Scripps Networks Posts Improved Second-Quarter Results
The owner of HGTV, Food Network and other lifestyle cable networks reported higher revenue and earnings, when excluding losses tied to a recently sold business.
NEW YORK - Scripps Networks Interactive on Tuesday posted improved second-quarter financials.
The owner of HGTV, Food Network and other lifestyle cable networks reported a quarterly profit of $77.4 million, compared with $106.2 million in the same period a year earlier, down 14 percent. But excluding losses tied to the recent sale of online comparison shopping site Shopzilla, earnings rose from $98 million to $133 million.
Revenue increased 12 percent to $534 million driven by a 13 percent advertising gain and 6.3 percent growth in affiliate fees.
Operating expenses, adjusted for one-time year-ago items, increased 4.7 percent driven by increased marketing expenses to promote programming initiatives and higher personnel costs.
"The outstanding marketing power of Scripps Networks Interactive's television and Internet brands is evident in the company's solid second quarter financial results," said president and CEO Kenneth Lowe.
Revenue at HGTV rose 8.9 percent to $189 million, while Food Network was up 8.2 percent to $187 million.
Revenue at Travel Channel increased 15 percent to $70.3 million, DIY Network was up 27 percent to $29.0 million, and the Cooking Channel grew revenue 17 percent to $15.9 million.
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