E. W. Scripps Q2 Profit Down - Quick Facts

(RTTNews) - E. W. Scripps Co. (SSP) reported that its second quarter of 2013 net income declined to $3.2 million or $0.05 per share, from $5.4 million or $0.09 per share, in the second quarter of 2012. The tax benefit for the 2013 quarter includes $1.2 million, or $0.02 per share, in favorable adjustments to the reserve for prior-year income taxes.

Consolidated revenues were $207.9 million, a decrease of 4.2 percent, or $9.1 million, from the second quarter of 2012. Political advertising revenues decreased $10.4 million in this off-cycle period. Analysts polled by Thomson Reuters expected the company to report revenues of $211.80 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead for the third quarter of 2013, the company expects Television revenues to be down mid- to high teens, and television expenses to be about flat.

For the full year of 2013, the company anticipates Television revenues to be down low teens due to the political off-year, Television expenses to be down low single digits, and Capital expenditures to be approximately $25 million.