The EW Scripps Co. (SSP), a diversified media company, reported on Thursday consolidated second quarter net income that declined from the year ago period impacted by costs related to spin-off and also by a loss resulting restructuring its debts.
Net income of the Cincinnati, Ohio-based company slipped to $51.18 million, or $0.94 per share, for the quarter from $97.46 million, or $1.78 per share, in the prior-year quarter.
On average, four analysts polled by First Call/Thomson Financial expected the company to earn $0.32 per share for the quarter. The company noted that the reported earnings per share reflect the one-for-three reverse stock split that became effective on July 16 for The E. W. Scripps Company.
The company also said that Scripps Networks Interactive, which was spun off, will report operating results separately beginning with the third quarter of 2008.
Net income for the most recent quarter was affected by about $18.0 million in costs related to the spin-off and by a loss of $26.4 million resulting from the repurchase of long-term debt from bondholders ahead of scheduled maturity dates.
Quarterly operating revenues rose to $664.1 million from $640.1 million in the year-earlier quarter. The Street anticipated revenues of $255.56 million.
Revenue at Scripps Networks grew 13% year-over-year to $349 million, while at the company's online comparison shopping services, Shopzilla and uSwitch, revenues grew 13% to $66.9 million. Total revenue at Scripps newspapers was down 13% to $144 million, and at the Scripps television station group revenue declined to $80.5 million from $84.5 million a year earlier.
Year-to-date, the company's net income declined 18.5% to $135.25 million, or $2.48 per share, from $165.95 million, or $3.02 per share, in the corresponding period last year. Operating revenues increased 5.2% to $1.306 billion from $1.241 billion in the comparable period last year.
Looking ahead, the company said it expects third-quarter earnings per share from continuing operations, excluding separation costs, to be between $0.10 and $0.15 per share. T
Total newspaper revenue is estimated to be down 13% to 15% from the last year. At the company's broadcast television stations, total revenue, including political advertising, are expected to be up 15% to 17% compared to the prior-year period. Analysts are looking for earnings of $0.19 per share on revenues of $1.04 billion.
SSP is trading down $0.45 or 4.89% at $8.75 on a volume of nearly 574 thousand shares.
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