Crown Posts Income Loss for Q1

Crown Media Holdings narrowed its income loss for the first quarter, according to financial reporting documents released Thursday. The Studio City-based owner and operator of the Hallmark Channel reported a loss of $40.2 million, or a loss of $0.38 per share, on revenues of $53.6 million for the quarter ending March 31. That is a decrease from the loss of $47.2 million, or a loss of $0.45 per share, on revenues of $45 million for the same reporting period in 2006. During the first quarter, Crown saw an increase in Hallmark Channel subscribers to 76.2 million compared to 71.9 million for the first quarter of 2006. Crown also renewed distribution agreements with EchoStar and Mediacom, two of its major distributors during the quarter.