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E.W. Scripps Profit Jumps 23%Filed at 3:08 p.m. ET CINCINNATI (AP) E.W. Scripps Co. said Thursday its first-quarter profit rose 23 percent from the same period a year ago, mostly because of higher ratings and ad sales at its HGTV and Food Network. The results beat Wall Street forecasts, but the media company that also owns newspapers, TV stations and interactive comparison shopping properties suggested its second-quarter results will fall short of current estimates. The company plans to split into two companies by June 30. One company will include its cable networks and interactive properties, the other will include newspapers and broadcast television stations. Scripps shares rose 85 cents to $44.64 in afternoon trading Thursday. The stock has traded between $35.61 and $47.60 over the last year. Net earnings were $84.1 million, or 51 cents a share, for the January-March period compared with $68.5 million, or 42 cents a share, a year ago. Revenue increased 6.8 percent to $642 million from $601.4 million during the same period in 2007. Analysts polled by Thomson Financial were looking for earnings of 43 cents a share for the quarter on revenue of $625 million. Scripps Networks, which includes HGTV, Food Network, DIY Network, Fine Living Network and Great American Country, accounted for nearly half of the consolidated revenue. At the companys newspapers and television stations, performance was affected by industrywide weakness in local advertising sales. Revenue at Scripps newspapers was down 8.3 percent to $156 million, while newspaper online revenue was flat at $10 million. Newspaper segment profit was $27.6 million, compared with $29.3 million last year. That segments profit included a $4.4 million, one-time gain from the sale of real estate owned by the Denver Newspaper Agency. The companys newspapers include the Rocky Mountain News in Denver, The Commercial Appeal in Memphis and the Corpus Christi Caller-Times in Texas. Strong growth at Scripps Networks and Interactive Media divisions drove improved consolidated results for the company, Kenneth W. Lowe, president and chief executive officer, told analysts in a conference call. In the interactive business that includes online comparison shopping sites Shopzilla and uSwitch, improvements at Shopzilla have helped increase traffic. The company said uSwitch was helped by cost reductions and an increase in the number of people in the United Kingdom using the site to find new energy providers. Scripps expects second-quarter earnings from continuing operations, excluding separation costs, to be 58 to 62 cents per share. Analysts polled by Thomson Financial are expecting second-quarter earnings of 69 cents per share. On the Net: http://www.scripps.com (This version CORRECTS to The Commercial Appeal sted The Commercial-Appeal) Tag CloudExternal InformationAdditional InformationIn Silicon Valley, Millionaires Who Don?t Feel Rich...Bank of America Files Suit Over Deal to Buy LaSalle... JPMorgan Profit Up 20%; Shares Fall on Loan Worries... With Software and an iBand, There’s No Need for Roadies... Where Am I?News Main Page - Business - E.W. Scripps Profit Jumps 23% |
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