Crown Media Holdings, Inc. (NASDAQ:CRWN) today reported its operating results for the three and six months ended June 30, 2011.
- Positive financial results. Advertising revenues and subscriber license fees for the quarter combined to generate an increase of 16% for the second quarter as compared to the prior year. These gains along with prudent cost control contributed to an 18% increase in Adjusted EBITDA for the quarter as compared to 2010.
- Continued success for Hallmark Movie Channel. Hallmark Movie Channel recorded dramatic improvements in ratings for the year-to-date. According to Nielsen, for the first six months of 2011, delivery of nearly every key demographic and total households more than doubled for both Total Day and Prime Time. With subscribers currently at more than 42 million, Hallmark Movie Channel has been able to harness this momentum to generate significant growth in advertising revenue.
- Solid results for Original Movie premieres. Hallmark Channel aired five Original Movie premieres in the second quarter which were well received and ranked among the top programs for viewer engagement, a key measure for advertiser appeal. Hallmark Channel and Hallmark Movie Channel expect to air a combined total of 30 original movies in 2011, making this one of the most robust schedules in the network’s history, including a program featuring the new royal couple, William and Catherine: A Royal Romance.
“We were successful in delivering a solid quarter of financial results, based on a strong advertising market, growth in our subscribers, and our continuing ability to maintain a cost-effective operating structure in order to maximize our bottom line” noted Bill Abbott, President and CEO of Crown Media, “This profile enabled us to access the institutional markets to refinance our existing debt, significantly lowering our borrowing costs and ensuring long-term stability.
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