Crown Media Holdings Inc. reported strong first-quarter earnings on Friday, citing higher advertising revenue.
The Studio City operator of the Hallmark Channel and Hallmark Movies & Mysteries reported net income of $18.5 million (5 cents a share) for the quarter ending March 31, compared to $12 million (3 cents) a year earlier. Revenue increased 11 percent to $100.5 million.
One analyst surveyed by Thomson Financial estimated revenue of $96.1 million.
The network’s advertising revenue increased 14 percent to $79 million for the quarter due to the strength of pricing and higher ratings for both channels.
Crown Media Chief Executive Bill Abbott said both original programming and a “Countdown to Valentine’s Day” both drew strong viewership.
Shares closed up 12 cents, or about 3 percent, to $3.87 on the Nasdaq.
Public Storage Inc. reported a sharp rise in profit and revenue in the first quarter, as the company benefited from higher rents and occupancy rates, and the acquisition of storage facilities.
The Glendale real estate investment trust reported net income rose nearly 22 percent to $282 million ($1.23 a share) for the quarter ended March 31, compared to $227 million ($1.01) a year earlier. Revenue rose 10 percent to $569 million.
Funds from operations – a closely watched REIT metric that adds depreciation and amortization back into net income – hit $331 million ($1.91). Analysts had expected FFO of $1.95, according to Thomson Financial.
The company said the positive results were driven by an increase in same-store revenue due to higher rental income and the acquisition of 48 facilities since January. However, they were partially offset by $1.6 million in higher expenses due to increased property taxes and snow removal made necessary by the harsh winter conditions.
The company also announced it has raised its quarterly dividend to $1.70 a share, a 21 percent hike from the divided it paid in the previous quarter. The increased dividend will be paid on June 30 to shareholders of record as of June 15.
Earnings were reported after markets closed on Thursday. Share ended the week up $2.22, or more than 1 percent, to $190.13 on the New York Stock Exchange.
LTC Properties Inc., a health care properties real estate investment trust, reported modest gains in its first-quarter earnings.
The Westlake Village company posted a 3 percent increase in net income to $16.6 million (47 cents a share) in the quarter ended March 31, compared to $16.1 million (46 cents) a year earlier. Revenue rose 7 percent to $31.5 million.
Funds from operations rose 4.5 percent to $23.4 million.
The company said it benefited from mortgage loan originations and completed development projects, including a preferred equity investment in a joint venture that owns two assisted living facilities in Arizona.
The company recently announced a monthly dividend of 17 cents a share, which will be paid on June 30 to shareholders of record on June 22.
Earnings were reported after markets closed on Thursday. Shares ended the week down 4 cents to $43.42 on the New York Stock Exchange.