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Net loss for media firm's first quarter
Source: Agencies |
May 5, 2009, Tuesday
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MEDIA company E.W. Scripps, which earlier this year shut down Denver's Rocky Mountain News, said yesterday that weak advertising spending and a slew of charges led to a net loss in its first quarter.
Scripps, which owns newspapers and TV stations, posted a loss of US$220.7 million, or US$4.12 per share, compared with income from continuing operations totaling US$84.1 million, or US$1.55 a share, in the same quarter a year earlier.
Excluding one-off items, the latest quarter's loss attributable to Scripps shareholders would have been US$13 million, or 24 US cents a share. The items included a preliminary impairment charge of US$192 million at the company's TV stations, and operating losses and wind-down costs of US$13.3 million at its newspapers operated under partnerships and joint agreements.
Revenue fell 20 percent to US$205.4 million from US$255.7 million.
Analysts, on average, had expected a loss of 13 US cents a share, excluding items, on sales of US$202.3 million, according to a poll by Thomson Reuters.
The company said closing the Rocky Mountain News "eliminated significant financial risk."
"Operating losses and expenses related to the shutdown were confined to the first quarter, so now we move ahead sadly but in a much better position," said Rich Boehne, president and chief executive. Boehne added, however, the second quarter had not shown any signs of improvement over the first.
Scripps, which owns newspapers and TV stations, posted a loss of US$220.7 million, or US$4.12 per share, compared with income from continuing operations totaling US$84.1 million, or US$1.55 a share, in the same quarter a year earlier.
Excluding one-off items, the latest quarter's loss attributable to Scripps shareholders would have been US$13 million, or 24 US cents a share. The items included a preliminary impairment charge of US$192 million at the company's TV stations, and operating losses and wind-down costs of US$13.3 million at its newspapers operated under partnerships and joint agreements.
Revenue fell 20 percent to US$205.4 million from US$255.7 million.
Analysts, on average, had expected a loss of 13 US cents a share, excluding items, on sales of US$202.3 million, according to a poll by Thomson Reuters.
The company said closing the Rocky Mountain News "eliminated significant financial risk."
"Operating losses and expenses related to the shutdown were confined to the first quarter, so now we move ahead sadly but in a much better position," said Rich Boehne, president and chief executive. Boehne added, however, the second quarter had not shown any signs of improvement over the first.
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