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SCRIPPS RELEASES YEAR-END RESULTS

 CINCINNATI, Jan. 27 /PRNewswire/ -- The E.W. Scripps Company (NYSE: SSP) today reported fourth-quarter net income of $60.5 million, 81 cents per share, versus $25.8 million, 35 cents per share, in the fourth quarter of 1991.
 Year-over-year comparisons for the fourth quarter and full year are made difficult by unusual gains and charges, and operating losses incurred in 1992 by The Pittsburgh Press, which was sold Dec. 31. Also, amounts for all prior periods have been restated to reflect the adoption of new accounting standards. (See Explanation of Unusual Items that follows.)
 Excluding the unusual items and The Press' operating results from both years, net income in the fourth quarter was up 7 percent to $24.9 million, 33 cents per share, from $23.2 million, 31 cents per share, in the year-ago quarter.
 For the full year 1992, the company reported net income before the cumulative effect of an accounting change of $106 million, $1.42 per share, versus $66.6 million, 89 cents per share in 1991. Excluding the unusual items and The Press' operating results, net income increased 28 percent to $81.2 million, $1.09 per share, from $63.5 million, 85 cents per share in 1991.
 "Behind the confusing financial results is a company that performed very well in 1992," said Lawrence A. Leser, president and chief executive officer. "At the newspapers and broadcast stations, exceptional cost control put us in the position to take advantage of the mild recovery in advertising revenues. And the cable systems, despite a weak economy in California and controversy over reregulation of the industry, enjoyed strong profit growth."
 Interest expense declined $4.5 million, to $34.2 million, the result of lower borrowing rates. Debt at year end was $442 million.
 Consolidated operating income declined from $62.8 million a year ago to $50 million in 1992 because of losses at The Pittsburgh Press, which was shut down by a strike prior to being sold.
 Excluding The Pittsburgh Press from both years, consolidated operating income increased 7.7 percent to $62.7 million. Operating cash flow (operating income before depreciation and amortization) moved up 9.3 percent to $96.3 million.
 Publishing: Operating income, excluding The Press from both years, increased 1.6 percent to $29.2 million, and operating cash flow increased 7.8 percent to $42.6 million.
 Some of the improvement was the result of lower newsprint costs, which declined $1 million year-over-year.
 Revenues, excluding the Press, moved up 3.1 percent to $181 million. In the newspaper group, advertising revenues, excluding The Press, improved 4.6 percent to $100 million. Broken down by source, the increases were:
 -- Local, 2 percent to $50.6 million;
 -- Classified, 7.9 percent to $30.4 million;
 -- Preprint, 8.2 percent to $15.8 million.
 National revenues decreased 2.3 percent to $2.9 million.
 Broadcasting: Operating income moved up 11 percent to $25.6 million and operating cash flow moved up 12 percent to $30.9 million, boosted by strong political advertising. Political advertising totaled $6.8 million versus $500,000 in the year-ago quarter. Revenues increased 6.1 percent to $77.2 million.
 Cable television: Operating income advanced 28 percent to $12.5 million and operating cash flow was up 11 percent to $26.6 million.
 Strong subscriber growth at most systems resulted in an 11 percent increase in revenues to $64.2 million. New subscribers totaled 11,000 in the fourth quarter and 27,000 in the last 12 months for a total of 671,000 at the year end.
 Full-year 1992 operating results
 Operating income improved 19 percent to $204 million and operating cash flow increased 15 percent to $322 million, excluding The Press from both years and a charge from 1991.
 Revenues increased 5.9 percent to $1.2 billion, excluding The Press.
 Explanation of unusual items
 -- The Pittsburgh Press newspaper was shut-down by a delivery drivers strike from May 18 until it was sold Dec. 31. Results from The Press are shown below.
 The Pittsburgh Press:
 1992 1991
 ($ millions except
 per share) 4th Qtr. Full Year 4th Qtr. Full Year
 Revenues 6.1 81.7 47.7 183.2
 Operating Income
 (loss) (12.8) (29.8) 4.6 17.0
 Operating Cash flow
 (loss) (11.9) (26.1) 5.5 20.8
 Net Income (loss) (7.7) (18.1) 2.6 9.5
 Net Income per share $(.10) (.24) .04 .13
 -- The sale of The Pittsburgh Press to the Pittsburgh Post-Gazette resulted in a fourth-quarter 1992 gain of $41.9 million, 56 cents per share.
 -- The company sold its television listings business, which resulted in a fourth-quarter 1992 gain of $2.3 million, or 3 cents per share.
 -- In the fourth quarter of 1992, the net effect of write-downs and a gain on sale of certain other investments reduced net income $0.9 million, or 1 cent per share.
