| Scripps Reports Second Quarter Results |
CINCINNATI, Jul 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- The E. W. Scripps Company (NYSE: SSP) today reported improved second quarter financial results, led by exceptionally strong performance at Home & Garden Television and Food Network. Net income for the three-month period ended June 30 was $64.7 million compared to $27.0 million for the same period a year ago. Second quarter earnings per share were 80 cents compared to 33 cents in the second quarter of 2002. Year-over-year net income and earnings per share comparisons, however, should take into consideration unusual items that were reported by the company during the current and prior year periods. During the second quarter 2003, net income was reduced by approximately 3 cents per share because of investment write-downs. During the prior year period, unusual items reduced net income by 43 cents per share. Excluding unusual items during both periods, net income from continuing operations increased about 9 percent during the second quarter of 2003. Segment profits at the company's fastest growing business unit -- Scripps Networks -- increased 70 percent during the second quarter to $55.9 million. Scripps Networks revenues increased 28 percent to $142 million for the three-month period. Scripps Networks includes the company's portfolio of growing cable and satellite television networks, Home & Garden Television, Food Network, DIY -- Do It Yourself Network and Fine Living. Scripps Networks second quarter segment profit was reduced by about $9.8 million as the company continued to invest in programming and increased distribution of DIY, Fine Living and video-on-demand services. DIY and Fine Living, the company's developing networks, now reach about 19 million and 17 million U.S. households, respectively. Programming from all of the company's networks can be viewed on-demand on cable television systems in about 63 U.S. markets. Home & Garden Television and Food Network -- the company's flagship national networks -- can be viewed in about 81 million and 79 million U.S. television households, respectively. At the company's newspapers, second quarter segment profits declined 4.4 percent to $67.5 million on a 1.5 percent increase in revenues. Newspaper profits were held back during the quarter by continued weakness in local retail and help wanted advertising and higher newsprint prices. Newspaper division segment profits for the quarter include $4.7 million from the joint newspaper operations in Denver compared to $2.9 million in the same period a year ago. Higher employee benefit costs and lower results from the company's other newspaper joint operating agreements also reduced segment profits. Segment profits at the company's broadcast television stations were down 1.2 percent to $24.5 million in the second quarter. Broadcast television revenues increased 4.2 percent during the period to $78.9 million. Broadcast television profits were held back by increased syndicated programming and employee pension costs. "Exceptionally strong financial performance at HGTV and Food continued to drive the company's growth during the second quarter," said Kenneth W. Lowe, president and chief executive officer for Scripps. "The tremendous appeal of the Scripps Networks brand of lifestyle programming is evident in the robust advertising sales at our two flagship networks. More people than ever before are watching HGTV and Food, which makes them popular destinations for advertisers who are interested in reaching motivated consumers." "Our developing networks also are showing progress," Lowe said. "DIY and Fine Living achieved important distribution gains during the quarter and both are on track to be in 20 million U.S. television households by the end of the year." "At the company's newspapers, the slow ascent of the broader economy from its current trough affected second quarter results," Lowe said. "In a number of our markets, large department stores trimmed their newspaper advertising budgets, which had a negative effect on the local retail category. Also, help wanted advertising continues to be down across the board as employers wait to see what the economy is going to do before they begin hiring again." "Scripps continued to benefit during the second quarter from improved operating results a 20 percent to $10.0 million. * Preprint and other increased 9.7 percent to $30.8 million. Circulation revenues were $33.7 million, down 2.0 percent. Newsprint expenses increased about 10 percent on a 10 percent increase in newsprint prices. Scripps Networks Scripps Networks segment profit was $55.9 million, up from $33.0 million in the prior year period. Scripps Networks advertising revenue increased 31 percent to $117 million. Affiliate fee revenue was $23.3 million, up 15 percent. Home & Garden Television contributed $40.6 million to segment profits, up 37 percent from the year-ago period. HGTV revenues grew 18 percent to $79.1 million. Home & Garden Television now reaches 81 million domestic subscribers. Food Network had revenues of $55.8 million, up 35 percent. Food Network contributed $23.8 million to segment profits compared to $12.8 million in the second quarter last year. Food Network reaches 79 million domestic subscribers. DIY -- Do It Yourself Network and Fine Living reduced segment profits by $9.2 million, about even with the same period a year ago. DIY can be seen in 19 million U.S. television households and Fine Living now reaches 17 million households. Broadcast Television Broadcast television segment profit decreased 1.2 percent to $24.5 million. Broadcast television revenues increased 4.2 percent to $78.9 million. Local broadcast television advertising rose 6.9 percent to $48.0 million. National broadcast television advertising was $26.0 million, down 1.5 percent from the year-ago period. Shop At Home Network Shop At Home Network revenues for the second quarter were $56.6 million. On a pro forma basis (as if the company had owned the business in the second quarter 2002), revenues were up 5.9 percent from the same year-ago period. Shop At Home reported a loss of $5.6 million, or 5 cents per share, for the quarter. Scripps acquired Shop At Home in October 2002.
