STAMFORD, Conn. (AP) - World Wrestling Entertainment Inc. on Thursday posted a 18 percent drop in fourth-quarter profit, hurt by less revenue from fewer televised events during the period.

Quarterly income was $16.1 million, or 23 cents per share, down from $19.7 million, or 28 cents, the year before. WWE's results still topped the average estimate of 19 cents per share from analysts surveyed by Thomson Financial.

Revenue totaled $118.3 million, a decline of 7 percent from $126.7 million a year earlier, with revenue from live and televised events down 4 percent to $97.5 million. The company said it held three events in the latest period, compared with four events last year.

WWE added that sales of branded merchandise also dropped 19 percent to $20.8 million, reflecting sharply lower home-video sales and flat licensing revenues, while publishing revenue and merchandise sales increased slightly.

For the year, earnings fell to $39.1 million, or 56 cents per share, from $48.2 million, or 70 cents, in 2004. Total revenue of $366.4 million declined 2 percent from $374.9 million a year ago.

The company's annual results still beat analysts' estimate of 51 cents per share on revenue of $357 million.

Looking forward, WWE forecast 2006 income from continuing operations of $31 million to $34 million, or 44 cents to 48 cents per share, with revenue ranging from $355 million to $370 million.

That compares with the current analyst consensus for a profit of 44 cents per share and $350.1 million in revenue.

06/30/05 08:47 EDT