Yesterday afternoon a press release was released by CKX, Inc to report their earning results for First Quarter 2010. CKX, Inc. is engaged in the ownership, development and commercial utilization of globally recognized entertainment content. The Company’s current properties include the rights to the name, image and likeness of Elvis Presley, which is licensed for Cirque du Soleil’s VIVA ELVIS production at the City Center.
Some interesting tidbits about this announcement concern Cirque du Soleil VIVA ELVIS, and they are:
- Revenue at 19 Entertainment declined $7.9 million due to $12.1 million in revenue from a one-time limited run television program in 2009, offset by a $4.4 million increase in American Idol revenue. Excluding the prior year terminated license agreement, revenue at the Presley Business increased $2.7 million due to higher licensing revenue and royalty revenue from the Viva ELVIS Cirque du Soleil show in Las Vegas, which opened in February.
- The Company reported a loss on its profit participation in the Viva ELVIS Cirque du Soleil show of $0.5 million in 2010 due to certain one-time costs associated with the opening of the show in February, a limited number of performances in the quarter and initial weaker than expected ticket sales in large part due to low occupancy rates at the hotels within CityCenter where the theater is located. This loss is reflected in equity in earnings (losses) of affiliates in the Company’s statement of operations.
Read the original press release here.
{ SOURCE: MarketWatch, BusinessWire, Comtex, CKX, Inc. }