 -- Effective Jan. 1, 1992, the company adopted Financial Accounting Standard No. 106 - Employers' Accounting for Postretirement Benefits. The cumulative effect of the change was $43.3 million before taxes, $22.4 million after taxes. However, $31 million of that pre-tax liability was associated with The Pittsburgh Press and was assumed by its new owner as a condition of the sale. This is reflected in the gain on the sale of The Press.
 -- In 1992 the company adopted FAS No. 109 - Accounting for Income Taxes. The retroactive application of the new standard resulted in a restatement of the prior periods' results. Net income in the fourth quarter of 1991 was increased $0.9 million. For the full year 1991, net income was increased $2.0 million.
 -- In the first quarter of 1991, the company recorded a $12 million charge associated with the settlement of litigation involving the Sacramento cable system. The charge reduced net income by $6.3 million, 8 cents per share.
 The E.W. Scripps Company is a diversified media company which operates 21 daily newspapers, 10 television stations, five radio stations and cable television systems with 671,000 basic subscribers. The company also is a worldwide syndicator and licensor of news features and comics.
 THE E.W. SCRIPPS COMPANY
 Three months ended Dec. 31,
 1992 1991
 (in thousands, except per share data)
 Operating revenues:
 Publishing $186,793 $222,946
 Broadcasting 77,225 72,775
 Cable television 64,182 58,073
 Other (B) -- --
 Total operating revenues $328,200 $353,794
 Operating income:
 Publishing (E) $ 16,440 $ 33,326
 Broadcasting 25,620 23,049
 Cable television (A) 12,471 9,741
 Other (B) -- --
 Corporate (4,572) (3,326)
 Total operating income 49,959 62,790
 Interest expense (9,060) (9,411)
 Miscellaneous, net (C) 73,635 (212)
 Provision for income taxes (D) (49,953) (24,104)
 Minority interests (4,115) (3,241)
 Income before cumulative
 effect of accounting change (A,C,E) 60,466 25,822
 Cumulative effect of an
 accounting change (E) -- --
 Net income $60,466 $25,822
 Per share of common stock:
 Income before cumulative
 effect of an accounting change (A,C,E) $.81 $.35
 Cumulative effect of an
 accounting change (E) -- --
 Net income $.81 $.35
 Weighted average common
 shares outstanding 74,600,000 74,538,000
 Year ending Dec. 31,
 1992 1991
 (in thousands, except per share data)
 Operating revenues:
 Publishing $740,068 $827,054
 Broadcasting 277,287 245,450
 Cable television 246,050 225,249
 Other (B) -- 1,804
 Total operating revenues $1,263,405 $1,299,557
 Operating income:
 Publishing (E) $ 75,055 $107,805
 Broadcasting 69,932 57,170
 Cable television (A) 43,741 23,682
 Other (B) -- 152
 Corporate (14,938) (12,870)
 Total operating income 173,790 175,939
 Interest expense (34,247) (38,727)
 Miscellaneous, net (C) 72,447 189
 Provision for income taxes (D) (94,001) (63,654)
 Minority interests (11,670) (7,117)
 Income before cumulative
 effect of accounting change (A,C,E) 106,319 66,630
 Cumulative effect of an
 accounting change (E) (22,413) --
 Net income $83,906 $66,630
 Per share of common stock:
 Income before cumulative
 effect of an accounting change (A,C,E) $1.43 $.89
 Cumulative effect of an
 accounting change (E) (0.30) --
 Net income $1.13 $.89
 Weighted average common
 shares outstanding 74,599,000 74,537,000
 (A) -- Includes a $12.0 million charge associated with the settlement of the litigation involving the Sacramento cable television system. The charge reduced net income by $6.3 million ($.08 per share) in the first quarter of 1991.
 (B) -- The company sold George R. Hall Company in March 1991. No gain or loss was realized on the sale.
 (C) -- The company sold "The Pittsburgh Press" on Dec. 31, 1992. Also, the company sold its television listings business. These divestitures resulted in after-tax gains of $44.3 million ($.59 per share) in the fourth quarter of 1992.
 (D) -- In 1992 the company adopted Financial Accounting Standard No. 109 - Accounting for Income Taxes. All prior periods presented have been restated to retroactively apply the provisions of the new standard.
 (E) -- The company adopted Financial Accounting Standard No. 106 - Employers' Accounting for Postretirement Benefits Other Than Pensions effective Jan. 1, 1992. Previously reported 1992 amounts have been restated to retroactively apply the provisions of the standard. Operating income was reduced $2.5 million in 1992, of which $2.3 million was associated with "The Pittsburgh Press."
 -0- 1/27/93
 /CONTACT: Rich Boehne of The E.W. Scripps Company, 513-977-3826/
 (SSP)


CO: The E.W. Scripps Company ST: Ohio IN: ENT PUB SU: ERN

BM -- CL030 -- 9887 01/27/93 16:49 EST
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