Scripps Networks stayed on course in 2Q, which is a contrast to other cable channel owners that ended the period with mixed messages. The company generated $77.4M in net income, a drop of 27% from the period last year, which was muddied by changes related to Scripps’ acquisition of the Travel Channel and recent sale of Shopzilla, an online comparative shopping site. On an apples-to-apples basis, profits would be up 19% in the quarter, the company says. Revenues were up 12% to $534M. The earnings from continuing operations, at 78 cents a share, beat the 72 cents that analysts expected, while the revenues were on target. Scripps says that it saw improvement at all of its channels except Great American Country, where revenues fell 31% to $5.9M. With increased ad sales and fees from pay TV companies, Food Network revenues were up 8.2% to $187M, HGTV increased 8.9% to $189M, and Travel was up 15% to $70.3M. “Put it all together, and the company succeeded in delivering solid doubt-digit growth in revenue and segment profit during the second quarter and is on track for another outstanding year,” CEO Ken Lowe says.
By DAVID LIEBERMAN, Financial Editor | Tuesday August 9, 2011 @ 8:33am EDTTags: Food Network, HGTV, Ken Lowe, Scripps Networks, The Travel Channel
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This article was printed from http://www.deadline.com/2011/08/scripps-networks-hgtv-and-food-network-contribute-to-solid-2q-results/
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