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THE E.W. SCRIPPS COMPANY RELEASES THIRD QUARTER RESULTS

 CINCINNATI, Oct. 13 /PRNewswire/ -- The E.W. Scripps Company (NYSE: SSP) today reported third-quarter net income of $14.1 million, 19 cents per share, versus $9.1 million, 12 cents per share, in the third quarter of 1992.
 Excluding the effects of unusual items, net income in the third quarter was $14.3 million, 19 cents per share, down from $18.8 million, 25 cents per share, in the year-ago period.
 There were three primary reasons for the decline in income:
 -- Aggressive promotion of the reformatted Rocky Mountain News in Denver and increased depreciation from that newspaper's new production plant.
 -- Weak advertising revenues and greater than anticipated start-up costs in Ventura County, Calif., where five daily newspapers are being merged into a county-wide strategy.
 -- A slowdown in cable television's revenue growth following the Sept. 1 implementation of federal re-regulation.
 "We're now feeling the painful sting of cable re-regulation, but the good news is consumers continue to embrace the choices that cable offers," said Lawrence A. Leser, president and chief executive officer. "Despite the unavoidable confusion of new rates, rules and channel lineups, we added more than 3,000 new customers in September."
 Consolidated operating income, excluding divested operations, decreased 18 percent to $35.5 million and operating cash flow (operating income before depreciation and amortization) was down 7.5 percent to $65.8 million.
 PUBLISHING RESULTS
 Operating cash flow, excluding divested operations, decreased 16 percent to $26 million, primarily due to the start-up costs and weak revenues in Ventura County, and the promotion efforts in Denver.
 During the 17 weeks ending Sept. 26, The Rocky Mountain News lowered its Sunday cover price form 75 cents to 25 cents, which boosted single copy sales by more than 60 percent. The Rocky's total circulation during September was 349,000 daily and 494,000 on Sunday.
 Newsprint costs increased 13 percent to $22.2 million with higher prices accounting for half of the $2.6 million increase. Also, in the fourth quarter of 1992 the company acquired newspapers in Monterey, Camarillo and Simi Valley, Calif., which increased newsprint usage.
 Newspaper advertising revenues rose 4.4 percent, excluding divested and newly acquired operations. Classified revenues were up 12 percent and preprint revenues rose 5 percent, but local retail showed no improvement over last year.
 Operating income, excluding divested operations, declined 27 percent to $16.4 million. Depreciation increased $1 million, primarily due to the new production plant for The Rocky Mountain News in Denver.
 BROADCASTING RESULTS
 The company has signed agreements to sell its Memphis, Tenn., 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, operating cash flow of $2.8 million and operating income of $2.5 million in the third quarter of 1993.
 Excluding the radio stations and WMC-TV, operating cash flow was unchanged at $17.7 million and operating income decreased slightly to $12.6 million. Revenues decreased slightly to $59.3 million.
 CABLE TELEVISION RESULTS
 Operating cash flow decreased 2 percent to $24.9 million, while operating income was off 16 percent to $9.7 million.
 Revenues increased 4.9 percent to $64.8 million. Growth was affected by price controls that took effect Sept. 1 as a result of the federal government's re-regulation of the cable industry.
 The company's systems added 9,000 new subscribers during the third quarter and 27,000 in the past 12 months for a total of 690,000 at Sept. 30.
 YEAR-TO-DATE CONSOLIDATED RESULTS
 Net income for the first nine months of 1993 was $68.8 million, 92 cents per share, versus $46 million, 62 cents per share, in the year- ago period, before the cumulative effect of an accounting change.
 Excluding unusual items, net income was $51.9 million, 69 cents per share, compared to $58.1 million, 78 cents per share, in 1992.
 Consolidated operating income, excluding divested operations and unusual items, decreased 6.3 percent to $124 million, and operating cash flow decreased 0.3 percent to $214 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 690,000 basic subscribers. The company also is a worldwide syndicator and licensor of news features and comics.
