E.W. Scripps TV Stations Log 31 Percent Hike in Revenues
November 2, 2010
CINCINNATI: The 10 TV stations in the E.W. Scripps portfolio
logged a 31 percent increase in revenues for the third quarter of 2010.
Scripps’ TV revenues totaled $78.5 million for the quarter, up 2 percent from
the 2008 election cycle. TV segment profit totaled $17.7 million versus $3.1
million a year ago.
“The flow of advertising dollars back into local television continues at an
encouraging pace, attracted in part by our commitment to delivering larger and
more engaged audiences through a determined focus on high-quality local news
content,” said Rich Boehne, Scripps president and CEO. “Many of our key
television advertising categories have bounced back to pre-2009 levels.”
Local was up nearly 5 percent to $37.6 million; national was up 25 percent to
$20.1 million--both boosted by automotive. The category grew 70 percent over
3Q09, “despite displacement cause by the surge in political ads,” Scripps said.
Political increased by $14.8 million over 2009, a non-election year.
Network compensation was less than $100,000, compared with $1.9 million in 3Q09.
The company’s affiliation agreements with ABC, which include six Scripps
stations, expired on Jan. 31, 2010. The Scripps stations have continued to
operate as ABC affiliates under short-term extensions while Scripps and ABC
negotiate a new long-term affiliation agreement.
Retransmission revenue increased 66 percent to $3 million, and online revenue
increased 35 percent to $2 million.
Consolidated revenues from the TV, newspaper and online operations were $184
million, an increase of 8.6 percent from $169 million in the year-ago quarter.
Profit was $6.2 million versus a loss of $3.3 million a year ago. Profit for
3Q10 included a tax benefit of $5.5 million.
Scripps said it had essentially no long-term debt at the end of the third
quarter, while cash, cash equivalents and short-term investments totaled $194
For 4Q10, year-over-year growth in television ad revenues is expected to be 35
to 40 percent, including $28 million in political advertising. Shars of E.W.
Scripps (NYSE: SSP) rose 7 percent to $9.34.
-- Deborah D. McAdams