Crown Media Holdings, Inc. (NASDAQ:CRWN) today reported its operating results for the three months ended March 31, 2011.
- Continued success for Hallmark Movie Channel. Hallmark Movie Channel passed a significant milestone in the first quarter, reaching over 40 million subscribers. According to Nielsen, since its launch in April 2010, Hallmark Movie Channel ranks number one at the end of the first quarter among all ad-supported cable networks in growth among women 25-54 delivery and household ratings during both Prime Time and Total Day.
- Development of Hallmark Channel Home programming block. Beginning in January, the company added Petkeeping with Marc Morrone and Martha Bakes to its lifestyle programming. These new additions combined with a strong holiday season helped to support an improvement in ratings for the first quarter as compared to a 9-week pre-holiday period according to Nielsen.
- Positive financial results. Both advertising revenues and subscriber license fees showed gains in the quarter, resulting in an 8% increase in total revenues as compared to the prior year period. Net income increased to $47.5 million or $0.13 per share for common shareholders, versus a loss of $2.3 million or ($0.02) per share in the first quarter of 2010.
“The first quarter of the year has gotten off to a solid start,” noted Bill Abbott, President and CEO of Crown Media, “with strong additions to our programming slate including popular classic series and exciting originals for our Hallmark Channel daytime lifestyle programming block, an attractive scatter market fueling advertising gains, and explosive growth for Hallmark Movie Channel in terms of subscribers and ratings.
“In the year ahead we will fully develop our channels for their maximum value with our most robust offering of original movie premieres and several new lifestyle shows. We look forward to leveraging these offerings and the excitement surrounding Hallmark Movie Channel as we approach the upfront season and continued expansion in distribution in both networks.”