Total revenues for the first quarter ended March 31, 2014 were $126 million as compared to $124 million in the prior year. Operating loss for the first quarter 2014 was $12 million versus income of $6 million in the prior year. Net loss was $8 million, or $0.11 per share, as compared to net income of $3 million, or $0.04 per share, in the prior year. OIBDA was a negative $7 million for the current year as compared to positive $11 million in the prior year. The decline in Operating Income, OIBDA and Net income was driven by the Company's launch of an over-the-top (OTT) digital network and lower results from its video game licensing business, due primarily to the transition to a new licensee. These factors were partially offset by improved results from the Company's filmed entertainment business.

Revenues of $126 million increased 1% versus the prior year quarter as growth in North America was largely offset by lower revenues in international markets. North American revenues of $102 million increased 4% from the prior year quarter driven primarily by the increased monetization of content as reflected in the Company’s Media division, including revenue from Home Entertainment, Network, and Television, as well as improved performance by WWE Studios. These increases were partially offset by reduced licensing royalties associated with the Company’s video games. Revenues from outside North America decreased 9% to $24 million driven by the impact of the Company's video game transition and the absence of live events in international markets (versus three events in the prior year quarter).

OIBDA results declined to a loss of $7 million from income of $11 million in the prior year period. The $18 million decline was driven an $11 million decline in licensing profits stemming from the transition to a new video game partner, including contractual changes in the Company's video game licensing agreement and a $3 million benefit in the prior year quarter associated with the termination of our former video game licensing agreement with THQ. Additionally, the OIBDA decline reflected $9 million associated with WWE Network launch costs (customer service, programming and marketing), as well as a $5 million increase in Corporate & Other expenses to support key business objectives. The resulting decline in operating profits for the quarter was partially offset by improved performance from our WWE Studios and Home Entertainment businesses. Based on the changes in the Company’s overall results and business mix, the Company's OIBDA margin was (6)% in the current year quarter as compared to 9% in the prior year quarter.

In the prior year quarter, the Company recognized an estimated net positive impact to revenues of $2 million and $3 million in Operating income related to the transition to a new video game licensee, Take-Two Interactive. Expenses in the prior year first quarter also included a $5 million film impairment charge.

Non-GAAP Measures: We define OIBDA as operating income before depreciation and amortization, excluding feature film and television production asset amortization and impairments. OIBDA is a non-GAAP financial measure and may be different than similarly-titled non-GAAP financial measures used by other companies. A limitation of OIBDA is that it excludes depreciation and amortization, which represents the periodic charge for certain fixed assets and intangible assets used in generating revenues for the Company's business. OIBDA should not be regarded as an alternative to operating income or net income as an indicator of operating performance, or to the statement of cash flows as a measure of liquidity, nor should it be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. We believe that operating income is the most directly comparable GAAP financial measure to OIBDA.

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