Scripps Nets Boosts Parent in 2Q7/19/2005 8:20 AM Eastern
E.W. Scripps Co. Tuesday reported double-digit year-over-year increases in operating revenue and net income during the second quarter of 2005.
The company said its results were favorably affected by continued strong performance at its Scripps Networks division, which includes Home & Garden Television, Food Network, Do It Yourself, Fine Living and Great American Country.
Advertising revenue at Scripps Networks rose 28% to $202 million, and revenue from affiliate fees paid by cable and direct-broadcast satellite operators jumped 18% to $39.6 million.
The parent company’s operating revenue for the second quarter rose 15% year-over-year to $627 million, and net income was $97.6 million, or 59 cents per share, compared with $86.4 million (52 cents) in the year-ago period.
“Scripps continued to grow during the quarter thanks to strong advertising sales at HGTV and Food Network and improved results at the company’s daily newspapers,” E.W. Scripps CEO Kenneth W. Lowe said in a prepared statement. “HGTV and Food led the charge once again, recording healthy, double-digit gains in revenue and segment profit.”