Scripps Networks Profits Jump 20.1% in Third Quarter
Advertising revenues pop 10%
By Jon Lafayette -- Broadcasting & Cable, 11/1/2012 8:42:02 AM
Net income rose 20.1% to $118.4 million, or 78 cents a share, in the third quarter, from $98.6 million, or 65 cents a share, a year ago.
Income from continuing operations rose to $0.78 per share, up 20%.
Revenues rose 12% to $566 million. Distribution revenues were up 14.7% to $168.4 million in the quarter.
Advertising revenues rose 10% to $377 million in a quarter that was largely expected to be fairly weak for programmers competing with the Olympics.
The new Cooking Channel was particularly strong for Scripps Networks, with revenue jumping 31%. DIY was up 26% and Food Network whipped up an 11% gain.
"Our positive third quarter results demonstrate in a powerful way the ubiquitous nature of our popular lifestyle brands," CEO Ken Lowe said in a statement. "Our networks and related businesses engage millions of media consumers every day, not just on television, but on smart phones, tablets, newsstands and in thousands of retail outlets across America. We've established ourselves as clear leaders in our ability to influence consumer purchasing decisions in the home, food and travel categories. And in the process, we've created tremendous value for our shareholders."
Among Scripps Networks channels, revenue was $199 million at Food Network, up 11%. For HGTV revenues were $195 million, up 8.1% Revenues at Travel Channel were $68.9 million, up 10%. DIIY Network had $29.9 million in revenue, up 26%. Cooking Channel revenues rose 31% to $21.6 million, and revenues rose 15% to $6.9 million at Great American Country.
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