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Friday, Mar 29, 2024

Hallmark Owner Cuts Losses

Studio City-based cable network distributor, Crown Media Holdings, Inc., cut its losses in the fourth quarter ending Dec. 31, reporting a net loss of $59.8 million, or $0.57 per share on sales of $60.5 million. For the comparable period in 2004, Crown Media, which operates the Hallmark Channel, reported a net loss of $129 million, or $1.23 per share on sales of $43.6 million. For the full year of 2005, Crown Media’s lost $232.8 million or $2.22 per share versus $316.8 million or $3.03 per share for the 2004 year. Full year sales totaled $197 million in the current period, up from $138.2 million a year ago. Crown Media attributed its results to an increase in programming expenses and the cost of acquiring new subscribers and other costs. For the fourth quarter 2005, cost of services rose 29 percent to $76.9 million from $59.8 million in 2004. For the full year those costs rose 44 percent to $255.3 million from $177.8 million in 2004. The company said its revenue increases for the quarter and the year were due to increases in advertising revenues, the number of subscribers and additional income from sublicensing “Little House on the Prairie.”

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