 The E.W. Scripps Company
 Three months ending Sept. 30
 1993 1992
 (in thousands, except per share data)
 Operating Revenues:
 Publishing $162,378 $166,290
 Broadcasting 67,178 67,061
 Cable television 64,810 61,875
 Total operating revenues $294,366 $295,136
 Operating income
 Publishing (A,C,F) $16,424 $ 7,988
 Broadcasting (D) 15,074 15,137
 Cable television 9,684 11,508
 Corporate (3,174) (3,256)
 Total operating income 38,008 31,377
 Interest expense (6,119) (9,441)
 Miscellaneous, net (B,E) (3,035) 188
 Provision for income taxes (F,G) (12,055) (10,227)
 Minority interests (2,732) (2,813)
 Income before cumulative
 effect of accounting change
 (A,B,C,D,E,F,G) 14,067 9,084
 Cumulative effect of accounting
 change (F) --- ---
 Net Income $14,067 $ 9,084
 Per share of common stock
 Income before cumulative
 effect of accounting change
 (A,B,C,D,E,F,G) $.19 $.12
 Cumulative effect of accounting
 change (F) --- ---
 Net income $.19 $.12
 Weighted average common
 shares outstanding 74,639 74,599
 Nine months ending Sept. 30
 1993 1992
 (in thousands, except per share data)
 Operating Revenues:
 Publishing $486,868 $553,275
 Broadcasting 206,424 200,062
 Cable television 196,152 181,868
 Total operating revenues $889,444 $935,205
 Operating income
 Publishing (A,C,F) $55,657 $58,952
 Broadcasting (D) 54,645 44,312
 Cable television 35,318 31,270
 Corporate (9,612) (10,366)
 Total operating income 136,008 124,168
 Interest expense (21,178) (25,187)
 Miscellaneous, net (B,E) 21,539 (1,188)
 Provision for income taxes (F,G) (59,989) (44,204)
 Minority interests (7,628) (7,555)
 Income before cumulative
 effect of accounting change
 (A,B,C,D,E,F,G) 68,752 46,034
 Cumulative effect of accounting
 change (F) --- (22,413)
 Net Income $68,752 $23,621
 Per share of common stock
 Income before cumulative
 effect of accounting change
 (A,B,C,D,E,F,G) $.92 $.62
 Cumulative effect of accounting
 change (F) --- (.30)
 Net income $.92 $.32
 Weighted average common shares
 outstanding 74,626 74,600
 3 Mos. Ending 9 Mos. Ending
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Summary of the Effect of Unusual
 Items:
 Reported net income per share $.19 $.12 $.92 $.32
 Cumlative effect (F) --- --- --- .30
 Gains on sales (A,B) .02 --- (.15) ---
 Income tax changes (G) (.02) --- (.02) ---
 Pittsburgh strike (C) --- .13 --- .16
 ASCAP adjustment (D) --- --- (.03) ---
 Ogden Fee (E) --- --- (.02) ---
 Rounding --- --- (.01) ---
 Adjusted net income per share $.19 $.25 $.69 $.78
 3 Mos. Ending 9 Mos. Ending
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Summary of the Effect of
 Divested Operations:
 Operating revenues (B) $7,900 $25,700 $32,000 $130,600
 Operating income
 (loss) (B) $2,500 $(12,100) $6,500 $(8,300)
 (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. In the third quarter of 1993 certain previously reported gains were adjusted to reflect changes in accounting estimates, including the change in the federal income tax rate. In the fourth quarter of 1992 the company completed the sale of The Pittsburgh Press and its television listings business. Included in results for the nine months ending Sept. 30, 1993, are net pre-tax gains of $19.5 million, $10.5 million after-tax ($.14 per share). Included in third quarter 1993 results are pre-tax adjustments of $2.9 million, $1.9 million after-tax ($.02 per share).
 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 $40 and $45 million on the sale of the stations.
