Crown Media Sees Stong Profit GrowthWednesday, July 31, 2013
Net income rose by 22 percent in the second quarter at Crown Media Holdings Inc., owner of The Hallmark Channel and Hallmark Movie Channel.
The Studio City cable network reported net income of $16.5 million (5 cents a share) for the quarter ended June 30, compared with $13.5 million (4 cents) in the same period a year earlier. Revenue rose 3 percent to $89.5 million.
During the quarter, Crown Media aired its first original primetime series, “Debbie Macomber’s Cedar Cove,” which brought in over 3.8 million viewers and earned the pilot the No. 3-rated drama premiere on cable among households this summer to-date.
The ratings of “Cedar Cove” demonstrate an appetite for wholesome episodic programming on the network, said Crown Media President and Chief Executive Bill Abbott.
“The success we have seen over the first two quarters sets us up nicely to build momentum in third quarter, through the rest of 2013, and well into the future,” Abbott said in a prepared statement.
Shares closed up 18 cents, or 6.45 percent, to $2.97 on the Nasdaq.