E.W. Scripps Q1 Loss Narrows - Quick Facts

(RTTNews) - Media company E.W. Scripps Co. (SSP) said that its first-quarter 2014 net loss attributable to the company narrowed to $0.6 million or $0.01 per share, from $2.7 million or $0.05 per share, in the 2013 quarter. The tax benefit for the 2013 quarter includes $1.1 million, or 2 cents per share, in favorable adjustments to the company's tax reserves.

The company reported a loss from operations before income taxes of $0.8 million in the first quarter of 2014 compared to a loss of $7.6 million in the year-ago quarter.

In the first quarter of 2014, revenue from television stations was $102 million, up $5.3 million from the prior-year quarter. The recent period included $2.7 million of political revenue and $1.7 million in incremental 2014 Winter Olympics advertising on our three NBC-affiliated stations.

Revenue from newspapers was $98.5 million in the first quarter of 2014, down 1 percent from the prior-year quarter. The continued decline in advertising and marketing services revenue was partially offset by an increase in subscription revenue.

Retransmission fees from cable and satellite providers increased 19.5 percent to $12.5 million. In 2014, the company will renegotiate retransmission agreements covering more than one-third of our subscribers.

Consolidated revenues for the quarter were $203.79 million, up 2.6 percent from last year's $198.65 million, primarily due to the increases in retransmission revenue, political advertising and subscription revenue.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.13 per share and revenues of $201.55 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead for the the second quarter of 2014, the company expects television revenues and expenses to be up high-single digits from last year. Newspaper revenues and expenses to be about flat. Expenses for shared services and corporate is expected to be about $15 million.

The impact of the Granite acquisition is not included in the guidance for the second quarter.