Media company E.W. Scripps Co. (SSP) reported a loss in its fourth quarter, compared to prior year's profit, despite higher revenues.
In the fourth quarter, net loss attributable to the shareholders was $44.91 million, compared to prior year's profit of $80.32 million. Loss per share was $0.51, compared to profit of $0.92 per share a year ago.
The current-year quarter included a $19.5 million non-cash charge on held-for-sale Court TV assets, and other charges, which together resulted in loss of 20 cents per share. The prior-year quarter included a $19.2 million gain from the sale of transmission tower sites, a $15 million non-cash impairment loss for an investment write-off and a $14.9 million restructuring charge.
Operating income declined to $42.29 million from $191.62 million a year ago.
Operating revenues fell 23 percent to $560.26 million from $728.38 million last year.
Looking ahead for the first quarter, the company projects Local Media revenue to grow in low- to mid-single-digit percent range, and Scripps Networks revenue to be down in high-single-digit percent range.
In the after-hours trading on the Nasdaq, the shares were down 0.8 percent, after closing Wednesday regular trading 4.6 percent higher, at $3.63.
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