Crown Media Holdings showed improved earnings in the third quarter when compared with the same period a year ago.
The Studio City-based owner of the Hallmark Channel and Hallmark Movie Channel also showed improvement in its advertising revenue for the quarter.
For the quarter ending Sept. 30, Crown Media reported net income of $163.2 million, or $0.45 per diluted share, on revenues of $74 million. For the same period in 2010, the company reported a net loss of $942,000 on revenues of $62.5 million.
A higher cost-per-thousand rate contributed to the cable network bringing in $56 million in advertising revenues during the quarter. That is a 15 percent increase from the $48.5 million in advertising revenue from the third quarter of 2010.
“Crown Media experienced a strong and successful third quarter,” CEO Bill Abbott said in a prepared statement. “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.”
Mark R. Madler