Licensing and Other Media
Segment profit was $4.6 million, about even with the previous year.
Revenues increased 4.5 percent to $24.5 million.
Guidance Based on advance advertising sales, the company currently anticipates third quarter 2003 advertising revenue for Scripps Networks will be up 25 to 30 percent year over year. Affiliate fee revenue for Scripps Networks is expected to increase about 10 percent during the third quarter, net of distribution fee amortization. Investments in the development of DIY and Fine Living are expected to reduce segment profits by about $11 million and earnings per share by about 8 cents. Newspaper advertising revenues are expected to be up 2 to 4 percent over the prior year in the third quarter. At the company's broadcast television stations, advertising revenues are expected to be up about 5 to 7 percent in the third quarter, excluding political advertising. Political advertising revenue was $5.5 million in the third quarter of 2002. Total third quarter revenues for broadcast television are expected to be about even with the same period last year. The company's continuing investment in the Shop At Home Network is expected to reduce third quarter segment profits by about $5 million and earnings per share by about 5 cents. Third quarter earnings per share are expected to be between 55 and 65 cents, compared to 57 cents per share in the third quarter of 2002. Results in the third quarter of 2002 included investment write-downs and other non-recurring adjustments. Without these items, third quarter 2002 earnings per share would have been 65 cents. Conference call The senior management team at Scripps will discuss the company's second quarter results during a telephone conference call at 11 a.m. EDT today. Scripps will offer a live audio Web cast of the conference call. To access the Web cast, visit www.scripps.com, choose "Investor Relations," then follow the "Live Web Cast" link at the top of the page. Listeners need Windows Media Player to access the call online. To access the conference call by telephone, dial 1-888-428-4479 (U.S.) or 1-651-291-0561 (International), approximately 10 minutes before the start of the call. Callers will need the name of the call (second quarter earnings report) to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are provided access to the conference call on a listen-only basis. A replay line will be open from 2:30 p.m. EDT July 14 until 11:59 p.m. EDT Thursday, July 17. The domestic number to access the replay is 1-800-475-6701 and the international number is 1-320-365-3844. The access code for both numbers is 689984. A replay of the conference call will be archived and available online for an extended period of time following the call. To access the audio replay, visit www.scripps.com approximately four hours after the call, choose "Investor Relations" then follow the "Audio Archives" link at the top of the page. Forward-looking statements This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page F-5 of its 2002 SEC Form 10K and page F-18 of its most recent Form 10Q. About Scripps Celebrating its 125th anniversary, The E.W. Scripps Company is a diverse media concern with interests in newspaper publishing, broadcast television, national television networks, interactive media and television-retailing. Scripps operates 21 daily newspapers, 10 broadcast TV stations, four cable and satellite television programming services and a home shopping network. All of the company's media businesses provide content and advertising services via the Internet. Scripps Networks brands include Home & Garden Television, Food Network, DIY -- Do It Yourself Network and Fine Living. Home & Garden and Food Network each can be seen in about 80 million U.S. television households. Scripps Networks Web sites include FoodNetwork.com, hgtv.com, DIYnetwork.com and fineliving.com. Scripps Networks programming can be seen in 33 countries. The company's home shopping subsidiary, Shop At Home Network, markets a growing range of consumer goods directly to television viewers and visitors to the Shop At Home Web site, shopathometv.com. Shop At Home reaches about 49 million full-time equivalent U.S. households. Scripps also operates Scripps Howard News Service and United Media, which is the worldwide licensing and syndication home of PEANUTS and DILBERT.
