Stamford-based World Wrestling Entertainment Inc. reported today a drop in fourth-quarter net income and revenues.
WWE earned $13.6 million, or 18 cents a share, in the three months ended Dec. 31. The live wrestling promoter, publisher and merchandiser earned $21.5 million, or 30 cents a share, in the 2007 fourth quarter.
Revenues in the latest quarter totaled $125.4 million, down from $132.6 million a year earlier.
For all 2008, WWE earned $45.4 million, or 62 cents a share, down from $52.1 million, or 73 cents a share, in 2007.
Revenues rose to $526.5 million in 2008 from $485.7 million in 2007.
Chief Executive Linda McMahon said WWE is committed to trimming $20 million from annual expenses. The company will delay, she said, plans to upgrade and expand its media center. In January, the company announced a 10 percent staff reduction.
“By exercising fiscal prudence,” McMahon said, “we believe we can improve the company’s earnings and cash flow as well as strengthen our financial position in anticipation of the ultimate economic recovery.”
At 11 a.m., WWE traded at $9.33, down 40 cents, or 4.1 percent.
