Tuesday, February 23, 2010

Scripps Reports 18 Percent Decrease in 4Q Consolidated Revenues in 2009

The E.W. Scripps Co. reported operating today that consolidated revenues were $217 million, an 18 percent decrease from $265 million in the fourth quarter of 2008. Compared with the third quarter, the year-over-year rate of revenue decline in the fourth quarter improved for both the television and newspaper divisions.

Expenses, excluding restructuring costs, were reduced 17 percent to $185 million from $223 million in the year-ago period.

Income from continuing operations in the fourth quarter of 2009, net of tax, was $14.1 million, or 22 cents per share, compared with a net loss from continuing operations of $3.6 million, or 6 cents per share, in the 2008 quarter.

The 2009 quarter included after-tax restructuring costs of $3.6 million, or 6 cents per share, for the consolidation of certain functions at its television stations and the continued rationalization of functions and centralization of processes in its newspaper division. The 2008 quarter included after-tax costs totaling $36.9 million, or 69 cents per share, reflecting severance costs in the newspaper division, the write-down of certain assets in the television division, the write-down of a newspaper investment, and costs related to the spin-off of Scripps Networks Interactive.

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