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Strong 4Q for Hallmark Channel Parent

2/26/2004 6:06 AM Eastern

Crown Media Holdings Inc. said Thursday that it recorded positive adjusted EBITDA (earnings before interest, taxes, debt and amortization) for the first time in its history in the fourth quarter of 2003.

The parent company of Hallmark Channel reported adjusted EBITDA of $8.6 million on total net revenue of $69.2 million, which was up 64% from its fourth-quarter-2002 total of $42.1 million.

Advertising revenues for the quarter totaled $31.2 million, up 78% compared with the year-earlier period.

For the full year, Crown’s total net revenue increased 29% to $207.5 million versus $161 million in the previous year, and advertising revenues increased 42% to $98.1 million compared with $69.1 million in 2002.

Worldwide Hallmark subscribers jumped 15% to 113.3 million worldwide as of Dec. 31, 2003, from 98.3 million subscribers as of Dec. 31, 2002.

In other Hallmark Channel news, art director Shari Dalconzo has been promoted to vice president of print design.

September