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E. W. Scripps Q1 Loss Widens, Revenue Up 47.5% - Quick Facts

E W Scripps Co. (SSP) on Friday reported net loss for the first quarter of $11.8 million or $0.15 per share, wider than net loss of $6.8 million or $0.08 per share. The company noted that its first-quarter financial results were affected by the COVID-19 pandemic.

Pre-tax costs for the current quarter included $4.9 million of acquisition and related integration costs that increased the loss by $3.7 million, net of taxes, or $0.05 per share.

Total operating revenue for the quarter grew 47.5 percent to $430.91 million from $292.16 million in the prior-year quarter.

This includes revenues from the television stations acquired from Cordillera Communications on May 1 and from the Nexstar transaction with Tribune on September 19, totaling $95.8 million.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.09 per share for the quarter on revenues of $435.8 million. Analysts' estimates typically exclude special items.

Looking ahead, Scripps said it has suspended issuing new guidance because of the economic uncertainty caused by the COVID-19 pandemic.

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