 (C) In 1992 The Pittsburgh Press was not published after May 17 due to a strike. Reported results for the nine-month period ending Sept. 30, 1992, include operating losses of $19.9 million and net losses of $12.1 million ($.16 per share) during the strike period. Reported results for the three-month period ending Sept. 30, 1992, include operating losses of $16.1 million and net losses of $9.7 million ($.13 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 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 $2.3 million ($.03 per share).
 (E) Results for the nine months ending Sept. 30, 1993, include a $2.5 million fee associated with the March 1993 sale of the Ogden, 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 $0.5 million for the three-month and $1.4 million for the nine-month periods ending Sept. 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 increased previously reported income before the cumulative effect of accounting change by $1.2 million ($.02 per share) for the three-month and $0.1 million ($.00 per share) for the nine-month periods ending Sept. 30, 1992.
 (G) 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 on 1993 income, and the higher rate on the company's deferred income tax liabilities increased 1993 third quarter and year-to-date net income $1.7 million ($.02 per share).
 THE E.W. SCRIPPS COMPANY
 Unaudited Revenue and Statistical Summary
 Period: September
 Report date: Oct. 13, 1993
 Sept. (A)
 1993 1992 Pct Change
 REVENUE (000,000s)
 Local $14.3 $13.5 5.9
 Classified 12.3 10.3 19.4
 National 0.9 1.0 (10.0)
 Preprints 4.4 4.0 10.0
 Newspaper advertising (C) 31.9 28.8 10.8
 Circulation 9.4 8.9 5.6
 Other publishing (B) 13.8 10.7 29.0
 PUBLISHING 55.1 48.4 13.8
 BROADCASTING 23.3 23.4 (0.4)
 CABLE TELEVISION 21.1 20.7 1.9
 Divested operations (D) --- 5.7 ---
 CONSOLIDATED $ 99.5 $ 98.2 1.3
 Newspaper ad inches (C)(000s)
 Local 650 585 11.1
 Classified 965 779 23.9
 National 32 30 6.7
 Full run ROP 1647 1394 18.1
 Part run ROP 95 74 28.4
 Total 1,742 1,468 18.7
 Cable TV basic subs (000s)
 Sacramento, Calif. 209.3 205.2
 Chattanooga, Tenn. 104.6 98.8
 Knoxville, Tenn. 99.7 94.7
 Other systems 276.0 263.5
 Total 689.6 662.2
 Year to date
 1993 1992 Pct Change
 REVENUE (000,000s)
 Local $133.1 $127.3 4.6
 Classified 108.8 94.2 15.5
 National 8.9 9.2 (3.3)
 Preprints 40.1 35.8 12.0
 Newspaper advertising (C) 290.9 266.5 9.2
 Circulation 87.4 79.2 10.4
 Other publishing (B) 99.5 99.0 0.5
 PUBLISHING 477.8 444.7 7.4
 BROADCASTING 206.4 200.0 3.2
 CABLE TELEVISION 196.2 181.9 7.9
 Divested operations (D) 9.0 108.6 ---
 CONSOLIDATED $889.4 $935.2 (4.9)
 Newspaper ad inches (C)(000s)
 Local 6,105 5,706 7.0
 Classified 8,657 7,205 20.2
 National 271 256 5.9
 Full run ROP 15,033 13,167 14.2
 Part run ROP 789 640 23.3
 Total 15,822 13,807 14.6
 (A) -- September 1993 had one more Thursday and one less Tuesday than September 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 dialy newspapers in California acquired in the fourth quarter of 1992. (Excluding both the acquired and divested newspapers, for the month advertising revenues increased 5.7 percent and full run ROP inches increased 3.5 percent; the YTD changes were: advertising revenues, +4.0 percent; inches, +0.9 percent).
 (D) -- Divested operations includes the Tulare Advance Register, The Pittsburgh Press, book publishing, and television listings.
 -0- 10/13/93
 /CONTACT: Rich Boehne of The E.W. Scripps Company, 513-977-3826/
 (SSP)


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

AR -- CL022 -- 1889 10/13/93 17:21 EDT
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