Scripps reports overall revenue, profit growth
By Leah McBride Mensching, Thursday 25 October 2007 at 22:29 :: Newspaper Data :: #756 :: rss
The E.W. Scripps Company reported third-quarter operating results Thursday, showing strong revenue and segment profit growth at Scripps Networks, which includes Food Network, HGTV and other national television networks.
The company's third-quarter revenue was $596 million, compared to $583 million the same period last year, PR Newswire reported.
Continuing operations revenue was $87.9 million (54 cents per share) for the quarter, up from last year's $78.4 million (48 cents per share). Income from continuing operations saw a $9.2 million gain (4 cents per share), due to selling the company's minority stake in CityFeet.com, a commercial real estate search site, PR Newswire reported.
The Scripps Company's net income for the third quarter, including discontinued operations, was $88.4 million, compared to $73.1 million the same quarter last year.
Total revenue for Scripps newspapers in the third quarter was down to $158 million, compared to $168 million the same quarter last year. However, online newspaper revenue was up 19 percent from last year, to $10.4 million.
The profit for the newspaper segment was $36.9 million, compared to $39.7 million last year.
Newspaper expenses decreased 3.7 percent in the third quarter, partly due to the voluntary separation plan during the second quarter, PR Newswire reported.
Weakened local and classified advertising sales, especially in real estate and employment listings in Scripps' California and Florida markets, are blamed for weakened newspaper revenue and segment profit, according to PR Newswire.
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