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VOL. 127 | NO. 154 | Wednesday, August 08, 2012

EW Scripps Posts Q2 Profit on Upbeat TV Ad Sales

AP

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CINCINNATI (AP) – TV station and newspaper owner The E.W. Scripps Co. said Tuesday that it posted a second-quarter profit, thanks to better-than-expected TV advertising revenue and the acquisition of several stations.

Net income came to $5.4 million, or 9 cents per share, reversing a loss of $2.2 million, or 4 cents per share, a year ago.

Revenue rose 19 percent to $216.9 million from $183.0 million.

Analysts polled by FactSet were looking for earnings of 10 cents per share on revenue of $207.3 million.

Television revenue rose 52 percent to $117.1 million thanks to higher revenue from political and other ads and the acquisition of TV stations in Indianapolis, Denver, San Diego and Bakersfield, Calif.

Newspaper revenue fell 5 percent to $97.2 million as both advertising and circulation revenue fell.

For the full year, the company said it expects television revenue of $470 million to $485 million, newspaper revenue of $400 million and syndication and other revenue of $10 million. Combined, the forecast annual revenue of $880 million to $895 million exceeds the $873 million expected by analysts.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

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