E.W. Scripps Slips To Loss In Q3 - Quick Facts

(RTTNews) - Media company E.W. Scripps Co. (SSP) reported that net loss for the third quarter of 2013 was $8.9 million or $0.16 per share, compared to net income of $12 million, or $0.21 per share, in the third quarter of 2012. The tax expense for the 2012 quarter included $3.7 million, or $0.07 per share, in favorable adjustments to the reserve for prior-year income taxes.

Costs and expenses for segments, shared services and corporate decreased 1.7 percent to $182 million compared to the year-ago quarter.

Revenue from television stations was $99.3 million in the third quarter of 2013, down $26 million from the year-ago quarter. The prior-year period included $36 million of political revenue as well as incremental 2012 Summer Olympics advertising on its three NBC-affiliated stations.

In the third quarter of 2013, revenue from newspapers was $88.3 million, down 4.4 percent from the prior-year period but offset slightly by the first subscription revenue increase since the fourth quarter of 2010.

Consolidated revenues were $190 million, a decrease of 14 percent, or $30.1 million, from the prior-year quarter. In this off-cycle period, political advertising revenues decreased $32.9 million.

Record third-quarter political spending last year resulted in an expected decline in year-over-year television revenue for The E.W. Scripps in the third quarter of 2013. However, excluding the cyclical political revenue from both years, television revenues rose 7.5 percent, boosted by a 40 percent increase in retransmission fees from cable and satellite operators.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share and revenues of $197.09 million for the quarter. Analysts' estimates typically exclude special items.

For year-over-year performance of key metrics in the fourth quarter, the company expects television revenues to be down mid-twenties. The prior-year period included $56.9 million of political advertising.

The company expects newspaper revenues and expenses for the fourth-quarter to decline at a low-to-mid-single-digit rate, with the decline in expenses being greater than the decline in revenues. Subscription revenues is expected to increase low single digits.

For year-over-year performance of key metrics in the full year, the company expects television revenue to be down mid-teens, and newspaper revenue to be down mid-single-digits.