Scripps Networks Propels Parent in 4Q1/30/2007 7:40 AM Eastern
Solid performance by its Scripps Networks division helped to boost E.W. Scripps’ fourth-quarter financial results.
Total revenue for Scripps Networks -- which includes Home & Garden Television, Food Network, DIY Network, Fine Living and Great American Country -- rose 13% versus fourth-quarter-2005 figures to $280 million, with advertising revenue climbing 11% to $224 million.
The unit’s segment profit -- which excludes depreciation, amortization of intangible assets, interest, income taxes, investment results and certain other items that are included in net income -- rose 19% year-over-year to $144 million.
For the company as a whole, fourth-quarter income from continuing operations was $132 million, or 80 cents per share, versus $98.8 million (60 cents) in the previous-year quarter. Net income was $134 million, or 81 cents per share, compared with a net loss of $603,000 during the fourth quarter of 2005.
“Much of the company's success during the quarter was attributable to the popularity of our national lifestyle television networks and the exciting new Internet businesses that we're building around them," CEO Kenneth W. Lowe said in a prepared statement. "By just about every measure, Scripps Networks was hitting on all cylinders in the fourth quarter, and the prospects are good for continued, double-digit growth in 2007.”