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Apr-24-2008EW Scripps 1Q earnings up on higher ratings, ad sales(topic overview)
CONTENTS:
- Media conglomerate E.W. Scripps posted improved first-quarter earnings, bucking an industry trend of poor results, lifted by a strong scatter-ad market for cable channels Food Network and Home & Garden Television. (More...)
- Weak classified and local advertising will bring an 8 percent to 10 percent decline in the second quarter compared with a year ago, the company said. (More...)
- Interactive Media revenue was $77.5 million for the first quarter compared with $62.9 million in the first quarter 2007. (More...)
- Year-over-year newspaper expense reductions reflect $8.9 million in employee severance costs the company incurred during the second quarter 2007. (More...)
- Revenue for the Cincinnati-based media company rose 6.8% to $642 million from $601.4 million a year earlier. (More...)
- The improvement is attributable, in part, to the company's $4.4 million share of a one-time gain on the sale of real estate in Denver. (More...)
- Increased viewership for HGTV and Food Network produced higher advertising revenues for the segment. (More...)
- Our Denver newspaper is operated pursuant to the terms of a joint operating agreement ("JOA"). (More...)
- The Partnership will direct and manage the operations of the continuing Journal newspaper and we will receive a share of the Partnership's profits commensurate with our residual interest. (More...)
- Shares of Scripps (NYSE: SSP) fell 13 cents, to $43.66, in Thursday morning trading. (More...)
- Great American Country can be seen in about 53 million homes compared with 47 million homes a year ago. (More...)
- The prior-year period also included $3.0 million in accelerated depreciation costs related to the consolidation of construction of production facilities in Denver. (More...)
- The company, which owns daily and community newspapers in 15 markets, 10 broadcast TV stations and other media properties, plans to split into two companies by June 30. (More...)
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Media conglomerate E.W. Scripps posted improved first-quarter earnings, bucking an industry trend of poor results, lifted by a strong scatter-ad market for cable channels Food Network and Home & Garden Television. The Cincinnati-based company reported that its first-quarter earnings grew 23% to $84.1 million, or 51 cents per share, from $68.5 million (42 cents) in the same quarter one year ago. [1] The company, which owns Home & Garden Television and the Food Network, posted first-quarter net income of $84.1 million, or 51 cents a share, compared with $68.5 million, or 42 cents a share, for the same period in 2007.[2]
The media company posted net income of $84.1 million, or 51 cents per share, compared to $68.5 million, or 42 cents per share, in the year-ago quarter.[3] It looks like the sputtering ad economy didn't affect Scripps (NYSE: SSP) too badly in Q1, as net income rose 22.8 percent to $84.1 million, or 51 cents per share, from last year's $68.5 million (42 cents per share).[4]
THE E. W. SCRIPPS COMPANY RESULTS OF OPERATIONS (in thousands, except Three months ended per share data) March 31, 2008 2007 Change Operating revenues $642,474 $601,424 6.8 % Costs and expenses (462,962) (448,401) 3.2 % Depreciation and amortization of intangibles (28,762) (34,438) (16.5)% Gains (losses) on disposal of PP&E; (867) (89) Operating income 149,883 118,496 26.5 % Interest expense (5,832) (10,201) (42.8)% Equity in earnings of JOAs and other joint ventures 12,189 3,621 Miscellaneous, net 761 848 (10.3)% Income from continuing operations before income taxes and minority interests 157,001 112,764 39.2 % Provision for income taxes (50,874) (31,535) 61.3 % Income from continuing operations before minority interests 106,127 81,229 30.7 % Minority interests (22,293) (17,980) 24.0 % Income from continuing operations 83,834 63,249 32.5 % Income from discontinued operations, net of tax 234 5,235 (95.5)% Net income $84,068 $68,484 22.8 % Net income per diluted share of common stock: Income from continuing operations $0.51 $0.38 Income from discontinued operations 0.00 0.03 Net income per diluted share of common stock $0.51 $0.42 Weighted average diluted shares outstanding 163,659 164,921 Net income per share amounts may not foot since each is calculated independently.[5] Operating revenues grew 7 percent, to $642.5 million from $601.4 million. Both earnings and revenues beat the Wall Street estimate of 43 cents per share and $624.6 million, respectively.[3]
The Cincinnati media company said revenue for the quarter increased 6.8% to $642 million from the same period last year. It attributed gains to strong growth at Scripps Networks, the company's operating division that includes HGTV and Food Network, and solid performance at its Shopzilla comparison shopping Internet business.[6] CINCINNATI, April 24 /PRNewswire-FirstCall/ -- The E. W. Scripps Company SSP today reported first-quarter operating results, including strong revenue and segment profit growth at Scripps Networks, the company's operating division that includes HGTV and Food Network, and solid performance at its Shopzilla comparison shopping Internet business.[5]
