E.W. Scripps Q4 Profit Falls - Quick Facts

(RTTNews) - Media company E.W. Scripps Co. (SSP) posted a significant drop in its fourth-quarter 2013 net income attributable to the company to $7.9 million, or $0.14 per share, from $27.2 million, or $0.47 per share, last year. On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.

The prior-year quarter's tax expense includes $1.8 million, or 3 cents per share, in favorable adjustments to the company's tax reserves, the company said.

Quarterly operating revenues of $220.83 million, were lower than the previous year's $259.75 million, while it beat consensus estimates of $216.63 million for the period. During the recent quarter, revenue from television stations was $115 million, a decrease of $36.7 million year-over-year. The year-ago period included $56.9 million of political revenue.

Looking ahead, first-quarter Television revenues and expenses are projected to be up low to mid-single digits, with the rate of growth in revenue greater than the rate for expenses.

For the full year 2014, the firm expects television revenues to increase over 20 percent, including some $65 million in political and more than $50 million in retransmission revenue.