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Earnings: Scripps Q4 Income Down 8 Percent; Interactive Down 7.8 Percent On uSwitch Weakness

Scripps (NYSE: SSP), which is in the process of splitting down the middle, reported Q4 revenue of $679 million, down slightly year-on-year from $683 million. Net income declined 8 percent to $123 million ($.75/share) from $133.9 million ($.80/share). The company’s businesses are going in different directions. Scripps Networks revenue grew 13.7 percent, to $318 million, while the newspaper and broadcast businesses declined by 9.6 percent and 18.0 percent respectively. Interactive revenue declined 7.8 percent, which the company attributed entirely to UK-based U-Switch. In light of the weakness of this business, the company will take an unspecified impairment charge relating to this acquisition. Interactive revs ex-uSwitch were not given out. But it did say that quarterly revenue at Shopzilla, which had been weak, improved in the quarter. Other highlights:

— Online ad revenue at Scripps Networks grew 22 percent to $21.6 million.

— Newspaper ad revenue declined 9.6 percent to $165 million. You can blame the usual suspects: weak classifieds, housing weakness in California and Florida, fewer employment ads. Online ad revenue at the newspapers was up a modest 6.6 percent, to $9.2 million.

Release | Webcast | Transcript (via SeekingAlpha)

One Response to “Earnings: Scripps Q4 Income Down 8 Percent; Interactive Down 7.8 Percent On uSwitch Weakness”

  1. I think Scripps should combine Shopzilla with a classified service. Shopzilla is comparison search for new products. Classifieds are basically comparison search for used products. Imagine a site where you get price comparisons for products at both the new and used level. Obviously Amazon already do this for their products, but it'd be really powerful to do it across the board.