"Solid audience trends at HGTV and Food Network, combined with healthy pricing in the scatter advertising market, resulted in double digit revenue and segment profit growth for Scripps Networks. We also saw strong growth at our Interactive Media segment, thanks primarily to Shopzilla's improving ability to efficiently monetize its growing levels of user traffic."[7]
The E. W. Scripps Company (www.scripps.com) is a diverse and growing media enterprise with interests in national cable networks, newspaper publishing, broadcast television stations, interactive media, and licensing and syndication. The company's portfolio of media properties includes: Scripps Networks, with such brands as HGTV, Food Network, DIY Network, Fine Living and Great American Country; daily and community newspapers in 15 markets and the Washington-based Scripps Media Center, home to the Scripps Howard News Service; 10 broadcast TV stations, including six ABC-affiliated stations, three NBC affiliates and one independent; Scripps Interactive Media, including leading online search and comparison shopping services, Shopzilla and uSwitch; and United Media, a leading worldwide licensing and syndication company that is the home of PEANUTS, DILBERT and approximately 150 other features and comics.[5] Upon completion of the transaction a new company, Scripps Networks Interactive, will include the businesses that currently comprise the Scripps Networks and Interactive Media divisions. The E. W. Scripps Company will include its local newspapers, broadcast television stations, and licensing and syndication businesses. The transaction to separate the company is expected to be completed at the end of June of this year.[5]
Meanwhile Q1 revenues gained 6.8 percent to $642 million compared with the same period a year ago. Those positive numbers were boosted by its cable and interactive segments, which helped to offset negative results within the Cincinnati-based media company's newspaper division and at its local broadcast outlets.[4] Interactive, which includes online comparison shopping services Shopzilla and uSwitch, saw Q1 revenue rise 23 percent to $77.5 million, as the segment's profit swung to positive with $21 million compared with a $15 million loss during the same period a year earlier.[4] Segment profit for the Interactive Media division was $21.0 million compared with a slight loss during the same period a year earlier.[8] During the prior-year period Interactive Media segment profit was reduced by about $15 million due to a combination of factors including leadership transition costs at Shopzilla and increased marketing expenses at uSwitch.[5] Interactive Media, which includes Shopzilla and uSwitch, is expected to generate segment profit of $12 million to $14 million in the second quarter.[5]
The interactive media division, which includes Shopzilla and uSwitch, grew revenues 23 percent to $77.5 million, with profit of $21 million.[3] At the company's Interactive Media division, which includes online comparison shopping services Shopzilla and uSwitch, first-quarter revenue grew 23 percent to $77.5 million.[8]
Scripps Networks revenue rose 15 percent to $311 million, while Interactive media revenue rose 23 percent to $77.5 million.[2] Scripps Networks accounted for nearly half of consolidated revenue, the company said in a news release. Segment revenues were $311 million and profit was $147 million, both up 15 percent year over year.[3] Scripps Networks advertising revenue increased 15 percent to $236 million. The company offered a grim prospect for its newspaper group, to be spun off into an independent company by the end of the second quarter.[9] Based on advance advertising sales, the company currently anticipates second quarter 2008 total revenue for Scripps Networks will be up 10 to 12 percent year over year.[5]
The company also forecast a 10 percent to 12 percent revenue rise for Scripps Networks in the second quarter, with expenses expected to rise about 15 percent.[2]
At Scripps Networks, first-quarter revenue grew 15 percent year-over-year to $311 million.[8] Scripps Networks segment profit was $147 million, up 15 percent from $128 million in the prior-year period.[5] Corporate revenue increased 6.8% to $642 million from $601.4 million. Results from its newspaper and local TV stations declined, hurt by presidential-primary boycotts in Florida and Michigan that "left a lot of money on the table," Scripps president and CEO Kenneth W. Lowe said in an investors' conference call. He added that automotive and retail were also weak. First-quarter segment profit at its stations slid 13% to $14.2 million versus $16.4 million, despite an increase in political ads.[1] Despite a $4.4 million, one-time gain from the sale of real estate owned by the Denver Newspaper Agency, the newspaper division's revenues fell 8 percent, to $156 million, and segment profit dropped to $27.6 million from $29.3 million.