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Monday, May 16, 2022

Briefs: Crown Media, Public Storage, Cherokee

Advertising rate increases at the Hallmark Channel and Hallmark Movie Channel contributed to a rise in revenue in the second quarter for parent Crown Media Holdings Inc., the company said Friday. The Studio City operator of cable networks reported net income of $16 million (4 cents a share) in the quarter ended June 30, compared with $16.5 million (5 cents) in the same period a year earlier. Revenue rose 9 percent to $97.4 million. Advertising revenue increased by 10 percent to $75.8 million. Advertising rate increases for both cable channels were offset in part by decreases in ratings in key demographics on Hallmark Movie Channel. Crown Chief Executive Bill Abbot said Hallmark Channel debuted its third original scripted series, “Signed, Sealed, Delivered,” during the quarter, establishing a strong foundation for the second half of the year. “Solid pricing combined with our second season of (original scripted series) ‘Cedar Cove’ and a robust slate of original movies should bolster earnings through the remainder of the year,” said Abbott, in a prepared statement. Shares closed unchanged at $3.38 on the Nasdaq. Public Storage Inc. reported rising funds from operations and revenue in the second quarter, as the operator of self-storage facilities continued to aggressively acquire properties. The Glendale company reported FFO of $1.99 a share for the quarter ended June 30, compared to $1.83 for the same period a year earlier. FFO is a key REIT metric that adds amortization and depreciation expenses back into net income to get a better picture of cash flow. Revenue rose about 11 percent to nearly $538 million. Analyst had expected FFO of $1.96 on revenue of $499 million, according to Thomson Financial. Net income rose to $218 million ($1.26) from $208 ($1.20). The company attributed the 5 percent growth to increases in rental rates through acquisitions. The company has picked up 127 self-storage facilities since January 2013. It also has ongoing development and expansion projects that will add about 2.1 million net rentable square feet of storage space at a total cost of $242 million. Also, the company declared a quarterly dividend of $1.40 a common share, payable on Sept. 30 to shareholders of record as of Sept 15. Shares closed up $1.09, or a fraction of a percent, to $172.70 on the New York Stock Exchange. Cherokee Inc. on Friday declared a quarterly dividend of 5 cents a share to common stockholders. The Sherman Oaks apparel brand licensor will distribute the dividends on Sept. 15 to stockholders of record as of Sept. 1. This is the second dividend this year valued at 5 cents, down from the 10-cent dividends issued every quarter last year. Shares closed up 19 cents, or more than 1 percent to $16.98 on the Nasdaq.

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