By: (AP) E.W. Scripps Co. reported a 13 per cent rise in second-quarter profits on continued growth at its newspapers and television network business, including Home & Garden Television, Food Network, and other channels.
The company also forecast third-quarter earnings in line with Wall Street's average estimate.
Scripps, a major newspaper publisher, reported earnings of $97.6 million US, or 59 cents per share, up from $86.4 million, or 52 cents per share, in the prior-year period.
The latest quarter included its recently acquired Shopzilla operations, as well as $1.2 million, or one cent per share, in insurance proceeds from hurricane damage at its Florida broadcast television stations in 2004. Revenue for the quarter rose 15 per cent to $627.3 million from $547.3 million.
The results topped Wall Street's consensus forecast of 53 cents per share on revenue of $614.4 million, according to analysts surveyed by Thomson Financial.
Scripps said the quarter's results were driven by strong advertising sales at HGTV and Food Network, as well as improved results at the company's daily newspapers. Scripps' newspapers include Rocky Mountain News in Denver, The Commercial Appeal in Memphis and the Ventura County Star in California.
Scripps projected third-quarter earnings between 35 cents and 39 cents per share, compared with 34 cents per share it reported in the year-ago quarter, which included the financial impact of hurricane damage at the company's newspapers and TV stations in Florida.
Analysts forecast earnings of 37 cents per share for the quarter.
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