E.W. Scripps Posts Wider Q2 Loss - Quick Facts

(RTTNews) - The E.W. Scripps Company (SSP) reported a second quarter loss from continuing operations of $13.0 million compared to a loss of $2.8 million, a year ago. Loss per share from continuing operations was $0.15 compared to a loss of $0.05. The company noted that the transaction and acquisition integration costs associated with the Journal transaction, including the tax impact, were $15.7 million or $0.19 per share, for the quarter.

Operating revenues increased 66 percent, to $198 million, compared to the second quarter of 2014. The company said this increase was primarily a result of the acquisition of the television and radio stations in the Journal and Granite transactions as well as increases in retransmission revenue. In the second quarter of 2015, revenue from television group was $167 million, up $4.5 million from last year.

Consistent with prior guidance for the full year of 2015, the company expects television revenue to be down low single digits. In the third quarter of 2015, the company expects television revenue to be down mid single digits.

Scripps CEO Rich Boehne said: "The remainder of 2015 is focused on integrating these new stations and positioning us for the tremendous opportunity of 2016. Our large collection of stations in key swing states makes Scripps one of the most valuable platforms for political advertising in presidential election years, and 2016 could be a record year for campaign spending to reach those most critical voters. Also next year, we expect retransmission revenue to jump more than 50 percent thanks to step ups and renewals of agreements with our cable and satellite TV distribution partners."