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THE E.W. SCRIPPS COMPANY RELEASES SECOND QUARTER EARNINGS

 CINCINNATI, July 15 /PRNewswire/ -- The E.W. Scripps Company (NYSE: SSP) today reported second-quarter net income of $22.1 million, 30 cents per share, unchanged from the second quarter of 1992.
 Excluding the effects of unusual items, net income in the second quarter was $21.1 million, 28 cents per share, down from $24.5 million, 33 cents per share, in the year-ago period.
 The Company's broadcast and cable television division posted double- digit profit increases. But those improvements were more than offset by lackluster results in the publishing division, where operating income fell 30 percent, excluding divested operations and unusual items.
 "We face several difficult challenges in our publishing division," said Lawrence A. Leser, president and chief executive officer. "In Denver, depreciation and start-up costs associated with a new production plant are affecting short-term results. In Ventura County, Calif., our newspapers are struggling through a worsening recession while attempting to launch new editions and consolidate operations. And, across the newspaper group, retail advertising is weak and newsprint prices have increased.
 "Unfortunately, in the second quarter these situations overshadowed strong performances by the broadcast stations and cable systems," Leser said.
 Consolidated operating income, excluding divested operations, decreased 8.6 percent to $51.5 million and operating cash flow (operating income before depreciation and amortization) was down 2.4 percent to $82.3 million.
 Revenues increased 8.4 percent to $66.1 million, largely due to a 4.4 percent increase in total subscribers. The Company's systems added 28,400 new subscribers during the past 12 months for a total of 679,000 at June 30.
 Earlier this year the Federal Communications Commission issued new guidelines that will affect the pricing of cable television products. These changes are expected to take effect as early as the fourth quarter of this year and the Company is in the process of assessing the impact.
 YEAR-TO-DATE CONSOLIDATED RESULTS
 Net income for the first half of 1993 was $54.7 million, 73 cents per share, versus $37 million, 50 cents per share, in the year-ago period, before the cumulative effect of an accounting change.
 Excluding unusual items, net income decreased 4.2 percent to $37.6 million, 50 cents per share, from $39.2 million, 53 cents per share, in 1992.
 Consolidated operating income, excluding divested operations and unusual items, increased 0.4 percent to $92.9 million, and operating cash flow moved up 3.7 percent to $153 million.
 (Unusual items and divested operations are explained in the footnotes to the income statement.)
 The E.W. Scripps Company is a diversified media company that operates 20 daily newspapers, 10 television stations, five radio stations and cable television systems with 679,000 basic subscribers. The Company also is a worldwide syndicator and licensor of news features and comics.
 THE E.W. SCRIPPS COMPANY
 Unaudited Revenue and Statistical Summary
 Period: June
 Report date: July 15, 1993
 June (A)
 1993 1992 Pct Change
 REVENUE (000,000s)
 Local $14.1 $13.3 6.0
 Classified 11.9 10.3 15.5
 National 1.1 0.9 22.2
 Preprints 4.5 4.1 9.8
 Newspaper advertising(C) 31.6 28.6 10.5
 Circulation 9.4 8.5 10.6
 Other publishing(B) 10.5 10.6 (0.9)
 PUBLISHING 51.5 47.7 8.0
 BROADCASTING 24.8 23.1 7.4
 CABLE TELEVISION 22.2 20.4 8.8
 Divested operations(D) 2.1 5.4 ---
 CONSOLIDATED $100.6 $ 96.6 1.1
 Newspaper ad inches(C) (000s)
