Outdoor Channel Holdings CEO "very optimistic" about FY08
Outdoor Channel Holdings, Inc. (Nasdaq: OUTD) CEO Roger Werner Jr. said the TV channel operator has “substantial business” on the books for 2008. Werner made the comments during a morning conference call.
“It’s way too early in the year, however, to tell you that we have the budget made and that the first quarter’s a slam dunk or anything like that. We operate in the same economy as many other companies and, as we all know, the economy’s kind of softening up,” Werner said. “We’re off to a good, good start in ’08. We’re still feeling very optimistic about our ability to make our budgets.”
Before the opening, Outdoor reported that it swung to a third-quarter profit of $1.5 million, or $0.06 per share, up 128% from a loss of $5.3 million, or $0.21 per share, a year earlier. The results significantly beat Wall Street analysts’ consensus estimate of earning $0.01 per share.
The Temecula, Calif.-based firm’s quarterly revenue rose 12% to $12.7 million, compared with $11.3 million during the year-ago quarter. Analysts, on average, expected $12.5 million in revenue.
In November, the Outdoor Channel announced that it had to restate its financials for the first two quarters to correct for executive salary expenses.
“This has taken us longer than we first expected. It has been a very high priority for us to complete the review as quickly as possible,” Werner said. “We appreciate patience from our investors and hope that this is the last of these kinds of delays."
Also Friday morning, Outdoor Channel announced the formation of its 2008 Hunting Advisory Council, a strategy group that will help direct the channel’s business plans. The advisory council includes representatives from hunting-related companies such as Remington Arms, Ducks Unlimited, the National Shooting Sports Foundation and the National Wild Turkey Federation.
“This panel is made up of a cross-section of senior executives and thought leaders from our industry,” Werner said. “Our partnerships with the endemic advertising community are getting stronger by the day.”
The firm also said it plans to form a fishing advisory council that will meet during the first quarter.
As of February 2008, the Outdoor Channel had about 30.3 million cable and satellite subscribers.
In midday trading, OUTD shares are up 11.58%, or $0.83, at $8. Over the last 52 weeks, shares have ranged from $5.30 to $13.98.
