As the press release indicates, WWE is striving to operate more efficiently. The company seems to be doing okay in that regard.

But the cash-flow statement is really the story with this company. WWE is a high-yield stock that wants to deliver on the promise of a very attractive payout. Operating activities generated much, much more cash flow in this year's six-month period versus last year's six-month period. Seriously, it's like comparing The Big Show to Rey Mysterio. WWE delivered $75 million of the green stuff this time around. Only $3.1 million was booked in 2008 in the comparable frame.

What happened? Changes in working capital gave an assist, as did the timing related to investments in film assets.

The jury is still out, in my opinion, on the business model for WWE's movie department. WWE should continue with the initiative, but it needs to make films with much smaller budgets and more compelling concepts. It can be done. Execs just need to work harder to get it together. Cash flow, though, covered the dividend payment even after capital expenditures were taken into account. And here's a bonus: cash and equivalents increased while long-term debt decreased. Income investors, I bet, were pleased by that aspect of the balance sheet.

One area that was somewhat disappointing: The WWE Classics On Demand product saw its top line decline by 12%. It might not be a big thing to most observers, but I'd like to see exploitation of the library being met with increased success every quarter. WWE has a powerful collection of content, and in theory, it should become a bigger factor in future shareholder value. Management should assign some attention to this segment.

I think, after looking at how the stock has been holding up, as well as this recent quarterly report, that WWE shares are more attractive now than they were when the yield was higher. I'm still wary, but WWE seems committed to the dividend, so it's probably worthwhile to put this one on a watch list. Just keep in mind that this year's Wrestlemania has already come and gone.

Disclosure: I don't own any company mentioned; positions can change without notice.