THE E. W. SCRIPPS COMPANY
RESULTS OF OPERATIONS
(in thousands, except per share data) Three months ended June 30,
2003 2002 Fav(Unf)
Operating revenues $474,846 $380,435 24.8%
Share of earnings of JOAs
and joint ventures 22,511 20,503 9.8%
Costs and expenses (357,507) (275,573) (29.7)%
Depreciation (15,945) (14,458) (10.3)%
Amortization of
intangible assets (1,171) (970) (20.7)%
Investment results,
net of expenses (3,200) (65,551)
Interest expense (7,832) (6,629) (18.1)%
Miscellaneous, net 1,044 (764)
Income before income taxes
and minority interests 112,746 36,993
Provision for income taxes 45,783 9,085
Income before minority interests 66,963 27,908
Minority interests 2,230 952
Net income $64,733 $26,956 140.1%
Net income per diluted
share of common stock $.80 $.33 142.4%
Weighted average diluted
shares outstanding 81,333 80,729
(in thousands, except per share data) Six months ended June 30,
2003 2002 Fav(Unf)
Operating revenues $920,040 $725,120 26.9%
Share of earnings of JOAs
and joint ventures 40,064 36,259 10.5%
Costs and expenses (709,873) (539,715) (31.5)%
Depreciation (30,764) (27,317) (12.6)%
Amortization of
intangible assets (2,328) (1,994) (16.8)%
Investment results,
net of expenses (3,200) (73,939)
Interest expense (15,835) (13,221) (19.8)%
Miscellaneous, net 2,685 (618)
Income before income taxes
and minority interests 200,789 104,575
Provision for income taxes 80,872 35,953
Income before
minority interests 119,917 68,622
Minority interests 2,495 1,786
Net income $117,422 $66,836 75.7%
Net income per diluted
share of common stock $1.45 $.83 74.7%
Weighted average diluted
shares outstanding 81,165 80,496
Notes to Results of Operations
1. RESTRUCTURING CHARGES AND OTHER UNUSUAL ITEMS
Net investment results Net investment results include (i) net realized gains and losses and (ii) accrued performance-based compensation and other expenses associated with the management of Scripps Ventures Funds I and II ("Scripps Ventures"). 2003 -- Second quarter and year-to-date net investment results were a pre-tax charge of $3.2 million of write-downs associated with declines in value of certain investments in new businesses. Investment results reduced net income by $2.1 million, $.03 per share. 2002 -- Second quarter net investment results were a pre-tax charge of $65.6 million, reducing net income by $42.6 million, $.53 per share. Included in net investment results were $26.7 million of write-downs associated with declines in value of the Scripps Ventures investment portfolios and other investments in new businesses and a $35.1 million write-down of our investment in AOL Time Warner. Also included in net investment results were $3.6 million of costs associated with winding down active management of Scripps Ventures. Year-to-date net investment results were a pre-tax charge of $73.9 million, reducing net income by $48.0 million, $.60 per share. Year-to-date investment write-downs totaled $69.0 million. Prior year tax liability adjustment 2002 -- We reached an agreement with the Internal Revenue Service to settle the audits of our 1992 through 1995 consolidated federal income tax returns in the second quarter of 2002. As a result, we reduced our estimated liability for prior year income taxes by $8.0 million. Net income was increased by $8.0 million, $.10 per share. Excluding the above items, net income was $66.8 million, $.82 per share, in the second quarter of 2003 and $61.6 million, $.76 per share, in the second quarter of 2002. For the year-to-date periods, net income was $119.5 million, $1.47 per share, in 2003 and $106.9 million, $1.33 per share, in 2002.
