Scripps Reports July Revenues
TO BUSINESS EDITOR:
CINCINNATI, Aug. 13 /PRNewswire-FirstCall/ -- The E. W. Scripps Company's (NYSE: SSP) consolidated revenues for July increased 9.9 percent year-over- year to $140 million. The company is reporting its July revenue comparisons as if it had owned the Shop At Home Network since January 2002. Excluding Shop At Home, consolidated July revenues were up 8.3 percent, year-over-year.
Revenues from the company's fastest growing division, Scripps Networks, were up 29 percent to $39.1 million. Advertising revenues during the month at Scripps Networks were up 32 percent and affiliate fee revenues increased 18 percent. Scripps Networks includes the company's portfolio of national cable and satellite television networks - Home & Garden Television, Food Network, Fine Living and DIY -- Do It Yourself Network.
HGTV was available in about 81 million television households during July and Food Network reached about 79 million households. DIY can be seen in about 20 million households and Fine Living reaches about 18 million homes.
July revenues at the company's newspapers were up 1.0 percent year-over- year to $51.7 million. Newspaper advertising revenues for the month, broken down by category, were:
- Local, down 3.6 percent to $11.6 million.
- Classified, about even at $16.4 million.
- National, up 13 percent to $3.1 million.
- Preprints and other, up 8.9 percent to $9.1 million.
The company's share of profits from its four joint newspaper operations, before editorial costs, was down 3.8 percent to $5.5 million primarily because of lower results in all joint operating agreement markets except Denver.
At the company's 10 broadcast television stations, revenues for the month were $21.3 million, down 3.7 percent from July 2002 because of the relative absence of political advertising this year versus last. Political advertising for July was about $200,000 compared to $1.9 million for the month in 2002. Local television advertising in July was up 3.4 percent to $13.0 million and national advertising was up 3.6 percent to $6.9 million.
July revenues at the Shop At Home Network increased 21 percent to $19.3 million on an apples-to-apples basis as if the company had owned the network since January 2002.
Celebrating its 125th anniversary, The E.W. Scripps Company is a diverse media concern with interests in newspaper publishing, broadcast television, national television networks, interactive media and television-retailing. Scripps operates 21 daily newspapers, 10 broadcast TV stations, four cable and satellite television programming services and a home shopping network. All of the company's media businesses provide content and advertising services via the Internet.
Scripps Networks brands include Home & Garden Television, Food Network, DIY -- Do It Yourself Network and Fine Living. Home & Garden and Food Network each can be seen in about 80 million U.S. television households. Scripps Networks Web sites include FoodNetwork.com, hgtv.com, DIYnetwork.com and fineliving.com. Scripps Networks programming can be seen in 33 countries.
The company's home shopping subsidiary, Shop At Home Network, markets a growing range of consumer goods directly to television viewers and visitors to the Shop At Home Web site, shopathometv.com. Shop At Home reaches about 48 million full-time equivalent U.S. households.
Scripps also operates Scripps Howard News Service and United Media, which is the worldwide licensing and syndication home of PEANUTS and DILBERT.
Tabular material to follow in a separate release.
SOURCE The E.W. Scripps Company