E.W. Scripps reported a second-quarter loss as gains at its local stations and national networks were offset by on-time charges.
The company recorded a net loss of $6.932 million, or 9 cents a share, compared to a loss of $22.043 million, or 27 cents a share, a year ago.
Revenue rose 57% to $565.077 million.
Second quarter earnings were reduced by 58 cents a share because of several transactional items, including a non-cash $31.9 million charge adjusting the fair-value price of warrants given to Berkshire Hathaway as part of the deal acquiring Ion Media. The agreement with Berkshire has been amended and there won’t be similar adjustments in future quarters, the company said.
Operating income was $104.255 million, up rom $1.55 million a year ago.
Local Media profit was $64.6 million, up from $35.5 million a year ago.
Revenue rose 16% to $325 million, with core advertising revenue--excluding political advertising, up 38% to $161 million.
Local media core advertising was up 48% on an adjusted-combined basis as the market rebounded. The company said its top five core ad categories were up by double-digits and that the travel and leisure category was up 623%, driven by an increase in sports betting advertising.
Retransmission revenue rose 7.5% to $156 million.
Scripps Networks--including Ion Media, the Katz Networks and Newsy--registered a $107 million profit, up from $71 million a year ago. Revenue was $239 million, up 23%.
Scripps raised its guidance for full-year cash flow to $240 million to $260 million from $210 million to $240 million.
“Our second-quarter results illustrate the benefits of the company’s strategic approach in recent years to both longer-term transformative change and near-term operating-performance excellence,” said CEO Adam Symson. “Our improved financial profile today positions us well for ongoing business growth, future free cash flow generation and the ability to continue reducing our debt.”
Jon has been business editor of Broadcasting + Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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