E.W. Scripps Co. shows a profit in its second quarter earnings reports and says TV ad revenue is doing better, according to Business Courier of Cincinnati.
“In the near term, we are seeing some slight improvement in the flow of advertising in our markets, particularly at the television stations, which have increased their revenue projections – albeit very modestly – during each of the past seven weeks,” said Rich Boehne, president and CEO.
Like other media companies, Scripps profited by cutting jobs and salaries and other expenses.
Scripps’ television station segment saw second-quarter revenues fall 24 percent while the newspaper segment fell 22 percent and licensing and other media also fell 22 percent.
The media company posted second-quarter net income of $2.3 million, or 4 cents per share, compared to a net loss of $531.2 million, or $9.78 per share, in the year-ago quarter. Operating revenues were $193.9 million, versus $250.9 million. Analysts, on average, had expected a net loss of 11 cents per share, and revenues of $203.2 million.
Scripps, based in Cincinnati, operates daily and community newspapers in 14 markets, including the Daily Camera (Boulder, Co.) and Knoxville News Sentinel, and 10 broadcast TV stations. It also operates Scripps Howard News Service and United Media.
Here’s the earnings call transcript.