[3] Newspaper segment profit was $27.6 million, compared with $29.3 million last year. That segment's profit included a $4.4 million, one-time gain from the sale of real estate owned by the Denver Newspaper Agency. Its newspapers include the Rocky Mountain News in Denver, The Commercial-Appeal in Memphis and the Corpus Christi Caller-Times in Texas.[7] The contribution to segment profit from the company's joint operating agreement newspaper and partnerships was $2.0 million compared with a $7.4 million loss in the prior year period.[5] Television Station Group segment profit was $14.2 million compared with $16.4 million in the prior year period.[5] First-quarter revenue at the Scripps Television Station Group was $76.0 million compared with $76.5 million during the same period a year earlier.[5] On a consolidated basis, The E. W. Scripps Company's first-quarter revenue increased 6.8 percent to $642 million compared with the same period a year ago.[8]
CINCINNATI (AP) — Media company E.W. Scripps said Thursday its first-quarter profit rose 23 percent from the same period a year ago, mostly because of higher ratings and ad sales at its HGTV and Food Network.[7]
In the first quarter of 2008, DNA sold the production facility that was no longer being utilized in DNA's operations. The gain from this transaction increased our 2008 equity in earnings from JOA's $4.4 million. Scripps Networks includes five national television networks and their affiliated Websites, Home & Garden Television ("HGTV"), Food Network, DIY Network ("DIY"), Fine Living and Great American Country ("GAC"); and our 7.25% interest in Fox-BRV Southern Sports Holdings, which comprises the Sports South and Fox Sports Net South regional television networks.[5] Financial performance at Scripps Networks was favorably affected during the first quarter by increased advertising sales that resulted from improved audience viewership at HGTV and Food Network and strong pricing in the scatter advertising market.[8]
"Strong growth at our Scripps Networks and Interactive Media divisions drove improved consolidated results for the company during the first quarter," Kenneth W. Lowe, president and chief executive officer, said in a statement.[7] Significant reconciling items attributable to each business segment are as follows: (in thousands) Three months ended March 31, 2008 2007 Depreciation: Scripps Networks $5,976 $4,604 Newspapers: Newspapers managed solely by us 5,373 5,337 JOAs and newspaper partnerships 325 329 Total newspapers 5,698 5,666 Broadcast television 4,413 4,323 Interactive media 6,200 3,461 Licensing and other media 117 114 Corporate 59 379 Total depreciation $22,463 $18,547 Amortization of intangibles: Scripps Networks $815 $806 Newspapers: Newspapers managed solely by us 519 455 JOAs and newspaper partnerships Total newspapers 519 455 Broadcast television 281 278 Interactive media 4,684 14,352 Total amortization of intangibles $6,299 $15,891 Gains (losses) on disposal of PP&E;: Scripps Networks $(764) $(68) Newspapers: Newspapers managed solely by us (8) JOAs and newspaper partnerships 20 1 Total newspapers 20 (7) Broadcast television (123) (14) Gains (losses) on disposal of PP&E; $(867) $(89) 4.[5] Scripps Networks includes national television networks, Newspapers includes daily and community newspapers, Broadcast television includes nine network affiliated stations and one independent station, Interactive media includes our online search and comparison shopping services, and Licensing and other media primarily includes syndication and licensing of news features and comics.[5] E.W. Scripps, headquartered in Cincinnati, operates cable networks, newspapers, broadcast television stations, electronic commerce and interactive media services.[3]
One company will include cable networks and interactive properties, the other will include newspapers and broadcast television stations.[7]
At the company's newspapers and television stations, first quarter operating performance was affected by industry-wide weakness in local advertising sales.[5] Newspaper segment profit was favorably affected during the first quarter by a $4.4 million, one-time gain from the sale of real estate owned by the Denver Newspaper Agency.[5] Overall, newspaper segment profit for the quarter was $27.6 million versus $29.3 million last year - a 5.8 percent decline.[4]
Total newspaper segment profit was $27.6 million compared with $29.3 million in the prior-year period.[5]
Segment profit for the division also increased 15 percent to $147 million.[4] First-quarter segment profit at the TV Station Group was $14.2 million vs. $16.4 million, year-over-year.[5]
The decline in revenue and segment profit at the Television Station Group was attributable to generally weak local and national advertising sales, particularly in the automotive and retail categories.[5] Lower local and classified advertising sales, including particularly weak real estate and employment classified advertising, contributed to the decline in total newspaper revenue and segment profit.[5]
