Scripps Networks Boosts E.W. Scripps4/14/2005 5:13 AM Eastern
E.W. Scripps Co.’s cable networks continued to fuel growth at the parent media company, with segment profit for the lifestyle services up 30% in the first quarter compared with last year, officials said Thursday.
Scripps’ operating revenue for the first quarter increased 14% year-over-year to $585 million. Operating income for that three-month period reached $114 million, up 16%. First-quarter net income was $70 million, or 42 cents per share, versus $70.5 million (43 cents) the prior year.
At Scripps Networks, the cable division, segment profit -- which excludes interest, income taxes, investment results and certain other items included in net income -- was up 30% to $80.9 million in the first quarter. Total revenue increased 28% to $203 million.
Ad revenue at Scripps Networks was up 30% to $160 million. Revenue from affiliate fees increased 24% to $42 million.
Home & Garden Television contributed $63.5 million to segment profit, up 26% from a year ago. HGTV’s revenue increased 23% to $104 million.
Food Network had revenue of $79.1 million, up 25%, and it contributed $43 million to segment profit, up 31%.
Revenue at Do It Yourself was $9.4 million compared with $6.8 million last year, and it contributed $1.3 million to segment profit.
Fine Living’s revenue increased to $6 million from $3.7 million a year ago, while it had operating losses of $630,000 versus $2.5 million a year ago.
Revenue at Great American Country hit $3.4 million, up on a pro forma basis by 33%. Operating losses were $900,000.
Shop at Home Network, which isn’t part of the Scripps Networks unit, had revenue of $102 million, up 38% from a year ago. It reported a segment loss of $3.4 million, compared with a loss of $3.6 million a year ago.