad out of the ring and Kane begins to put a beating on him behind the refs back. JBL brings Shad in and gets a two count. Ted Dibiase is tagged in for the first time. A suplex and fistdrop on Shad while the ref holds Batista back as Dibiase taunts. Dibiase with a clothesline for a two count, followed by a camel clutch. Shad is able to get to a vertical base but is unable to escape a headlock. Dibiase takes Shad into the corner and distracts the ref while Kane chokes Shad. Cody is tagged back in. Cody with some punches, and brings Shad into the corner to work him over some more. Shad with a big boot, but Cody with a dropkick before Shad can capitalize. JBL is tagged back in and drops repeated elbows on Shad for a two count. JBL with a European Uppercut to the back of Shad. Kane comes over to continue the onslaught on Shad. A dropkick to the seated Shad from Kane. Kane with a body scissors and tags Dibiase back in. Dibiase goes for a suplex but Shad turns it in to one of his own. Shad is finally able to make the hot tag to Cena as Dibiase tags in JBL.
Two shoulder blocks from Cena, followed up by a spinning power bomb, into of course, the 5 Knuckle Shuffle. Cena lifts JBL for an F-U, but Kane comes in with a big boot. Batista has had enough and comes in to spear Kane, clothesline Cody, spinebuster Dibiase, and clothesline himself and Kane out of the ring. Cena tags JTG and assists him in giving a frog splash Dibiase, but Dibiase is not the legal man. JTG realizes this in time to turn around and take a Clothesline From Hell from JBL for the 3 count.
Winners: JBL, Kane, and the World Tag Team Champions Cody Rhodes and Ted Dibiase.
JBL and CM Punk engage in a stare down as Cena and Shad check on JTG.
We go backstage and see The Great Khali making his way to the ring, accompanied by Runjin Singh.
We cut to Jeff Foxworthy talking about the fight against autism. We go to commercial
We are back from commercial with Carmen Electra speaking out against autism as well. They emphasize checking out WWE.com for more information and to make donations.
The Great Khali is making his way to the ring as a video package is shown putting over his dominance and destruction. Jimmy Wang Yang is already in the ring, which is never a good sign.
Match Number Two: The Great Khali w/ Ranjin Singh vs. Jimmy Wang Yang
Yang with some kicks and punches, but they are ineffective as Khali catches the running Yang with a clothesline. Khali hits Yang with a big scoop slam. Khali throws Yang into the corner, Yang hits a dropkick, but is swatted out of mid-air after jumping at Khali from the second rope. Khali with the Khali-Bomb (two handed choke slam) for the win. At least it wasn’t the vice grip.
Winner: The Great Khali w/ Ranjin Singh
Khali poses and makes his way to the back as The King and J.R. put over Khali as a challenger for Triple H at Summerslam.
We cut to Ben Stiller giving his thoughts and support against autism. Jenny McCarthy is advertised as being up next. We go to commercial.
We are back from commercial with a preview for this week’s Raw featuring John Cena and Batista challenging the World Tag Team Champions Cody Rhodes and Ted Dibiase for the titles.
Jenny McCarthy is standing atop the entrance way, putting over Generation Rescue. She makes a couple bad wrestling puns, but it is a very worthy cause worth donating to and learning about. Again, they stress to check out WWE.com for more information. Credit to WWE for taking part in this.
We cut straight to a video package on the ongoing saga of Edge and Vickie. Jeff Hardy vs. Edge is advertised as being next. We go to commercial.
We are back from commercial. They put over Summerslam in two weeks, previewing all of the matches that have been announced thus far.
Edge makes his way to the ring as they show parts of the fantastic Mick Foley promo from Smackdown and the beat down Edge laid on Foley afterwards. Jeff Hardy makes his way to the ring as J.R. puts over Jeff Hardy’s extreme nature and the history between Hardy and Edge.
Match Number Three: Edge vs. Jeff Hardy
They start with a collar-elbow tie-up as Edge takes Hardy into the corner. Edge tries to punch Hardy as the ref breaks them up, but Hardy ducks and catches Edge with an arm drag. They each attempt to work over the other one’s arm, but Hardy gets the better of Edge and catches him with another arm drag. Edge Irish whips Hardy but Hardy rolls out of the ring. Edge follows, but Hardy rolls in and catches Edge with a dropkick through the ropes. Hardy with a body press over the top rope. Hardy throws Edge into the barricade and attempts a flipping springboard off the steps, but Edge moves and Hardy takes a sick bump. We go to commercial.
We are back and Edge is now working over the legs of Jeff Hardy. Hardy with some punches, but Edge dodges a mule kick to retain the advantage. Edge rolls outside the ring and drags Hardy towards the ring post, and slams Hardy’s leg against it. Hardy is selling the leg big, but hits a clothesline and both men are down. They exchange some punches but Hardy gets the better of it and sets Edge up in the tree of woe. Hardy goes for a dropkick but Edge sits up and avoids it. Hardy rolls out of the ring though and punches Edge back down before hitting a dropkick. Hardy is too hurt to take advantage right away and only gets a two count. Hardy calls for the Twist of Fate, but Edge reverses it into an impaler DDT for a long two count. Edge sets up for the spear, but Hardy dodges it and hits a Whisper in the Wind for a two count. Hardy with a sit out front suplex. Hardy goes up top for the Swanton Bomb, but Edge rolls away. Edge goes for a spear, but Hardy leap frogs out of the way and Edge flies right out of the ring. Hardy is down as he landed on his bad leg, and while the ref is checking on Edge, MVP runs out of the crowd and boots Jeff Hardy in the head. Edge rolls back in to the ring and hits a spear for the 3 count.
Winner: Edge
Replays are shown of MVP’s interference as J.R. and the King put over the Hell in a Cell match between Edge and Undertaker at Summerslam.
