EARNINGS: Scripps Earnings Dip
By Michael Malone -- Broadcasting & Cable, 7/23/2007 10:02:00 PM
Second-quarter revenue at E.W. Scripps was $640 million, the company announced today, down slightly from $642 million in the same quarter a year ago. Income from continuing operations was $97.7 million, or 59 cents a share, compared with $105 million and 64 cents a share in the second quarter 2006.
In the past 13 months, the company has sold the Shop At Home network and five Shop At Home-affiliated stations. Net income for the second quarter, including discontinued operations, was $97.5 million, compared to $71.1 million last year.
Scripps Networks grew revenue 7.6% year over year, while Scripps Interactive Media showed a $6.8 million segment profit, down from $16.5 million in 2006.
Station group revenue dipped slightly, at $84.5 million, down from $86.4 million a year ago. Segment profit for the broadcast group was $23.5 million, down from $26.4 million. “Our TV stations have done a great job mining their markets for new sources of revenue while at the same time keeping a tight lid on expenses,” said Scripps President/CEO Kenneth Lowe.
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