E.W. Scripps Reports Q4 Radio Revenues Down $2.4 Million
February 26, 2016 at 4:54 AM (PT)
The E.W. SCRIPPS COMPANY has reported operating results for the fourth quarter of 2015. For the quarter, the net loss from continuing operations was $21.5 million, or 25 cents per share. The quarter included a $45.7 million non-cash pension settlement charge and JOURNAL-related transaction and acquisition integration costs of $1 million. Excluding these charges, income from continuing operations would have been $7.8 million, or 9 cents per share.
Revenue in the radio division was $19 million, down from $21.3 million in the 2014 quarter, "as advertising slowed in the later part of the quarter," noted the company. Political revenue decreased $700,000. Expenses were $15.2 million compared to $16.1 million in 2014. Segment profit in the radio division was $3.9 million in the fourth quarter of 2015, compared to $5.2 million in the 2014 quarter.
Commenting on the results, SCRIPPS Chairman/Pres./CEO RICH BOEHNE said, "Finally, 2016 is upon us, and we anticipate the highest revenue year in our television division's history as we hit the very top of the four-year political advertising cycle. We are positioning our stations to make the most of the anticipated record broadcast television election spending. That includes making strategic investments to maintain and grow strong ratings, especially in the markets where we expect the greatest presidential election spending. We have one of the most attractive presidential election advertising footprints in the industry, and we're well prepared to make the most of it. We finished the year by completing the integration of the former JOURNAL COMMUNICATIONS stations. We will launch our original programs 'The List' and 'Right This Minute' in six former JOURNAL markets this year as well as launch 'The List' in syndication starting in SEPTEMBER 2016."