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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 This material may not be published, broadcast, rewritten or redistributed.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 55 55 13,385
MORTGAGES 73 73 17,422
FORECLOSURE NOTICES 32 32 3,423
BUILDING PERMITS 623 623 31,553
BANKRUPTCIES 66 66 12,761
BUSINESS LICENSES 11 11 4,608
UTILITY CONNECTIONS 153 153 19,610
MARRIAGE LICENSES 44 44 4,104

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