Scripps reports May revenues
Wed, June 11, 2003 by Tim Stautberg
CINCINNATI - The E. W. Scripps Company's consolidated revenues for May increased 9.4 percent year-over-year to $163 million. The company is reporting its May revenue comparisons as if it had owned the Shop At Home Network since January 2002. Excluding Shop At Home, consolidated May revenues were up 9.3 percent, year-over-year.Revenues from the company's fastest growing division, Scripps Networks, were up 30 percent to $49.3 million. Advertising revenues during the month at Scripps Networks were up 32 percent and affiliate fee revenues increased 22 percent. Scripps Networks includes the company's portfolio of national programming services - Home & Garden Television, Food Network, Fine Living and DIY -- Do It Yourself Network.HGTV was available in about 81 million television households during May and Food Network reached about 79 million households. DIY can be seen in about 17 million households and Fine Living reaches about 16 million homes.May revenues at the company's newspapers were up 0.9 percent year-over-year to $58.0 million. Newspaper advertising revenues for the month, broken down by category, were:-- Local, down 6.4 percent to $13.9 million.-- Classified, up 5.0 percent to $18.5 million.-- National, up 8.3 percent to $3.2 million.-- Preprints and other, up 5.2 percent to $10.3 million.The company's share of profits from its four joint newspaper operations, before editorial costs, was up 15 percent to $7.1 million. The increase is attributable primarily to improved results in Denver. At the company's 10 broadcast television stations, revenues for the month were $27.3 million, up 3.7 percent from May 2002. Local television advertising in May was up 6.1 percent to $17.0 million and national advertising decreased 1.9 percent to $9.0 million. May revenues at the Shop At Home Network increased 9.7 percent to $19.9 million on an apples-to-apples basis as if the company had owned the network since January 2002. GuidanceBased on April and May results and advance advertising sales, the company expects second quarter earnings to be near the higher end of its previously issued guidance of 73 to 83 cents per share. Earnings per share in the second quarter of 2002 were 33 cents. Results in 2002 included investment write-downs and other non-recurring adjustments. Without these items, second quarter 2002 earnings per share would have been 76 cents.Forward-looking statementsThis press release contains certain forward-looking statements related to the companyЎ¦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 2002 SEC Form 10K and page F-18 of its most recent Form 10Q.Celebrating its 125th anniversary, The E.W. Scripps Company is a diverse media concern with interests in newspaper publishing, broadcast television, national television networks, interactive media and television-retailing. Scripps operates 21 daily newspapers, 10 broadcast TV stations, four cable and satellite television programming services and a home shopping network. All of the companyЎ¦s media businesses provide content and advertising services via the Internet.Scripps Networks brands include Home & Garden Television, Food Network, DIY -- Do It Yourself Network and Fine Living. Home & Garden and Food Network each can be seen in about 80 million U.S. television households. Scripps Networks is home to three of the Internet's most popular Web sites, FoodNetwork.com, hgtv.com and DIYnetwork.com. Scripps Networks programming can be seen in 33 countries. The company's home shopping subsidiary, Shop At Home Network, markets a growing range of consumer goods directly to television viewers and visitors to the Shop At Home Web site, shopathometv.com. Shop At Home reaches about 49 million full-time equivalent U.S. households.Scripps also operates Scripps Howard News Service and United Media, which is the worldwide licensing and syndication home of PEANUTS and DILBERT.