By: Staff Reports Continued Operating Losses in Denver
E.W. Scripps Co. said growth of its cable and television groups led to higher second-quarter earnings that beat analysts' expectations.
Earnings per share rose to 59 cents from 56 cents in the year-ago quarter, versus 57 cents called for by a First Call/Thomson Financial consensus estimate of nine analysts.
Excluding operating losses at the Denver Rocky Mountain News, which were $8.6 million compared with $2.8 million a year ago, earnings per share rose to 66 cents from 58 cents in 1999.
Total revenue rose 12.3% to $439.2 million. The company said newspaper ad revenue growth was solid, but continued operating losses in Denver, higher newsprint costs, and increased spending on print and online led operating cash flow to decline 8.2% to $64 million.
Newspaper ad revenue rose 8.4% to $187 million in the quarter while circulation revenue declined 4.3% to $36.3 million.
The company is seeking regulatory approval to publish the News in a joint operating agreement with The Denver Post, which it hopes will reduce losses in that market.
Comments
No comments on this item Please log in to comment by clicking here