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SCRIPPS HOWARD BROADCASTING COMPANY RELEASES THIRD QUARTER RESULTS

 CINCINNATI, Oct. 13 /PRNewswire/ -- Scripps Howard Broadcasting Company (NASDAQ: SCRP) today said net income in the third quarter decreased slightly to $8.36 million, 81 cents per share, from $8.44 million, 82 cents per share, in the year-ago quarter.
 Interest expense declined $1.6 million, to $3.9 million. However, consolidated operating income decreased 6.3 percent to $19.3 million due to a decline in income from cable television following implementation of federal re-regulation on September 1.
 The company has signed agreements to sell its Memphis television station, WMC-TV, and its radio stations, KUPL AM and FM, in Portland, Ore.; WVRT-FM, in Baltimore; and WMC AM and WMC FM, in Memphis. Those stations combined had revenues of $7.9 million and operating income of $2.5 million in the third quarter of 1993.
 In the broadcast division, excluding the radio stations and WMC-TV, operating income was virtually unchanged at $15.3 million. Revenues increased slightly to $67.2 million.
 In the cable division, revenues increased 2.7 percent, but operating income dropped 26 percent to $4.6 million. The company's systems added 2,700 new subscribers in the quarter and 8,500 in the past 12 months for a total of 284,000 at September 30.
 Year-To-Date Consolidated Results
 Net income in the first nine months of the year moved up 35 percent to $31.3 million, $3.04 per share, from $23.2 million, $2.25 per share, in 1992.
 The 1993 period includes an unusual credit of $4.3 million, $2.7 million after-tax, or 26 cents per share, related to a reduction in estimated copyright fees that could be owed as a result of a dispute between the television industry and the American Society of Composers, Authors, and Publishers.
 Excluding the unusual credit, net income increased 23 percent to $28.6 million, $2.78 per share.
 Consolidated operating income, excluding the copyright credit, increased 11 percent to $65.1 million on a 4 percent revenue increase to $294 million.
 Scripps Howard Broadcasting, an 86 percent-owned subsidiary of The E.W. Scripps Company (NYSE: SSP) operates 10 television stations, five radio stations and cable television systems with 284,000 basic subscribers.
 SCRIPPS HOWARD BROADCASTING COMPANY
 Three Months Ending Nine Months Ending
 September 30, September 30,
 1993 1992 1993 1992
 (in thousands, except per
 share data)
 Operating Revenues:
 Broadcasting $ 67,178 $ 67,061 $ 206,424 $ 200,062
 Cable television 28,946 28,196 87,992 83,146
 Total operating
 revenues $ 96,124 $ 95,257 $ 294,416 $ 283,208
 Operating income:
 Broadcasting (A) $ 15,279 $ 15,236 $ 55,096 $ 44,607
 Cable television 4,625 6,275 17,260 16,681
 Corporate (582) (879) (2,934) (2,589)
 Total operating income 19,322 20,632 69,422 58,699
 Interest expense (3,929) (5,577) (12,914) (17,291)
 Miscellaneous, net (27) 6 (178) 1
 Provision for income
 taxes (B) (7,004) (8,825) (24,081) (18,220)
 Net income (A,B) $ 8,362 $ 8,436 $ 31,349 $ 23,188
 Net income per share
 of common stock (A,B) $ .81 $ .82 $ 3.04 $ 2.25
 Weighted average common
 shares outstanding 10,326 10,326 10,326 10,326
 Summary of Radio and Memphis Television Station Operations (C)
 Operating revenues $ 7,900 $ 7,600 $ 23,100 $ 22,000
 Operating income $ 2,500 $ 2,300 $ 6,800 $ 5,800
 NOTES:
 (A) In the first quarter of 1993 management changed the estimate of the additional amount of copyright fees the company would owe when a dispute between the television industry and the American Society of Composers, Authors and Publishers ("ASCAP") was resolved. The adjustment increased 1993 first quarter and year-to-date operating income $4.3 million and net income $2.7 million ($.26 per share).
 (B) In the third quarter of 1993 management changed its estimate of the tax basis and lives of certain assets. Also in August 1993 the federal income tax rate was increased to 35 percent, retroactive to Jan. 1, 1993. The net effects of the change in the estimated tax liabilities for prior years, the higher tax rate of 1993 income, and the higher rate on the company's deferred income tax liabilities reduced 1993 third quarter and year-to-date net income $0.1 million ($.01 per share).
 (C) In the third quarter of 1993 the company reached agreements to sell its radio operations and its Memphis television station. The sales, which are subject to regulatory approval, are expected to be completed later in the year. The company expects to realize an after-tax gain between $50 and $55 million on the sale of the stations.
 -0- 10/13/93
 /CONTACT: Rich Boehne of Scripps Howard Broadcasting, 513-977-3826/
 (SCRP SSP)


CO: Scripps Howard Broadcasting Company ST: Ohio IN: ENT SU: ERN

SM-BM -- CL023 -- 1890 10/13/93 17:22 EDT
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Date:Oct 13, 1993
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