EARNINGS: Scripps Down In First Quarter - Broadcasting & Cable

EARNINGS: Scripps Down In First Quarter

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E.W. Scripps’ first-quarter income from continuing operations was $64.7 million, down from $81.5 million in the first quarter of 2006, the company announced Wednesday. Net income for the quarter was $68.5 million, down from $75.1 million in 2006.

The company’s Shop at Home network and stations, which have been sold, were reclassified as discontinued operations.

Total revenue at Scripps Networks including cable channels HGTV and Food Network, was up 13% to $269 million. In the station group, local revenue was down 9.2% and national was down 10%.

"Strong financial performance at our national lifestyle television networks continued to drive the company's consolidated results during the first quarter, but…it wasn't enough to overcome lower profits at our local media businesses and Scripps Interactive Media," stated Scripps President and CEO Kenneth W. Lowe

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