WWEissued a press release on Friday, announcing they're revising their 2013 outlook. The company is altering their operating income to $40-$50 million from the previously estimated $56.9-$69.5 million.
The revision is "primarily due to several recent developments." While not specially named, the developments "caused an approximate 5% reduction in second half revenue expectations. This, coupled with the Company’s high operating leverage, was the primary driver of the change in expected earnings."
Below is a quote from WWE Chief Financial Officer George Barrios:
"Our revised 2013 Outlook reflects a relatively moderate change in our second half revenue expectations and our continued investment in the WWE brand and our content,” said George Barrios, Chief Financial Officer. “Given the rising value of content in the market place, we believe these investments will maximize WWE’s future earnings as we renegotiate our four largest television distribution agreements and potentially launch a WWE Network.”
Click here for the complete 2013 Outlook.