E.W. Scripps Posts Q2 Profit

(RTTNews) - The E.W. Scripps Company (SSP) reported that its net income from continuing operations for the second-quarter of 2015 was $11.5 million or $0.14 per share, compared to net loss from continuing operations of $13 million or $0.15 per share last year. The prior year result included costs associated with the Journal transaction of $15.7 million after-tax.

Net income was $11.49 million or $0.14 per share compared to net loss of $31.40 million or $0.37 per share in the prior year.

Revenues increased $29.7 million, or 15 percent, to $228 million, compared to the second quarter of 2015. The increase was primarily a result of increases in retransmission revenue, political advertising revenue and our growing digital businesses.

In the second quarter of 2016, revenue from television group was $192 million, up $24.4 million or 15 percent. Retransmission revenue increased $16.9 million, and political advertising revenue was $8.4 million in the presidential election year compared to $2.2 million in 2015.

For the third-quarter, the company expects Television revenue growth to be 35percent - 45 percent, and Digital revenue growth to be about 50 percent.

Based on the current election map, the company believes its prior full-year political guidance of greater than $150 million is at the high end of its range, with about 10 percent of risk in that number.