Crown Media Doubles ProfitMonday, February 25, 2013
Crown Media Holdings Inc. more than doubled its profits in the fourth quarter, boosted by holiday viewing of the Hallmark Channel.
The Studio City company reported net income of $70.1 million (19 cents a share), compared with $29.9 million (8 cents) in the same period a year earlier. Revenue rose 3 percent to $102.3 million.
The company is the parent of Hallmark Channel and Hallmark Movie Channel. The channel’s holiday slate was No. 1 in total cable viewers during weekend primetime from Nov. 10 to Dec. 30, according to Nielsen, the company said in a statement.
“Fourth quarter culminated in another highly successful run of Hallmark Channel’s ‘Countdown to Christmas’ campaign, which garnered record ratings and positively impacted advertising sales revenue,” said Chief Executive Bill Abbott in a statement.
Shares fell 14 cents, or 7 percent, to close at $1.91 on the Nasdaq.