World Wrestling Entertainment (NYSE: WWE) entered a match it apparently was unprepared to win this time around. I'm talking about a match for the most coveted prize on Wall Street: The Earnings Championship Belt.

During the second quarter, WWE had to lie down for the count. The top line saw a depressing decrease of nearly 6%, coming in at $129.7 million. The bottom line saw no growth whatsoever, as WWE earned $0.10 per diluted share, the same amount that was earned in the year-ago period. According to Briefing.com, this represents a miss of two pennies. One thing that must be noted is that the big Wrestlemania event took place during the second quarter last year and the first quarter this year.

Of course, one of the most fascinating elements of WWE's stock is its incredible yield. Right now, the company is trading at a yield greater than 9%. Considering WWE's massive brand power in sports entertainment, and the fact that wrestling should always be with us, that sounds like a great deal, correct? It could be over the long term.

However, a look at the cash-flow statement does not offer a lot of encouragement, to be honest. Operational cash flow declined massively, dropping 94% during the six-month period. And for both the quarterly period and the half-year period, there was negative free cash flow by management's own calculation. So, as can be seen, servicing a dividend with no free cash flow is like Rey Mysterio trying to body slam Andre the Giant.

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World Wrestling Entertainment: Management brought B-team to Q2 originally appeared on BloggingStocks on Wed, 06 Aug 2008 15:15:00 EST. Please see our terms for use of feeds.