- E.W. Scripps (NYSE:SSP) has slid 6.5% after posting a Q3 earnings report where revenues declined and missed and expenses rose, sending the company to an operating loss.
- Net loss was $26.7M vs. a year-ago gain of $12.5M. The company did take a $35.7M impairment charge for Cracked, the humor brand it acquired last fall.
- Retransmission revenues were a bright spot, rising 20% to $64M after two contracts were renewed at higher rates.
- Revenues by segment: Television, $179.9M (down 8.8%); Radio, $17.9M (down 7.4%); Digital, $17.85M (up 13.3%); Other, $814,000 (up 16%).
- Profit by segment: Television, $32.1M (down 45%); Radio, $1.5M (down 40.3%); Digital, -$5.7M; Other, -$897,000.
- For Q4, it's guiding to TV revenues slipping in the high teens, with radio revenue down in high single digits. Digital revenues are seen around $60M, with digital expense in the mid- to high $50M range.
- Press Release
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