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Submitted by William Martinez on Monday, July 30, 2001 at 8:07 PM EST
- Respects for the late Dennis Coralluzzo may be paid this Friday from 6 - 9 PM at the McGuiness Funeral Home in Woodbury, New Jersey. The home is located at 34 Hunter Street. Flowers may be sent to the address as well. - The Rock's return on tonight's WWF Raw is War was Access Hollywood's top television event for tonight. World Wrestling Federation Entertainment, Inc. Announces Quarterly Guidance for Fiscal 2002 STAMFORD, Conn.--(BUSINESS WIRE)--July 30, 2001--World Wrestling Federation Entertainment, Inc. (NYSE:WWF - news) today announced quarterly guidance for fiscal 2002 in line with the annual guidance provided in its fiscal 2001 press release dated June 28, 2001. The Company has issued this guidance to assist the financial community in the preparation of quarterly estimates and comparisons to the prior year. This guidance reflects the timing of the monetization of new story lines, new talent, and other creative elements in conjunction with the Company's initiative to create additional brands in its genre of entertainment. The Company's total annual revenue and total profit projections remain unchanged. As previously stated, the Company expects its revenues to grow 8%-10% annually with approximately 17% of the revenues in the first quarter, 25% in the second and third quarters and 33% in the fourth quarter. The Live and Televised businesses are expected to account for 75% of total revenues and the Branded Merchandise businesses are expected to account for 25% of total revenues. The profit contribution margins for Live and Televised and Branded Merchandise are projected to be approximately 40% with the margins for the first quarter expected to be 35%-37%, and the margins for the second and third quarters expected to be 38%-40%, and 42%-44% in the fourth quarter. SG&A is projected to be approximately 21% of sales for the year, 28%-30% of sales in the first quarter, 20%-22% of sales in the second quarter and third quarters, and 16%-18% in the fourth quarter. The annual EBITDA margin is expected to be approximately 20% which is consistent with fiscal 2001. The EBITDA margin is forecast to be 8%-10% in the first quarter, 18%-20% in the second and third quarters, and 23%-25% in fourth quarter Depreciation and amortization is projected to be $11 million for the year with $2.5 million in both the first and second quarters and $3.0 million in both the third and fourth quarters. During the first quarter of fiscal 2002, the Company exercised and sold its warrant position in one of its licensees and realized a gain of $10.9 million of which $9.3 million will be reflected in the first quarter and the remaining $1.6 million will be amortized over the life of the related license agreement. While the Company has made adjustments to the timing of its revenue recognition consistent with the introduction of story lines and characters, it has not at this time made any adjustment to its television advertising revenues in the face of an extremely soft and prolonged up front advertising market. The Company's revenues could be adversely affected commencing with the new TV year. The Company is exploring with its TV partners opportunities to improve its competitive position. Since January of this year, the Company has been operating under an extension of its contract with DIRECTV which will expire as of the end of August 2001. At present, the two parties have not agreed to the terms of any future agreement and as such there may be some risk to the estimates for total pay-per-view buys and revenues included in the guidance discussed above. The Company will consider other alternatives in the event that there is a termination of the current extension. As part of its ongoing business operations, the Company has provided this guidance for fiscal year 2002 which is subject to various risks and uncertainties. Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include the conditions of the markets for live events, broadcast television, cable television, pay-per-view, Internet, food and beverage, entertainment, professional sports, and licensed merchandise; acceptance of the Company's brands, media and merchandise within those markets; uncertainties relating to litigation and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated. Credit: Yahoo! News Midnight Express sent in the following: www.silvervision.co.uk - the official WWF Video and DVD guys in the UK are having a massive Summer Sale with 10 recent videos discounted to £4.99!!! The videos are: WF256 INSURREXTION 2000 WF262 REBELLION 2000 WF234 HHH & CHYNA - IT'S OUR TIME WF254 MICK FOLEY - MADMAN UNMASKED WF260 KURT ANGLE - IT'S TRUE, IT'S TRUE WF261 CHYNA - FITNESS WF246 FULLY LOADED 2000 WF252 THE ROCK - The People's Champ WF244 JUDGEMENT DAY 2000 WF249 NO MERCY 2000 UW.com - Check out my 'No Barriers' column!
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