Scripps Stations Drop 22% in Q2
By Robert Marich -- Broadcasting & Cable, 7/27/2008 8:00:00 PM
Operating profit from E. W. Scripps' TV-station group declined 22.1% to $18.3 million in the second quarter, from $23.5 million a year earlier. TV-station-group revenue slipped 4.8% to $80.5 million, from $84.5 million.
The broader picture, including its newspapers, was worse. Scripps reported a 47.5% decline in second-quarter profit, tagged by poor performance by its newspapers and expenses related to the July 1 spinoff of its basic-cable-network properties.
Earnings fell to $51.2 million, or 94 cents per share, from $97.5 million ($1.78) in the year-ago period.
Looking ahead, the company's guidance suggested a 15%-17% hike in third-quarter TV-station revenue, lifted by political advertising, which will be $40 million-$44 million for the full year.
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