E.W. Scripps Co. Reports Q2 Profit Despite Revenue Decline

By: Media company E.W. Scripps Co. said Monday it made a profit in the second quarter despite a decline in revenue.

E.W. Scripps earned $2.3 million, or 4 cents per share, up from a loss of $531.2 million, or $9.78 per share, in the same period a year earlier. The 2008 quarter included an impairment charge of $525 million from the company's newspaper businesses, and a charge of $58 million from investments in newspaper partnerships in Colorado.

Revenue fell 23 percent to $193.9 million from $250.9 million.

Rich Boehne, president and CEO of the Cincinnati-based company, says Scripps is seeing slight improvement in its advertising markets over the past several weeks, especially at TV stations.

"Thanks to disciplined operating decisions and modest debt, Scripps has been able to protect its financial health and look ahead with optimism despite an economic crisis that has throttled the flow of marketing dollars across this country," Boehne said in a statement.

Revenue from the company's television stations was $61.1 million, a decrease of 24 percent from the same period a year earlier. The decline was largely due to reduced ad spending from companies in the automotive, financial services and retail industries.

Revenue from newspapers managed solely by Scripps fell 22 percent to $113 million. Advertising revenue declined 29 percent to $79.4 million, hurt by a weakness in print classified advertising.