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Crown Media Holdings Announces Operating Results For Third Quarter Of 2011

Stocks in this article: CRWN

The paragraph containing the Conference Call and Webcast information contained incorrect information. The paragraph has been updated with the correct information below.

The corrected release reads:

CROWN MEDIA HOLDINGS ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER OF 2011

Crown Media Holdings, Inc. (NASDAQ:CRWN) today reported its operating results for the three and nine months ended September 30, 2011.

Operating Highlights

  • Strong advertising sales. Advertising revenue increased by 13% over the nine month period ended September 30, 2010 comprised of an 87% increase in Hallmark Movie Channel revenue and a 7% increase in Hallmark Channel revenue.
  • Movie premiere success. Hallmark Channel aired five original movie premieres in the third quarter of 2011 – all of which, according to Nielsen, ranked in the Top 10 for the time period in which they aired for key demographic and total households delivery.
  • Significant growth for Hallmark Movie Channel. Hallmark Movie Channel remains one of cable’s fastest growing networks – ranking among the top five ad-supported cable networks for highest year-to-year audience growth this summer in both Prime Time and Total Day according to Nielsen. From September 2010 to September 2011, Hallmark Movie Channel averaged a monthly increase of 373,000 subscriber homes. In the Beta 2011 “Digital Cable Subscriber Study”, the network ranked #2 in awareness against all 42 digital basic cable networks that were evaluated. It also ranked as #3 in average viewer satisfaction among women and #3 among women who mentioned it in their five favorite digital basic cable networks.
  • Improved daytime block ratings. The Hallmark Channel daytime block, which includes brand new series Emeril’s Table featuring master chef Emeril Lagasse and all new episodes of The Martha Stewart Show, Martha Bakes, and Mad Hungry with Lucinda Scala Quinn, premiered on September 26th. Compared to last year, according to Nielsen, the daytime block has increased total household delivery by 15% and the key demographic of Women aged 25-54 by 25%.
  • Successful refinancing. On July 14, 2011, Crown Media obtained $510.0 million of third-party debt financing and used the proceeds to retire $305.7 million of term loans and $185.0 million of preferred stock, all of which was held by a related party. The retirements resulted in a $103.0 million increase in the Company’s paid-in capital.

“Crown Media experienced a strong and successful third quarter. We are pleased to report strong scatter increases, improved ratings for the new season of our daytime programming block, robust growth of the Hallmark Movie Channel and continued success for our original movies,” said Bill Abbott, President and CEO of Crown Media. “We have experienced solid growth for our overall advertising sales revenues and are optimistic that the trend will continue.”

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