E.W. Scripps Slips To Loss In Q3

(RTTNews) - E.W. Scripps Co.(SSP) reported that its net loss for the third quarter of 2017 was $26.7 million or $0.32 per share, compared to net income of $12.5 million or $0.15 per share last year. The latest-quarter result included a non-cash goodwill and intangibles impairment charge for Cracked of $35.7 million as well as $2.4 million of restructuring charges, which increased the net loss by $24 million (net of taxes) or 29 cents per share.

For the quarter, total revenue was $216 million, compared to $233 million in third-quarter 2016, which included $27 million of political revenue.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share and revenues of $219.59 million. Analysts' estimates typically exclude special items.

Radio revenue was $17.9 million, down from $19.3 million in the 2016 quarter. Expenses were down 2.5 percent year-over-year. Digital revenue was $17.8 million, up 13.3 percent from the prior-year period.

In the third quarter of 2017, revenue from television group was $180 million, down about 9 percent from the prior-year quarter. Political advertising revenue was $1.7 million in the third quarter of 2017, compared to $26.9 million in the third quarter of last year.

Looking ahead for the fourth-quarter of 2017, the company expects Television revenue to be decline high teens year-over-year, Radio revenue to be down high single digits, Digital revenue of about $60 million, which includes Katz networks.