 Local 628 593 5.9
 Classified 943 802 17.6
 National 35 23 52.2
 Full run ROP 1,606 1,418 13.3
 Part run ROP 95 65 46.2
 Total 1,701 1,483 14.7
 Cable TV basic subs (000s)
 Sacramento, Calif. 210.0 207.9
 Chattanooga, Tenn 101.6 95.6
 Knoxville, Tenn. 96.7 92.2
 Other systems 270.4 254.6
 Total 678.7 650.3
 Year-to-Date
 1993 1992 Pct Change
 REVENUE (000,000s)
 Local $89.9 $86.4 4.1
 Classified 70.9 61.7 14.9
 National 6.2 6.3 (1.6)
 Preprints 27.0 23.7 13.9
 Newspaper advertising(C) 194.0 178.1 8.9
 Circulation 59.0 52.7 12.0
 Other publishing(B) 62.6 65.7 (4.7)
 PUBLISHING 315.6 296.5 6.4
 BROADCASTING 139.2 133.0 4.7
 CABLE TELEVISION 131.3 120.1 9.3
 Divested operations(D) 9.0 90.5 ---
 CONSOLIDATED $595.1 $640.1 (7.0)
 Newspaper ad inches(C) (000s)
 Local 4,138 3,910 5.8
 Classified 5,640 4,727 19.3
 National 185 177 4.5
 Full run ROP 9,963 8,814 13.0
 Part run ROP 525 412 27.4
 Total 10,488 9,226 13.7
 (A) June 1993 had one more Wednesday and one less Monday than June 1992.
 (B) Includes licensing, syndication, share of profits of JOA newspapers not managed by the company and commercial printing.
 (C) Excludes the Tulare Advance Register which was sold April 25, 1993, and The Pittsburgh Press, which was sold Dec. 31, 1992. Includes three daily newspapers in California acquired in the fourth quarter of 1992. (Excluding both the acquired and divested newspapers, for the month advertising revenues increased 4.7 percent and full run ROP inches did not change; the YTD changes were: advertising revenues, plus 3.7 percent; inches, zero percent.)
 (D) Divested operations includes the Tulare Advance Register, The Pittsburgh Press, book publishing and television listings.
 THE E.W. SCRIPPS COMPANY
 Three months ending June 30,
 (In thousands, except 1993 1992
 per share data)
 Operating revenues:
 Publishing $165,873 $191,282
 Broadcasting 77,401 74,264
 Cable television 66,056 60,935
 Total operating revenues $309,330 $326,481
 Operating income:
 Publishing(A)(C)(F) $ 21,384 $ 26,821
 Broadcasting(D) 22,563 20,303
 Cable television 11,632 10,486
 Corporate (3,100) (3,625)
 Total operating income 52,479 53,985
 Interest expense (7,148) (7,534)
 Miscellaneous, net (B)(E) 613 (1,186)
 Provision for income taxes (F) (21,166) (19,923)
 Minority interests (2,691) (3,089)
 Income before cumulative
 effect of accounting
 change (A)(B)(C)(D)(E)(F) 22,087 22,253
 Cumulative effect of accounting
 change (F) --- ---
 Net income $ 22,087 $ 22,253
 Per share of common stock:
 Income before cumulative
 effect of accounting
 change (A)(B)(C)(D)(E)(F) $.30 $.30
 Cumulative effect of
 accounting change (F) -- --
 Net income $.30 $.30
 Weighted average common
 shares outstanding 74,627 74,599
 Summary of the Effect of Unusual Items:
 Reported net income per share $.30 $.30
 Cumulative effect (F) -- --
 Gains on sales (A)(B) (.02) --
 Pittsburgh strike (C) -- .03
 ASCAP adjustment (D) -- --
 Ogden fee (E) -- --
 Adjusted net income per share $.28 $.33
 Summary of the Effect of Divested Operations:
 Operating revenues (B) $ 3,800 $ 38,400
 Operating income (loss) (B) $ 0 $ (2,300)
 Six months ending June 30,
 (In thousands, except 1993 1992
 per share data)
 Operating revenues:
 Publishing $324,490 $386,985
 Broadcasting 139,246 133,001
 Cable television 131,342 120,083
 Total operating revenues $595,078 $640,069
 Operating income:
 Publishing(A)(C)(F) $ 39,233 $ 50,964
 Broadcasting(D) 39,571 29,175
 Cable television 25,634 19,762
 Corporate (6,438) (7,110)
 Total operating income 98,000 92,791
 Interest expense (15,059) (15,746)
 Miscellaneous, net (B)(E) 24,574 (1,376)