Lower local and national ad sales also pushed down revenue and profits at the Television Station Group.[3]
Television Station Group revenue was $76.0 million compared with $76.5 million a year earlier.[5] Cash expenses for the Television Station Group were $61.8 million, up 2.9 percent from the prior year.[5]
Weak classified and local advertising will bring an 8 percent to 10 percent decline in the second quarter compared with a year ago, the company said. Scripps shares were trading at $43.59, down 20 cents, this morning. [9] Net earnings were $84.1 million, or 51 cents a share, for the January-March period compared with $68.5 million, or 42 cents a share, a year ago.[7] The Cincinnati-based media giant said audience trends brought profits of $84.1 million or 51 cents a share ' an increase of 23 percent from $68.5 million or 42 cents a share.[9]
BOSTON (Thomson Financial) - E.W. Scripps Co. Thursday said first-quarter net income rose to $84.1 million, or 51 cents a share, topping the mean estimate of analysts polled by Thomson Reuters of 43 cents a share.[10] A tax benefit of $3.4 million was recognized in the first quarter of 2007 related to differences that were identified between our prior year provision and tax returns for our Shop At Home businesses. This resulted in a charge to amortization of $5.2 million that reduced net income $3.3 million, $.02 per share.[5] In connection with the adoption of Financial Accounting Standards Board Interpretation No. 48 and the corresponding detailed review that was completed for our deferred tax balances, we identified adjustments necessary to properly record certain tax balances. These adjustments reduced the tax provision in the first quarter of 2007 increasing net income $4.0 million, $.02 per share.[5]
Interactive Media revenue was $77.5 million for the first quarter compared with $62.9 million in the first quarter 2007. [5] Political advertising revenue during the quarter was $3.1 million compared with $300,000 during the same period in 2007.[5] Advertising revenue at newspapers managed solely by Scripps was $120 million, down 10 percent from the prior-year period.[11] In Scripps' newspaper division, which includes the News Sentinel in Knoxville, total revenue fell 8.3 percent to $156 million.[11] First-quarter revenue at Scripps newspapers was down 8.3 percent, year- over-year, to $156 million.[5]
Revenue broken down by category was: - Local, down 5.8 percent to $45.7 million. - National, down 7.5 percent to $22.1 million. - Political, $3.1 million compared with $300,000 in 2007.[5] Revenue was $22.4 million compared with $23.2 million in the prior-year period.[5] Newspaper online revenue was $10 million, which was flat relative to the prior-year period.[5]
Revenue increased 6.8 percent to $642 million from $601.4 million during the same period in 2007.[7] Revenue at Great American Country increased 5.8 percent to $5.9 million.[5]
Advertising revenue broken down by category was: - Local, down 8.4 percent to $33.9 million. - Classified, down 19 percent to $41.8 million. - National, down 10 percent to $8.0 million. - Preprint and other, down 0.2 percent to $36.5 million.[5]
Analysts polled by Thomson Financial were looking for earnings of 43 cents a share for the quarter on revenue of $625 million.[7] The increased depreciation resulted in a $3.0 million decrease in our equity in earnings of JOAs in the first quarter of 2007.[5] In the first quarter of 2006, we undertook a deliberate and careful assessment of strategic alternatives for Shop At Home which culminated in the sale of the operations of the Shop At Home television network and certain assets to Jewelry Television in June 2006 for approximately $17 million in cash.[5] Food Network reaches about 96 million domestic subscribers, up from 92 million at the end of the first quarter 2007.[5]
Scripps Networks accounted for roughly half of the company's consolidated revenue during the first quarter.[4] Scripps Networks, which includes HGTV, Food Network, DIY Network, Fine Living Network and Great American Country, accounted for nearly half of the consolidated revenue.[7] In addition to HGTV and Food Network, Scripps Networks includes DIY Network, Fine Living Network, Great American Country (GAC) and a growing portfolio of related lifestyle brands that deliver content and interactive services on the Internet.[8]
Scripps' separation into two publicly traded companies - one including Scripps Networks and the interactive division, and the other including local newspapers and broadcast TV stations, is expected to be completed by the end of June, the company said.[3]
