Income Drops in Q4 for Crown Media

Net income dropped by 71 percent at Crown Media Holdings in the fourth quarter when compared with the previous year. The Studio City-based owner and operator of the Hallmark Channel and the Hallmark Movie Channel had net income of $373,000, or $0.00 per diluted share, on revenues of $77.6 million for the quarter ending Dec. 31. For the same period in 2008, Crown reported net income of $1.3 million, or $0.01 per diluted share, on revenues of $75.2 million. For the 2009 fiscal year, the company had a net loss of $22.6 million, or $0.22 per diluted share, on revenues of $279.6 million. For the previous fiscal year, the company reported a net loss of $37.2 million, or $0.36 per diluted share, on revenues of $281.8 million. During the year, Crown broadened its programming on the two channels with specials and the announcement of adding a block of time of lifestyle programming anchored by The Martha Stewart Show, said company President and CEO Bill Abbott. “This growing distinction between our two channels, and the tremendous expansion in distribution for Hallmark Movie Channel, will enable both channels to deliver strong results in 2010 and achieve their full revenue potential in the long-term,” Abbott said. Mark R. Madler