2. SEGMENT INFORMATION
Our reportable segments are strategic businesses that offer different products and services. We evaluate the operating performance ("Segment Profit (Loss)") of our business segments based primarily on earnings before interest, income taxes, depreciation and amortization, excluding divested operating units, restructuring charges, investment results and certain other unusual items. Information regarding our business segments is as follows:
(in thousands) Three months ended June 30,
2003 2002 Fav(Unf)
Segment operating revenues:
Newspapers $172,895 $170,274 1.5%
Scripps Networks 141,923 110,967 27.9%
Broadcast television 78,870 75,721 4.2%
Shop At Home 56,638
Licensing and other media 24,520 23,473 4.5%
Total operating revenues $474,846 $380,435 24.8%
Segment profit (loss):
Newspapers $67,490 $70,620 (4.4)%
Scripps Networks 55,944 32,976 69.7%
Broadcast television 24,522 24,810 (1.2)%
Shop At Home (5,607)
Licensing and other media 4,617 4,657 (0.9)%
Corporate (7,116) (7,698) 7.6%
Total segment profit 139,850 125,365 11.6%
Depreciation (15,945) (14,458) (10.3)%
Amortization of
intangible assets (1,171) (970) (20.7)%
Investment results,
net of expenses (3,200) (65,551)
Interest expense (7,832) (6,629) (18.1)%
Miscellaneous, net 1,044 (764)
Income before income taxes
and minority interests $112,746 $36,993
Depreciation:
Newspapers $6,180 $6,708 7.9%
Scripps Networks 2,482 2,384 (4.1)%
Broadcast television 5,029 4,889 (2.9)%
Shop At Home 1,536
Licensing and other media 165 193 14.5%
Corporate 553 284 (94.7)%
Total depreciation $15,945 $14,458 (10.3)%
Amortization of intangible assets:
Newspapers $173 $169 (2.4)%
Scripps Networks 588 769 23.5%
Broadcast television 32 32 0.0%
Shop At Home 378
Total amortization
of intangible assets $1,171 $970 (20.7)%
(in thousands) Six months ended June 30,
2003 2002 Fav(Unf)
Segment operating revenues:
Newspapers $345,492 $339,210 1.9%
Scripps Networks 258,493 199,668 29.5%
Broadcast television 149,043 141,242 5.5%
Shop At Home 114,955
Licensing and other media 52,057 45,000 15.7%
Total operating revenues $920,040 $725,120 26.9%
Segment profit (loss):
Newspapers $130,873 $134,333 (2.6)%
Scripps Networks 97,544 52,850 84.6%
Broadcast television 40,128 40,777 (1.6)%
Shop At Home (11,540)
Licensing and other media 8,488 8,744 (2.9)%
Corporate (15,262) (15,040) (1.5)%
Total segment profit 250,231 221,664 12.9%
Depreciation (30,764) (27,317) (12.6)%
Amortization of
intangible assets (2,328) (1,994) (16.8)%
Investment results,
net of expenses (3,200) (73,939)
Interest expense (15,835) (13,221) (19.8)%
Miscellaneous, net 2,685 (618)
Income before income taxes
and minority interests $200,789 $104,575
Depreciation:
Newspapers $12,072 $12,719 5.1%
Scripps Networks 4,944 4,288 (15.3)%
Broadcast television 9,679 9,417 (2.8)%
Shop At Home 2,645
Licensing and
other media 323 384 15.9%
Corporate 1,101 509 (116.3)%
Total depreciation $30,764 $27,317 (12.6)%
Amortization of intangible assets:
Newspapers $344 $337 (2.1)%
Scripps Networks 1,173 1,594 26.4%
Broadcast television 63 63 0.0%
Shop At Home 748
Total amortization
of intangible assets $2,328 $1,994 (16.8)%
3. ADDITIONAL NEWSPAPER SEGMENT INFORMATION
Additional information related to newspaper segment operating revenues and segment profit is as follows:
(in thousands) Three months ended June 30,
2003 2002 Fav(Unf)
Operating revenues:
Newspapers managed
solely by us $172,828 $170,188 1.6%
JOAs and other joint ventures 67 86 (22.1)%
Total segment
operating revenues $172,895 $170,274 1.5%
