Scripps Posts Cable-Network-Fueled Rise in Q2 Profit

Jul 19, 2005  •  Post A Comment

E.W. Scripps Co. Tuesday said it posted a 13 percent rise in second-quarter profit as the company’s national cable networks continued to power the overall company’s financial performance.

The Cincinnati-based company reported second-quarter net income of $97.6 million, versus $86.4 million a year ago. Revenue rose 15 percent to $627 million.

The cable networks-Food Network, Home & Garden Television, Great America Country, Fine Living and DIY-Do It Yourself-all helped to fuel the company’s results. The networks collectively posted a 41 percent rise in segment profit to $123 million, while revenue surged 27 percent to $244 million, driven by a 28 percent increase in advertising revenue and an 18 percent rise in affiliate-fee revenue.

The company’s television-based retailing service Shop at Home saw its segment loss widen to $7 million from $2.7 million a year ago, while revenue advanced 31 percent to $86.9 million.

Meantime, Scripps’ 10 television stations saw their combined segment profit fall 4 percent to $27.1 million, while revenue fell 5 percent to $83.2 million. The company attributed the weakness to the lack of political advertising revenue.