Scripps Posts Strong 2Q, to Split Stock

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The E.W. Scripps Co. common-stock holders voted Thursday to approve a 2-for-1 stock split.

The vote enables the company's board of directors to declare the split, publicly announced by the company April 30. The board is expected to vote on a resolution to split the stock when it meets July 29, Scripps said.

The company also said strong political-advertising growth on its TV stations and ad growth in general at its cable networks helped it to a robust second quarter.

Scripps posted earnings $86.4 million, or $1.05 per share, in the quarter, versus $64.7 million (80 cents) in the year-earlier period, a gain of 34%.

The company said profits at its Scripps Networks unit -- which includes cable networks Home & Garden Television, Fine Living, Food Network and Do-It-Yourself -- rose 56% to $87.5 million from $55.9 million in the second quarter of 2003.

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