News createt: 30-09-2010
Graceland Attendance Down, Royalities Up!
CKX, Inc.reported financial results for its second quarter and six months ended June 30, 2010.
Revenue at the Presley Business grew $1.8 million, or 12.8%, due to higher licensing revenue and royalty revenue from the Viva ELVIS Cirque du Soleil show in Las Vegas which opened in February, partially offset by a small decline in attendance-related revenue at Graceland.
Operating income before depreciation, amortization and non-cash stock compensation (OIBDAN) decreased $0.2 million to $16.0 million. Excluding executive separation costs of $5.5 million and severance and restructuring costs of $3.8 million at 19 Entertainment, OIBDAN grew $9.1 million as compared to 2009. 19 Entertainment OIBDAN, excluding one-time severance and restructuring costs, increased $6.9 million due to higher American Idol revenue and a $4.8 million improvement in foreign exchange losses. Presley Business OIBDAN increased due to the higher revenue described above and cost reductions. Corporate expenses, excluding executive separation costs, declined $1.4 million.
For the three months ended June 30, 2010 revenue increased $9.9 million to $89.4 million, an increase of 12.5% over the prior year period. $6.9 million of this growth was from American Idol due primarily to more broadcast hours and higher license fees as compared to the prior year.