World Wrestling Entertainment Reports 1Q14 Results

on Thursday reported first quarter 2014 results. For the first quarter ending March 31, 2014, World Wrestling Entertainment reported EPS of $(0.11) versus the estimated $(0.16). Earnings per share were down 375 percent from the same quarter last year. The press release states, "The decline in Net income was driven by the Company's launch of an over-the-top (OTT) digital network and lower results from its video game licensing business, due primarily to the transition to a new licensee. These factors were partially offset by improved results from the Company's filmed entertainment business." The company reported revenue grew one percent year-over-year to $125.60 million versus the estimated $123.43 million in sales. North America revenues increased four percent. Management recognized a net positive impact to revenues of approximately $2 million and $3.4 million in Operating income related to the transition to a new video game licensee,

. During the first quarter, World Wrestling Entertainment launched

and continued to work with the convergence of the media landscape. The company now has 10 reportable segments in operations including "Network (which includes our pay-per-view business), Television, Home Entertainment and Digital Media, individual segments that comprise the Media Division; Live Events; Licensing, Venue Merchandise, WWEShop, individual segments that comprise the Consumer Products Division; WWE Studios and Corporate and Other." The company expects second quarter net loss of $15 to $18 million. Shares of World Wrestling Entertainment closed at $20.38 on Wednesday and are currently up 0.785 percent at $20.54.