Like most newspaper companies, EW Scripps (NYSE: SSP) is seeing a hint of light at the end of the tunnel. Thanks to cost-cutting efforts, the Cincinnati-based company slimmed its net losses to $880,000 ($0.02 cents a share from with a prior-year loss of $220.7 million ($4.12 per share), while revenue came in slightly down as well. Still, the company has a long way to go, even on the online front, as both the print side and digital were pulled down by falling classified revs, which appear to be abating somewhat. Overall, newspaper revenue dropped 7.6 percent. The online results provided further evidence of how print upsells are holding down that business.
Online-only ad dollars jumped 23 percent. But in total, online revs dropped 8.1 percent. The reason is that about 40 percent of online ad dollars are tied to print classifieds, which fell 18 percent.
In a statement, Rich Boehne, Scripps president and CEO, said: “In the newspaper division, print advertising declines are moderating but remain persistent, especially in the classified categories. In response, we are well down the road in redesigning our newspaper operations through Scripps 3.0, a project that puts a strong focus on building and monetizing audiences across multiple platforms.”