E.W. Scripps Reports Q3 Financials, Radio Down Just Over $1 Million
November 4, 2016 at 5:03 AM (PT)
The E.W. SCRIPPS COMPANY has reported operating results for the third quarter of 2016.
For the quarter, net income from continuing operations was $12.5 million or 15 cents per share. In the prior-year period, the net loss from continuing operations was $24.4 million or 29 cents per share, including a non-cash goodwill and intangible impairment charge of $24.6 million and Journal-related transaction and acquisition integration costs of $4.2 million. As previously reported, the non-cash impairment charge and JOURNAL-related costs reduced net income by $24 million or 31 cents per share in 2015.
Radio revenue was $19.3 million, down from $20.4 million in the 2015 quarter. Expenses were $16.8 million compared to $16.3 million in 2015. The 2016 expenses include about $500,000 of costs for flood cleanup at operations in WICHITA. Segment profit in the radio division was $2.5 million in the third quarter of 2016, down from $4.1 million in the 2015 quarter.
SCRIPPS Chairman/Pres./CEO RICH BOEHNE said, "This uncommon – if not downright unique – presidential election, combined with key Senate races in OHIO, FLORIDA, COLORADO and WISCONSIN becoming far less competitive than forecast, leaves us with much less political advertising revenue than we expected. Political spending was healthy further down the ticket and across the country, but presidential spending in some typically crucial swing states was roughly half of what we saw four years ago, reducing the opportunity for some SCRIPPS stations."