E.W. Scripps Turns To Profit In Q1 On Revenue Strength - Quick Facts

(RTTNews) - Media company E.W. Scripps Co. (SSP) reported Friday that its first-quarter net income was $4.89 million or $0.06 per share, compared to prior year's loss of $5.10 million or $0.09 per share. Excluding prior year's income from discontinued operations, net loss from continuing operations was $8.12 million or $0.14 per share.

Revenues from continuing operations were $209 million, 70 percent higher than prior year's $123.02 million. The increase was primarily a result of the acquisition of television and radio stations from the former Journal Communications as well as increases in retransmission revenue.

The revenue growth reflected a 38 percent increase in retransmission revenue, 56 percent growth in digital revenue and an $8.5 million increase in television political advertising during this election year.

Looking ahead, for the second quarter, the company expects television revenue to grow 15% to 18 percent, while radio revenue would be down mid-single digits. Digital revenue would be up high 60 percent range, including the acquisition of Cracked.

"For the full year, the acquisition of Cracked means we now expect our Digital division revenue to be up in the mid 50 percent range and our Digital division expense to be up in the high 30 percent range," the company said in its statement.