Scripps Networks Ad Gains Boost First-Quarter Profit
"Trends continue to be positive, which portends well for a very good 2011," says CEO Kenneth Lowe.
NEW YORK - Scripps Networks Interactive, the company behind such cable networks as HGTV and the Food Network, on Thursday reported improved first-quarter financials amid continued advertising and affiliate fee gains.
First-quarter earnings of $101 million rose nearly 40 percent over the $72.5 million recorded in the year-ago period.
Revenue of $536 million was up 14 percent as advertising revenue rose 12 percent.
Shopping comparison site Shopzilla, which Scripps has agreed to sell to a private equity firm in the coming weeks, also posted improved revenue in the quarter.
"Our strong advertising growth in the first quarter reflects the popularity of our networks and their tremendous value as marketing platforms for advertisers and distribution partners," said chairman, president and CEO Kenneth Lowe. "We're committed to building on the competitive leadership position we've established in the home, food and travel lifestyle content categories and are encouraged by the positive start we've had for the year. Trends continue to be positive, which portends well for a very good 2011."