NEW YORK, April 24 (Reuters) - Publisher and television broadcaster E.W. Scripps Co. (SSP.N: Quote, Profile, Research ) posted a rise in quarterly profit, fueled by strength at its TV networks and its Shopzilla Web business, and beat Wall Street expectations. Scripps also said its plan to split into two companies, one focused on national brands and the other on local media, is on track for completion by the end of the second quarter.[2] "As for the company's proposed separation, we're on track to complete the transaction by the end of the second quarter as planned," Lowe said. "We've received a favorable ruling from the IRS on the tax-free nature of the transaction; we've received initial comments from the SEC on the filing of the new company's Form 10 information statement; and the management teams are in place for both companies going forward. We're right where we anticipated being at this stage in the process." On Oct. 16, 2007, the company disclosed that its board of directors had unanimously authorized management to pursue a separation of Scripps into two publicly traded companies, one focused on national brands and the other focused on local media.[5]
Year-over-year newspaper expense reductions reflect $8.9 million in employee severance costs the company incurred during the second quarter 2007. [5] Corporate expenses, excluding costs that will be incurred as a result of the company's separation, are expected to be about $17 million in the second quarter.[5]
Revenue for the Cincinnati-based media company rose 6.8% to $642 million from $601.4 million a year earlier. [10] Online revenue, which is included in the preprint and other category, was $9.9 million, about flat relative to the prior year period.[5]
Disappointingly, newspaper online revenue was $10 million, which was flat compared to Q107.[4] The stock has traded between $35.61 and $47.60 over the last year. Other newspaper publishers, including Gannett Co., Lee Enterprises Inc. and McClatchy Co. attributed lower first-quarter results to tumbling advertising revenue.[7] Total newspaper revenue is expected to be down 8 to 10 percent from the prior year in the second quarter due to continued weakness in classified and local advertising.[5]
Total Scripps Networks expenses are expected to increase about 15 percent during the second quarter.[5] Strong performance at Scripps Networks offset weak TV and print advertising to push E.W. Scripps Co.'s first-quarter profits up 23 percent.[3] Higher revenue from home-based advertising at thriving cable networks drove first-quarter profits for Cincinnati-based E. W. Scripps Co.[9]
Scripps Networks segment profit includes equity in earnings of joint ventures.[5] Newspaper segment profit includes equity in earnings of JOAs and newspaper partnerships.[5]
Our share of the earnings of our JOA and newspaper partnerships is reported as "Equity in earnings of JOAs and other joint ventures" in our Results of Operations.[5] We account for our share of the earnings of our JOA and newspaper partnerships using the equity method of accounting.[5]
Scripps forecast second-quarter earnings per share of 58 cents to 62 cents from continuing operations. That forecast excludes costs related to the company's plans to split in two.[2] Second quarter earnings per share from continuing operations, excluding separation costs, are expected to be between 58 and 62 cents.[5]
Analysts for Thomson Reuters were expecting, on average, first-quarter earnings of 43 cents a share.[6]
The improvement is attributable, in part, to the company's $4.4 million share of a one-time gain on the sale of real estate in Denver. [5] Revenues fell to $76 million from $76.5 million in the year-ago quarter, while segment dropped to $14.2 million from $16.4 million.[3] In that TV-revenue segment, local-TV-station revenue fell 5.8% to $45.7 million and national ads were off 7.5% to $22.1 million. This was not completely offset by a gain in political to $3.1 million from $300,000.[1]
Revenue rose 6.8 percent to $642 million, ahead of the average analyst expectation of $627.7 million, according to Reuters Estimates.[2]
Q1revenue at Scripps newspapers was down 8.3 percent, year-over-year, to $156 million.[4] Programming, marketing and other expenses increased 15 percent to $126 million.[5]
We reached agreement in the third quarter of 2006 to sell the five Shop At Home-affiliated broadcast television stations for cash consideration of $170 million.[5] At the company's broadcast television stations, total revenue is expected to be flat to up slightly compared with the prior-year period.[5] In looking forward, the company offered guidance in the TV-stations segment that "total revenue is expected to be flat to up slightly compared with the prior-year period.[1]
Increased viewership for HGTV and Food Network produced higher advertising revenues for the segment. [3]
"At our newspapers and TV stations, first-quarter segment results reflect the continued weakness in local advertising that has affected the entire industry," Lowe said.[5] Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, restructuring activities, investment results and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America.[5] Items excluded from segment profit generally result from decisions made in prior periods or from decisions made by corporate executives rather than the managers of the business segments.[5] Our chief operating decision maker (as defined by FAS 131, "Segment Reporting") evaluates the operating performance of our business segments using a measure we call segment profit.[5]
