Scripps TV Stations Hold Steady
The 10 E.W. Scripps TV stations generated revenues of $93.4 million, up more than 2 percent over 4Q07. Net income was $31.1 million, up more than one percent over the comparable period. For the full year, TV revenues were flat at around $327 million. Net income fell 4 percent to $80.6 million.
The Scripps operations ended 4Q08 with an operating loss of $11.5 million on revenues of $265 million. Net loss for the quarter was $12.6 million, exacerbated by a $42 million impairment charge.
For the full year, E.W. Scripps (NYSE: SSP) posted a $632.3 million loss on $1 billion in revenues. Net loss for the year was $476.6 million.
The company on Feb. 19 reported it would post a 4Q operating loss of $19.4 million on likewise revenues, and write down $31 million. In early March, it shut down its Colorado newspaper, the Rocky Mountain News, increasing impairment. The quarterly revision was also motivated by tax miscalculations related to last year’s spin-off of Scripps Networks.