Net Loss Continues for Crown Media

Crown Media Holdings Inc. narrowed its net loss in the second quarter while at the same time boosting subscribers. The Studio City-based-owner owner and operator of the Hallmark Channel reported a net loss of $43.7 million, or a loss of $0.42 per diluted share, on revenues of $55.9 million for the quarter ending June 30. That is an 80 percent decrease from the net loss of $227.4 million, or a loss of $2.17 per diluted share, on revenues of $50.5 million for the same period in 2006. Crown Media reported a loss of $40.2 million, or a loss of $0.38 per share, on revenues of $53.6 million for the first quarter ending March 31. The company boosted its subscriber base to 82.6 million. That is a 13 percent increase over the 73.3 million subscribers for the second quarter of 2006. “The appeal of and demand for our original programming and family friendly series continues to place us among the top-rated cable channels,” said Crown Media President and CEO Henry Schleiff. “Advertisers in growing numbers are rewarding us for the unique niche that Hallmark Channel ahs with our increasingly important demographic of women, 25 to 54.” Paramount Pictures, Wal-Mart and Pizza Hut are among the channel’s 19 new advertising clients.