Higher advertising revenue contributed to Crown Media Holdings Inc. reporting strong third-quarter earnings on Friday.
The Studio City cable operator of Hallmark Channel and Hallmark Movies & Mysteries Channel reported net income of $14.9 million (4 cents a share) for the quarter ended Sept. 30, compared to $10 million (3 cents) in the same period a year earlier. Revenue increased 11 percent to $93.3 million.
Advertising revenue for the quarter was $71.4 million, an increase of 11 percent over the prior year. The rise was attributed to strength of pricing across both channels and ratings increases for certain key demographics.
During the quarter, Hallmark Movie Channel was rebranded as Hallmark Movies & Mystery Channel and delivered the second-highest week of primetime ratings in the network’s history.
“From appeasing viewers’ appetites for episodic programming with the second season of ‘Cedar Cove’ to the successful rebrand of Hallmark Movies & Mysteries and our upcoming holiday programming, these positive business strategies well position us for another record year,” said Chief Executive Bill Abbott, in a prepared statement.
Shares closed up 5 cents, or about 1.5 percent, to $3.40 on the Nasdaq exchange.