Contribution to segment profit:
Newspapers managed
solely by us $56,518 $60,153 (6.0)%
JOAs and other joint ventures:
Denver Rocky Mountain News 4,727 2,851 65.8%
Other 6,245 7,616 (18.0)%
Total segment profit $67,490 $70,620 (4.4)%
(in thousands) Six months ended June 30,
2003 2002 Fav(Unf)
Operating revenues:
Newspapers managed
solely by us $345,374 $339,112 1.8%
JOAs and other joint ventures 118 98 20.4%
Total segment
operating revenues $345,492 $339,210 1.9%
Contribution to segment profit:
Newspapers managed
solely by us $113,294 $117,523 (3.6)%
JOAs and other joint ventures:
Denver Rocky Mountain News 5,296 2,978 77.8%
Other 12,283 13,832 (11.2)%
Total segment profit $130,873 $134,333 (2.6)%
4. HGTV AND FOOD NETWORK
Included in Scripps Networks' segment results is the following information related to HGTV and Food Network:
(in thousands, except per share data Three months ended June 30,
2003 2002 Fav(Unf)
HGTV:
Operating revenues $79,135 $67,048 18.0%
Contribution to
segment profit 40,592 29,724 36.6%
Net income effect 23,445 17,251 35.9%
Net income effect
per share of common stock -
assuming dilution $.29 $.21 38.1%
Food Network:
Operating revenues $55,781 $41,332 35.0%
Contribution to
segment profit 23,828 12,775 86.5%
Net income effect 11,054 6,244 77.0%
Net income effect
per share of common stock -
assuming dilution $.14 $.08 75.0%
(in thousands, except per share data) Six months ended June 30,
2003 2002 Fav(Unf)
HGTV:
Operating revenues $146,050 $120,606 21.1%
Contribution to
segment profit 75,380 52,498 43.6%
Net income effect 43,467 30,432 42.8%
Net income effect
per share of common stock -
assuming dilution $.54 $.38 42.1%
Food Network:
Operating revenues $100,982 $74,786 35.0%
Contribution to
segment profit 41,754 22,557 85.1%
Net income effect 19,740 10,939 80.5%
Net income effect
per share of common stock -
assuming dilution $.24 $.14 71.4%
THE E.W. SCRIPPS COMPANY
Unaudited Revenue and Statistical Summary
Period: June
Report date: July 14, 2003
For comparative purposes, this report excludes divested operations and unusual items, and includes acquired operations as if they had been purchased January 1, 2002.
(amounts in millions,
unless otherwise noted ) June
2003 2002 %
SEGMENT OPERATING REVENUE
Newspapers $56.9 $56.9 0.0%
Scripps Networks 46.9 38.5 21.7%
Broadcast Television 26.5 25.7 3.1%
Shop At Home (1) 18.9 16.6 14.0%
Licensing and Other Media 7.2 5.5 31.4%
TOTAL $156.4 $143.1 9.2%
NEWSPAPERS (2)
Operating Revenue
Local $12.7 $13.7 (7.3)%
Classified 18.0 18.7 (3.5)%
National 3.8 2.9 28.6%
Preprints and other 9.9 9.1 8.6%
Newspaper advertising 44.4 44.5 (0.1)%
Circulation 11.4 11.5 (1.0)%
Other 1.1 0.9 17.3%
Newspapers $56.9 $56.9 0.0%
Ad inches (excluding JOAs)
(in thousands)
Local 556 602 (7.7)%
Classified 900 900 0.0%
National 124 98 26.6%
Full run ROP 1,579 1,600 (1.3)%
Share of JOA operating profits (3) $6.4 $7.0 (9.1)%
SCRIPPS NETWORKS
Operating Revenue
Advertising $38.5 $30.2 27.5%
Affiliate fees 7.7 7.9 (2.6)%
Other 0.6 0.4
Scripps Networks $46.9 $38.5 21.7%
Subscribers (4)
HGTV
Food Network
BROADCAST TELEVISION
Operating Revenue
Local $15.9 $14.6 9.2%
National 8.5 9.2 (7.3)%
Network compensation 0.7 0.6 12.4%
Political 0.2 0.3
Other 1.1 1.0 17.1%
Broadcast Television $26.5 $25.7 3.1%
SHOP AT HOME (1)
Operating Revenue
As reported $18.9
Pro forma 18.9 $16.6 14.0%
Avg. full-time equivalent homes 49.6 41.4 19.8%
(amounts in millions,
unless otherwise noted ) Year-to-date
2003 2002 %
SEGMENT OPERATING REVENUE
