Asset Writedown Sends Scripps Networks Interactive to Q4 Loss

Feb 5, 2009  •  Post A Comment

Scripps Networks Interactive reported a fourth-quarter net loss of $154 million as an asset writedown offset a small increase in profit at its cable networks.
“Led by HGTV and Food Network, the company had a very good fourth quarter, especially when considering the strong macroeconomic headwinds we were facing,” said Kenneth W. Lowe, chairman, president and CEO of Scripps Networks Interactive. “The vitality of our lifestyle television networks is evident in their consistently solid performance, even when times are difficult.”
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SNI’s fourth-quarter net loss was $154 million, or 94 cents a share, compared with a loss of $299 million, or $1.83 per share, a year ago. The loss includes a $244 million no-chase charge against earnings for impairment of goodwill. Without the charge, net income would have been 55 cents a share vs. 50 cents a share a year ago.
Revenues rose 3.5% to $412 million in the quarter.
“All of our television networks grew during the three-month period, as we were able to leverage the unique, engaged and growing audiences each brand aggregates,” Mr. Lowe said. “Strong double-digit revenue growth at our newer networks demonstrates the success we’re having establishing these valuable brands.”
He added that SN Digital “finished the year on a definite high note with double-digit revenue growth. Our resolve to be the leading provider of food and shelter lifestyle content on any and all media platforms clearly is gaining momentum.”
HGTV’s operating revenue was up 4.2% to $149 million, while Food Network was up 5.1% to $128 million.
Revenue at DIY Network was $16.7 million, up 28%. Fine Living’s revenue was up 16% to $12.8 million.
Great American Country’s revenue was up 16% to $7.1 million, reversing a two-quarter slide.
For the full year, SNI’s net income was $23.6 million, or 14 cents a share, compared with a net loss of $126 million, or 77 cents, in 2007. Revenues rose 10% to $1.6 billion.


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