Radio Revenues Flat As E.W. Scripps Reports Q3 Financials

Radio Flat

The E.W. SCRIPPS COMPANY has reported operating results for the third quarter of 2015. For the quarter, the net loss from continuing operations was $24.4 million or 29 cents per share. The company noted, "The quarter included a non-cash goodwill and intangibles impairment charge in the digital business of $24.6 million and JOURNAL-related transaction and acquisition integration costs of $4.2 million. These charges reduced net income by $24 million or 31 cents per share."

Radio revenue and expenses of $20.4 million and $16.3 million were essentially flat with the prior period. Segment profit in the radio division was $4.1 million in the third quarter of 2015, compared to $4.5 million in the 2014 quarter.

Third-Quarter Highlights

• Revenues from continuing operations were $190 million, up $67 million from the prior-year's reported results.
• Retransmission revenue more than doubled in the quarter to $36.3 million.
• Accelerated the rollout of digital news network, Newsy, across the over-the-top television marketplace and now have agreements with seven OTT platforms, including APPLE TV.
• Acquired podcast industry leader MIDROLL in JULY for $50 million.
• At the end of SEPTEMBER, cash balance totaled $81 million. Total debt was $404 million.
• From mid-MAY-NOV. 1st, repurchased 683,359 shares at an average price of $19.11.

Commenting on the results, SCRIPPS Chairman/Pres./CEO RICH BOEHNE said, "Third-quarter performance in our core broadcast television business was aided by a comeback in automotive advertising and a leap in retransmission fees. The increase in retransmission revenue alone offset the decline in political advertising revenue in the off-cycle year."

BOEHNE added, "While working to build value through our current and evolving businesses, we also used our strong balance sheet and cash flow to repurchase shares. We expect our overall financial position to further strengthen as we move through the presidential election year and top our four-year business cycle."

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