Newspapers $345.5 $339.2 1.9%
Scripps Networks 258.5 199.7 29.5%
Broadcast Television 149.0 141.2 3.5%
Shop At Home (1) 115.0 103.2 11.4%
Licensing and Other Media 52.1 45.0 15.7%
TOTAL $920.0 $828.3 11.1%
NEWSPAPERS (2)
Operating Revenue
Local $83.4 $85.7 (2.7)%
Classified 107.4 106.7 0.7%
National 18.8 16.3 15.6%
Preprints and other 59.9 54.4 10.1%
Newspaper advertising 269.6 263.2 2.4%
Circulation 69.3 69.8 (0.8)%
Other 6.6 6.2 6.6%
Newspapers $345.5 $339.2 1.9%
Ad inches (excluding JOAs)
(in thousands)
Local 3,632 3,777 (3.8)%
Classified 5,278 5,160 2.3%
National 657 560 17.5%
Full run ROP 9,568 9,496 0.8%
Share of JOA
operating profits (3) $36.0 $34.6 4.1%
SCRIPPS NETWORKS
Operating Revenue
Advertising $209.9 $158.5 32.4%
Affiliate fees 45.6 38.5 18.3%
Other 3.0 2.6 14.9%
Scripps Networks $258.5 $199.7 29.5%
Subscribers (4)
HGTV 81.0 78.6 3.1%
Food Network 79.1 75.3 5.0%
BROADCAST TELEVISION
Operating Revenue
Local $91.4 $85.1 7.5%
National 48.5 47.7 1.7%
Network compensation 4.5 3.9 16.1%
Political 1.0 1.0
Other 3.6 3.5 0.1%
Broadcast Television $149.0 $141.2 5.5%
SHOP AT HOME (1)
Operating Revenue
As reported $115.0
Pro forma 115.0 $103.2 11.4%
Avg. full-time equivalent homes 47.2 38.6 22.3%
(1) Shop At Home was acquired October 31, 2002.
(2) For comparative purposes, certain 2002 newspaper revenues have been
reclassified to conform to 2003 classifications.
(3) Excludes editorial costs.
(4) Subscriber counts are according to the Nielsen Homevideo Index of
homes that receive cable networks.
THE E.W. SCRIPPS COMPANY
Unaudited Revenue and Statistical Summary
Period: June
Report date: July 14, 2003
For comparative purposes, this report excludes divested operations and
unusual items,and includes acquired operations as if they had been purchased
January 1, 2002.
(amounts in millions, unless otherwise noted )
Second Quarter
2003 2002 %
SEGMENT OPERATING REVENUE
Newspapers $172.9 $170.3 1.5%
Scripps Networks 141.9 111.0 27.9%
Broadcast Television 78.9 75.7 4.2%
Shop At Home (1) 56.6 53.5 5.9%
Licensing and Other Media 24.5 23.5 4.5%
TOTAL $474.8 $433.9 9.4%
NEWSPAPERS (2)
Operating Revenue
Local $40.9 $42.6 (3.8)%
Classified 54.2 54.0 0.4%
National 10.0 8.3 20.4%
Preprints and other 30.8 28.1 9.7%
Newspaper advertising 135.9 132.9 2.3%
Circulation 33.7 34.4 (2.0)%
Other 3.3 3.0 10.4%
Newspapers $172.9 $170.3 1.5%
Ad inches (excluding JOAs)
(in thousands)
Local 1,807 1,862 (3.0)%
Classified 2,712 2,624 3.3%
National 346 285 21.5%
Full run ROP 4,865 4,771 2.0%
Share of JOA
operating profits (3) 20.3 19.5 4.0%
SCRIPPS NETWORKS
Operating Revenue
Advertising $116.8 $89.1 31.0%
Affiliate fees 23.3 20.3 14.7%
Other 1.8 1.5 20.8%
Scripps Networks $141.9 $111.0 27.9%
Subscribers (4)
HGTV 81.0 78.6 3.1%
Food Network 79.1 75.3 5.0%
BROADCAST TELEVISION
Operating Revenue
Local $48.0 $44.9 6.9%
National 26.0 26.4 (1.5)%
Network compensation 2.2 2.0 9.7%
Political 0.8 0.7
Other 1.9 1.8 6.1%
Broadcast Television $78.9 $75.7 4.2%
SHOP AT HOME (1)
Operating Revenue
As reported $56.6
Pro forma 56.6 $53.5 5.9%
Avg. full-time equivalent homes 48.5 40.3 20.3%
(1) Shop At Home was acquired October 31, 2002.
(2) For comparative purposes, certain 2002 newspaper revenues have been
reclassified to conform to 2003 classifications.
(3) Excludes editorial costs.
(4) Subscriber counts are according to the Nielsen Homevideo Index of
homes that receive cable networks.
SOURCE E. W. Scripps Company Tim Stautberg, of The E.W. Scripps Company, +1-513-977-3826, or stautberg@scripps.com http://www.scripps.com |