E.W. Scripps Q3 Profit Up, but Newspaper Revenue, Earnings Dip
, E&P, Editor & Publisher
Cincinnati-based E.W. Scripps Co. reported Thursday that its third-quarter profit from continuing operations was $87.9 million, or 54 cents per share, compared with $78.4 million, or 48 cents per share, in the year-ago period.
Total Q3 revenue was $596 million, up from $583 million a year ago.
At Scripps newspapers, total revenue fell during the third quarter to $158 million against $168 million in 2006. Newspaper online revenue increased 19% year-over-year to $10.4 million.
Newspaper profit for the period was $36.9 million against $39.7 million last year, Scripps said.
Newspaper expenses were down 3.7% in the quarter, partly due to the voluntary separation plan that was accepted by 137 newspaper employees earlier in the year.
"Lower local and classified advertising sales, including particularly weak real estate and employment advertising in the company's Florida and California markets, contributed to the decline in total newspaper revenue and segment profit," Scripps said in a statement.
Advertising revenue at newspapers managed solely by Scripps was $125 million, down 6.4% from the year-ago period.
Newspaper classified revenue plunged 14% to $46.6 million. Scripps said local ad revenue was down 9.7% to $32. …