WWE has reported its financial results for the first quarter ending March 31st 2011.

Revenues totaled $119.9 million, compared to $138.7 million in the prior year quarter. Operating income was $13.2 million, compared to $37.3 million the year before.

Revenues from WWE's consumer products businesses increased by 13 per cent to $34.8 million (2010: $30.7m).

This was primarily due to growth in the firm's licensing and home video sectors, which partially offset declines in the magazine publishing category.

Licensing revenues were $23.9 million, compared to $19.9 million in the prior year quarter, thanks to higher royalties earned by toys and video games. Revenues related to toys increased by approximately $3.0 million, while revenues from video games were up by $2.2 million.

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Home video net revenues, meanwhile, stood at $8.1 million, compared to $7.6 million in the prior year quarter.

"Looking ahead, we are optimistic about our longer term opportunities to leverage our strength as the 'New WWE'," said Vince McMahon, chairman and CEO.