Food Heats Up Scripps Networks' Q4 Earnings Rise
Programmer Registers 11% Increase in Ad Revenues
Jon Lafayette (Broadcasting & Cable) -- Multichannel News, 2/9/2012 10:40:34 AM
Scripps Networks Interactive said its fourth-quarter profits rose on double-digit ad revenue increases at its cable networks.
Net income rose 3.4% to $135 million, or 84 cents a share, from $130.6 million, or 77 cents a share a year ago.
Revenues rose 10% to $553 million. Advertising revenues rose 11% to $394 million and affiliate fee revenue gained 5.7% to $147 million. Food Network, DIY Network and Cooking Channel recorded big revenue gains in the quarter, while Travel Channel and GAC declined.
"The high level of engagement our focused lifestyle networks have created with media consumers, and the value our television and interactive brands deliver to advertisers as preferred marketing platforms, is reflected in the company's strong fourth-quarter operating results," Ken Lowe, chairman, president and CEO said in a statement. "Our consistent track record of double-digit revenue and segment profit growth continued during the three-month period, and contributed to a very good 2011."
For 2012, Scripps Networks Interactive said it expects revenue to increase 8% to 10%, programming expenses to increase 13% to 15% to help drive increased viewership and non programming expenses to increase 10% to 12%. This includes investments in marketing, as well as international, interactive and digital businesses.
Scripps breaks out revenue on a network-by-network basis. For the fourth quarter, it said that Food Network revenues were $2.4 million, up 15%; HGTV revenues rose 8.1% to $191 million, Travel Channel revenues were down 1.4%; DIY Network revenues jumped 18% to $26.9 million; Cooking Channel revenues increased 14% to $17.8 million and revenues at Great American Country declined 15%.
The company's lifestyle media digital businesses, including network branded web sites, had revenue of $30.4 million, up 4.1%.
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