By: Lucia Moses Modest Growth Reported In Newspaper Division
Strong cable television and broadcast television results powered third-quarter earnings growth at the E.W. Scripps Co. past expectations, despite modest growth in the newspaper division.
Excluding unusual items, earnings per share rose to 46 cents from 36 cents in the year-earlier quarter, the company reported Tuesday. A First Call Corp. consensus estimate of eight analysts called for 40 cents. Total revenue for the quarter rose 9.8% to $409.6 million.
In the fast-growing cable group of Home and Garden Television, the Food Network, and Do It Yourself network, revenue grew 34.4% to $72.5 million. The 10-member broadcast TV division reported revenue grew 10.5% to $79.7 million on robust political advertising.
In the newspaper division, which publishes 20 dailies, modest revenue growth was offset by 17% higher newsprint costs and $5.1 million in operating losses at the Denver Rocky Mountain News.
Newspaper operating revenue rose 3.2% to $231.2 million. On a pro forma basis, ad revenue increased 4.7% to $181 million, with local retail down 1%, classified up 6%, and national up 13%.
Scripps is hoping to stem its losses in Denver through a joint operating agreement it is seeking to end its battle with MediaNews Group Inc.'s The Denver Post.
Lucia Moses (lmoses@editorandpublisher.com) is an associate editor covering business for E&P.
Copyright 2000, Editor & Publisher.
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