Scripps May revenues up 9 percent
Wed, June 12, 2002 by Tim Stautberg
CINCINNATI – The E. W. Scripps Company’s consolidated revenues for May were $137 million, up 8.9 percent from the same period a year ago.Revenues from the company’s Scripps Networks operating division were $37.9 million, up 18 percent from May 2001. Broken down by category, Scripps Networks advertising revenues were $31.1 million, up 16 percent, and affiliate fee revenues were $6.3 million, up 27 percent.Based on advance sales, the company now expects Scripps Networks advertising revenues to be up about 14 percent for the second quarter. The company had previously anticipated an 8- to 12-percent increase in Scripps Networks advertising revenues.Scripps Networks includes Home & Garden Television, the Food Network, the DIY – Do It Yourself Network and Fine Living.Distribution of HGTV and Food continued to grow during May. HGTV now reaches 78.9 million homes, up 8.8 million, or 13 percent, from the same month a year ago and up 597,000 subscribers from the previous month. Food Network can now be seen in 75.1 million homes, up 16 million, or 27 percent, from May 2001, and up 590,000 subscribers from April. DIY can be seen in 10.8 million households and Fine Living has about 2 million subscribers. At the company’s newspapers, May revenues were $63.6 million, up 5.1 percent from the previous year. Newspaper advertising revenues were up 1.9 percent for the month, year-over-year. Broken down by category, classified and local advertising revenue for May were about even with the same period a year ago; preprint and other advertising revenue were up 12 percent and national advertising was down 1.4 percent. Other newspaper revenues were $7.1 million, an increase of $2.2 million over the same month a year ago primarily because of improved operating results in Denver. The company’s share of operating income from the jointly owned Denver Newspaper Agency is reported as other newspaper revenue.At the company’s broadcast television stations, May revenues were $26.3 million, about even with the same month last year. Combined revenues at the company’s six ABC affiliated stations were down 0.9 percent. Revenues at the company’s three NBC affiliated stations were up 2.4 percent.Based on April and May results, the company expects second quarter earnings from core operations to be near the upper end of the previously issued guidance of 65 to 75 cents per share. The anticipated earnings per share include a reserve for affiliate fee receivables from Adelphia Communications Corp. This press release contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions, that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company’s written policy on forward-looking statements can be found on page F-5 of its 2001 SEC Form 10K and page F-13 of its most recent Form 10Q.The E.W. Scripps Company is a diverse media concern with interests in newspaper publishing, broadcast television, national television networks and interactive media. Scripps operates 21 daily newspapers, 10 broadcast TV stations and four cable television networks.Scripps national television network brands include Home & Garden Television, Food Network, DIY -- Do It Yourself Network and Fine Living. Scripps Networks programming can be seen in 25 countries.The company also operates Scripps Howard News Service, United Media, the worldwide licensing and syndication home of PEANUTS and DILBERT, and 31 Web sites, including hgtv.com, foodtv.com, diynet.com, fineliving.com and comics.com.