WWE reports increased revenue, decreased profit earnings

<p>World Wrestling Entertainment Inc. reported a nearly 48 percent drop in profits in the second quarter, citing lowered expectations for its upcoming movie, "The Condemned."</p><p>WWE reported net income of $7 million, down from $14.7 million in the same period in 2006. Share price dropped from 21 cents last year to 10 cents in the three-month period ending June 30.</p><p>Analysts polled by Thomson Financial expected per-share profits to be 8 cents.</p><p>WWE shares were trading at $15.43 Thursday, up 91 cents, or 6.2 percent. The stock opened Thursday morning at its 52-week low of $14.52 after being as high as $18.60 in the previous year. It fell sharply after the June murder-suicide of popular wrestler Chris Benoit and his family in their Fayetteville, Ga., home.</p><p>Revenue increased to $137.5 million from $119.3 million in the same period last year.</p><p>The company, which consistently has one of the top-rated shows on cable television, expanded into movie production last year with "The Marine," featuring WWE star John Cena, and "See No Evil," with WWE star Glen Jacobs. Each movie earned about $15 million.</p><p>The WWE said Thursday its earnings were affected by a $15.7 million charge related to the revised performance expectations of "The Condemned," which is scheduled to feature wrestler "Stone Cold" Steve Austin.</p><p>___</p><p>On the Web:</p><p>HASH(0x2dea314)</p>