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The Press-Enterprise

By Mark Kawar, The Press-Enterprise, Riverside, Calif.

Nov. 15--Outdoor Channel Holdings Inc. of Temecula reported quarterly earnings of a penny per share Monday, beating expectations and far surpassing last year's figure.

The company -- which owns a national hunting, fishing and outdoor sports cable network -- had net income of $323,000, or 1 cent per share, for the three months ended Sept. 30.

Analysts surveyed by Thomson First Call had predicted a 1-cent-per-share loss.

The company's latest earnings were sharply higher than those of the same period a year ago, when it recorded a loss of $27.7 million, or $1.75 a share.

The increase came from the company's $48 million stock buy last September, when it purchased all shares in the Outdoor Channel that it did not own. The move resulted in an $18 million tax benefit in the year-ago quarter.

The company's revenues for the most recent quarter rose 4 percent, to $11.4 million. Advertising revenue fell slightly, while subscriber fees and membership fees rose.

In July, the company launched a high-definition version of the Outdoor Channel. It is building a new broadcast facility in Temecula.

Shares of the company fell 32 cents Monday, or about 2 percent, to close at $15.13 on Nasdaq.

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