Scripps Execs: 'Recovery Has Begun'

By: The E.W. Scripps Co. of Cincinnati, publisher of 21 daily newspapers and several cable channels including the Food Network, said it expected to achieve the upper end of analysts' estimates for its second quarter, which range between 65 and 75 cents per share.

"Based on results to date, we're very encouraged by what we're seeing," said Joseph NeCastro, the company's chief financial officer.

Ken Lowe, Scripps' chief executive, said the company's top priority was growing its burgeoning cable network business, which includes HGTV, DIY, and the recently launched Fine Living channel.

Lowe also said the company was "guardedly optimistic" about the remainder of 2002. "It would appear that for us at Scripps, the recovery has begun." But he also said the gains were not spread evenly, with some areas such as help wanted advertising still showing weakness.