E.W. Scripps Reports Radio Revenues Down In First Quarter
May 6, 2016 at 4:50 AM (PT)
The E.W. SCRIPPS COMPANY has reported operating results for the first quarter of 2016. For the quarter, net income from continuing operations was $4.9 million or 6 cents per share.
Radio revenue was $14.6 million, down from $15.3 million in the 2015 quarter. Expenses were $12.5 million compared to $13.3 million in 2015. The company noted segment profit in the radio division was $2.1 million in the first quarter of 2016, about flat with the 2015 quarter.
Digital revenue was $12.3 million, up $4.4 million from the prior period. Excluding the impact of the MIDROLL acquisition, revenue increased about 25%. Expenses for the digital group were $15.5 million, an increase of $2.2 million from the prior-year period. Segment loss in the digital division was $3.1 million in the first quarter of 2016, compared to $5.4 million in the 2015 quarter.
Commenting on the results, SCRIPPS Chairman/Pres./CEO RICH BOEHNE said, "SCRIPPS had a strong quarter, reaching or surpassing our financial targets, and since then we also have further expanded our portfolio of fast-growing businesses."