Our Denver newspaper is operated pursuant to the terms of a joint operating agreement ("JOA"). The Newspaper Preservation Act of 1970 provides a limited exemption from anti-trust laws, permitting competing newspapers in a market to combine their sales, production and business operations in order to reduce aggregate expenses and take advantage of economies of scale, thereby allowing the continuing operation of both newspapers in that market. [5] The sales, production and business operations of the Denver newspapers that participate in the JOA are operated by the Denver Newspaper Agency, a limited liability partnership (the "Denver JOA").[5]
The Partnership will direct and manage the operations of the continuing Journal newspaper and we will receive a share of the Partnership's profits commensurate with our residual interest. We participate in a newspaper partnership with MediaNews Group, Inc. ("MediaNews") that operates certain of both companies' newspapers in Colorado, including their editorial operations. [5] Each newspaper owns 50% of the Denver JOA and shares management of the combined newspaper operations.[5]
Shares of Scripps (NYSE: SSP) fell 13 cents, to $43.66, in Thursday morning trading. [3]
Total cash expenses for Scripps newspapers managed solely by the company were down 2.3 percent to the prior year.[5] Total newspaper expenses are expected to be down about 7 percent compared with the prior year.[5]
Great American Country can be seen in about 53 million homes compared with 47 million homes a year ago. [5] HGTV now reaches about 96 million domestic subscribers compared with 92 million at the end of the first quarter 2007.[5] The senior management team at Scripps will discuss the company's first quarter results during a telephone conference call at 10 a.m. EDT today.[5] Callers will need the name of the call (first quarter earnings report) to be granted access. Callers also will be asked to provide their name and company affiliation.[5]
In the first quarter of 2008, we ceased publication of our Albuquerque Tribune newspaper.[5] In the third quarter of 2005, the management committee of the Denver Newspaper Agency ("DNA") approved plans to consolidate DNA's newspaper production facilities resulting in certain assets of the existing facilities being retired earlier than previously estimated. The reduction in these assets' estimated useful lives increased DNA's depreciation expense through April 2007.[5] The Interactive Media division's growth in the quarter was attributed to Shopzilla's higher user traffic as as well as lower expenses at uSwitch in the UK.[4] The Interactive Media division's first-quarter growth is attributable to improvements at Shopzilla that have resulted in the business being able to cost effectively increase and monetize user traffic and increasing energy switching activity and significantly lower expenses at uSwitch in the United Kingdom.[8]
Online divisions offered a surprise for Wall Street. "We also saw strong growth at our Interactive Media segment, thanks primarily to Shopzilla's improving ability to efficiently monetize its growing levels of user traffic,' said Kenneth W. Lowe, president and chief executive officer.[9]
The prior-year period also included $3.0 million in accelerated depreciation costs related to the consolidation of construction of production facilities in Denver. [5] In accordance with the provisions of FAS 144, "Accounting for the Impairment or Disposal of Long-Lived Assets", the results of businesses held for sale or that have ceased operations are presented as discontinued operations within our results of operations. Accordingly, these businesses have been excluded from segment results for all periods presented.[5]
The company, which owns daily and community newspapers in 15 markets, 10 broadcast TV stations and other media properties, plans to split into two companies by June 30. [7] DIY can be seen in about 47 million households, up from about 43 million households a year ago.[5]
SOURCES
1. Cable Networks Lift Scripps' Q1 Earnings - 4/24/2008 11:06:00 AM - Broadcasting & Cable
2. UPDATE 1-Scripps quarterly profit rises, beats expectations | Markets | Markets News | Reuters
3. Cable networks drive E.W. Scripps' 1Q profits - Business Courier of Cincinnati:
4. Earnings: Scripps' Q1 Profits Rise 22.8 Percent As Revs Rise 6.8 Percent; Interactive Up 23 Percent - washingtonpost.com
5. Scripps Reports First Quarter Results: PRNewswire Business News - MSN Money
6. E.W. Scripps Co. reports earnings of 51 cents per share - MarketWatch
7. The Associated Press: EW Scripps 1Q earnings up on higher ratings, ad sales
8. SunHerald.com : Scripps Reports First Quarter Results
9. The Enquirer - Scripps reports strong profits
10. E.W. Scripps 1Q income tops estimates; revenue up 6.8% - Forbes.com
11. Scripps far exceeds analysts' profit estimate for 1Q : Business : Knoxville News Sentinel
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