 Provision for income taxes (F) (47,934) (33,977)
 Minority interests (4,896) (4,742)
 Income before cumulative
 effect of accounting
 change (A)(B)(C)(D)(E)(F) 54,685 36,950
 Cumulative effect of accounting
 change (F) --- (22,413)
 Net income $ 54,685 $ 14,537
 Per share of common stock:
 Income before cumulative
 effect of accounting
 change (A)(B)(C)(D)(E)(F) $.73 $.50
 Cumulative effect of
 accounting change (F) -- (.30)
 Net income $.73 $.20
 Weighted average common
 shares outstanding 74,620 74,599
 Summary of the Effect of Unusual Items:
 Reported net income per share $.73 $.20
 Cumulative effect (F) -- .30
 Gains on sales (A)(B) (.18) --
 Pittsburgh strike (C) -- .03
 ASCAP adjustment (D) (.03) --
 Ogden fee (E) (.02) --
 Adjusted net income per share $.50 $.53
 Summary of the Effect of Divested Operations:
 Operating revenues (B) $ 8,900 $ 90,500
 Operating income (loss) (B) $ (200) $ 300
 (A) Includes a gain of $1.1 million on the sale of certain equipment. The gain increased 1993 second quarter and year-to-date net income $0.7 million ($.01 per share).
 (B) In February 1993 the Company completed the sale of Pharos Books and World Almanac Education. In April 1993 the Company sold its newspaper in Tulare, Calif., and in June 1993 the Company completed the sale of its remaining book publishing operations. The sales resulted in net pre-tax gains of $22.4 million ($12.4 million after-tax, $.17 per share) for the six months ending June 30, 1993. Included in second quarter 1993 results are net pre-tax gains totaling $1.6 million ($.03 million after-tax, $.01 per share).
 In the fourth quarter of 1992 the Company completed the sale of The Pittsburgh Press and its television listings business.
 (C) In 1992 The Pittsburgh Press was not published after May 17 due to a strike. Reported results for the three- and six-month periods ending June 30, 1992 include operating losses of $4.0 million and net losses of $2.3 million ($.03 per share) during the strike period.
 (D) 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 Composer, Authors and Publishers ("ASCAP") was resolved. The adjustment increased 1993 first quarter and year-to-date operating income $4.3 million and net income $2.3 million ($.03 per share).
 (E) Results for the six months ending June 30, 1993 included a $2.5 million fee associated with the March 1993 sale of the Odgen, Utah, Standard Examiner. The fee increased net income $1.6 million ($.02 per share) in the first quarter of 1993.
 (F) The Company adopted Financial Accounting Standard ("FAS") No. 106 - Employers' Accounting for Post-Retirement Benefits Other Than Pensions effective Jan. 1, 1992. Previously reported 1992 operating income was restated to apply the provisions of the new standard. Previously reported publishing segment operating income was reduced $0.4 million for the three-month and $0.9 million for the six-month periods ending June 30, 1992. Also in 1992, the Company adopted FAS No. 109 - Accounting for Income Taxes retroactive to 1987. Previously reported 1992 income taxes were restated to apply the provisions of the new standard. The combined effects of these accounting changes reduced previously reported income before the cumulative effect of accounting change by $0.3 million ($.00 per share) for the three-month and $1.4 million ($.01 per share) for the six-month periods ending June 30, 1992.
 -0- 7/15/93
 /CONTACT: Rich Boehne of The E.W. Scripps Company, 513-977-3825/
 (SSP)


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

LC -- CL024 -- 2154 07/15/93 16:06 EDT
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