Hallmark-owned Crown Media Holdings reports a smaller profit
02/21/2014 11:28 AM
02/21/2014 4:57 PM
Crown Media Holdings Inc. on Friday reported a 16 percent increase in fourth-quarter revenue but a smaller profit.
The company, primarily owned by Kansas City-based Hallmark Cards Inc., said its quarterly revenue climbed to $118.4 million, thanks partly to a 17 percent increase in advertising revenue.
However, the quarterly profit fell to $26.7 million from $70.1 million in the fourth quarter of 2012.
For the year, the company, based in Studio City, Calif., said revenue was up 8 percent to $377.8 million. The 2013 profit of $67.7 million was down from $107.4 million in 2012.
Crown Media, through Crown Media Family Networks, operates the Hallmark Channel and the Hallmark Movie Channel.
Bill Abbott, president and chief executive of Crown Media Family Networks, said its programming experienced “strong ratings growth and operating results” throughout 2013. He also said Crown Media is “well positioned at the outset of 2014 to build on the momentum we saw last year and further drive our bottom line.”
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