Crown Media Holdings Inc.’s profit soared 60 percent in the fourth quarter as the cable TV company benefited from greater interest in its family-friendly programming during the holidays.
The Studio City operator of the Hallmark Channel and Hallmark Movie Channel on Friday reported net income of $29.9 million (8 cents a share), compared with $18.7 million (5 cents) in the same period a year earlier.
Revenue rose 10 percent to $99.6 million with a 19 percent jump in advertising revenue to $81.7 million. Subscriber revenue was down 19 percent to $17.8 million, largely due to an accounting credit in the year-earlier quarter.
Ad sales grew 14 percent for the company’s flagship Hallmark Channel and were up 76 percent at the younger Hallmark Movie Channel. Programming expenses rose 9 percent as the company increased its original programming.
“Our fourth quarter and holiday season continues to be a source of strength and interest to advertisers for Hallmark Channel and Hallmark Movie Channel,” said Chief Executive Bill Abbott in a statement. “Advertising sales revenue from our highly sought after seasonal programming directly contributed to our (earnings before interest, taxes, depreciation and amortization) growth.”
Shares were up 1 cent, or less than a percent, to $1.27 in midday trading on the Nasdaq.
