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E.W. Scripps Q2 Loss Widens

E.W. Scripps Co. (SSP) reported that its second-quarter net loss widened to $22.04 million or $0.27 per share from $366 thousand or $0.01 per share in the prior year.

Loss from continuing operations was $17.5 million or $0.22 per share, compared to income from continuing operations of $5.8 million or $0.07 per share in the prior year.

Pre-tax costs for the prior-year quarter included $2.8 million of acquisition and related integration costs and $957,000 of restructuring charges that decreased income from continuing operations by $2.8 million, net of taxes, or 3 cents per share.

Revenue was $359 million, an increase of 12% or $38.5 million from the prior-year quarter. That included incremental revenue from the television stations acquired from Cordillera Communications on May 1 and from the Nexstar transaction with Tribune on September 19, totaling $55.7 million. Political revenue in the quarter was $13.4 million.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.36 per share and revenues of $368.48 million. Analysts' estimates typically exclude special items.

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