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Scripps Co. Posts slight decline in Q1 Profit Despite Growth from Networks

Apr 14, 2005  •  Post A Comment

The E. W. Scripps Co. on Thursday reported a slight decline in first-quarter profit, though revenue surged largely due to the strength of the company’s cable networks.

The Cincinnati-based company reported a profit of $70 million, compared with a year-earlier figure of $70.5 million. The company noted in the 2004 quarter that it benefited from an after-tax gain of $9.5 million.

Revenue rose 14 percent to $585 million.

Much of the company’s growth came at the hands of Scripps Networks, the cable division that includes Food Network, DIY-Do It Yourself, Fine Living, Home & Garden Television Network and GAC. The division saw a 30 percent jump in advertising revenue, stronger affiliate sales and an increase in homes passed.

The company’s broadcast unit, which includes 10 television stations, was hurt by the decline in spending on political advertising, which was largely nonexistent compared with a year ago, when Scripps booked $4.2 million in political advertising.