CINCINNATI, Nov. 9, 2012 /PRNewswire/ -- Fueled by the
contribution of television stations acquired in 2011 and a surge in
political advertising revenues, The E.W. Scripps Company (NYSE:
SSP) reported operating results for the third quarter of 2012
that were substantially stronger than the year-ago quarter.
Consolidated revenues rose 31 percent to $220 million from $168
million in the third quarter of 2011. The 2012 quarter
included revenue from television stations in Indianapolis, Denver, San
Diego and Bakersfield that
were acquired on Dec. 30, 2011.
Excluding the new stations from the 2012 performance, consolidated
revenues increased 15.0 percent to $193
million, led by the strongest third-quarter revenue
performance ever reported by the company's television stations.
Consolidated expenses for segment, shared services and corporate
rose 13.7 percent to $185 million.
Excluding costs associated with the new stations, expenses
increased 1.1 percent to $164
million.
Operating income in the 2012 quarter was $18.3 million, compared with an operating loss of
$17.9 million in the third quarter of
2011. The year-ago quarter included a non-cash, pre-tax charge of
$9 million for the impairment of
long-lived assets at four of the company's newspapers.
At $3.3 million, interest expense
in the 2012 quarter was higher than in the prior-year quarter due
to the acquisition of the television stations.
The provision for income taxes was $2.1
million in the third quarter of 2012, compared with a tax
benefit of $7.5 million in the
year-ago quarter. The tax provision for the 2012 quarter includes a
$3.7 million reduction in the
company's reserve for uncertain tax positions.
Net income in the third quarter of 2012 was $12.0 million, or 21
cents per share, compared with a net loss of $10.7 million, or 19
cents per share, in the third quarter of 2011.
"An aggressive realignment of our company over the past two
years has positioned us to take advantage of improvements in our
core television business, growth in digital audiences, and a huge
surge in political advertising," said Rich
Boehne, Scripps president and CEO.
"In the television division, our investments in local news
content, original programming to replace underperforming syndicated
shows, and in sales infrastructure to maximize political dollars
are all showing strong returns on investments. Also ahead of
expectations are the four additional markets – Denver, Indianapolis, San
Diego and Bakersfield –
which we acquired at the end of last year."
"In the newspaper division, we saw a positive upturn in real
estate advertising driven by improvement in Florida, which is particularly critical to
Scripps. Overall expense control was good, and we're approaching
the beginning of a move to bundled subscriptions for print and
digital products, which we believe is both critical to the future
health of the business and in line with growing consumer
demand."
"Across our entire portfolio of attractive local markets we are
rapidly rolling out new, market-leading digital products and
services. A new round of improved apps for smartphones and tablets
recently were released, and market by market we are expanding our
advertising sales force to increase our share of the growing
digital advertising pie."
"Enabling Scripps to seize these opportunities and build the
value of the enterprise is one of the industry's strongest balance
sheets. With no net debt and a growing pool of cash, we have the
financial flexibility to consider a wide range of options that will
produce the best returns to our shareholders."
Third-quarter results by segment are as follows:
Television
Reported revenue from the company's
television stations in the third quarter was $125 million, compared with $70.0 million in the third quarter of 2011. On a
same-station basis, television revenue increased 41 percent in the
quarter to $98.8 million.
Reported advertising revenue broken down by category was:
- Local, up 25 percent to $52.0
million (down 1 percent on a same-station basis)
- National, up 39 percent to $26.0
million (up 6 percent on a same-station basis)
- Political was $33.9 million,
compared to $2 million in the 2011
quarter
Excluding the newly acquired stations, political advertising
totaled $28.0 million in the third
quarter. That compares with $14.8
million on a same-station basis in the third quarter of 2010
(the previous election cycle) and $10.3
million in 2008 (the previous presidential cycle).
As is common during presidential election cycles, the influx of
political advertising displaced certain traditional advertisers.
The company expects advertisers in the core market, especially in
the automotive and retail categories, to return to the air in the
back half of the fourth quarter.
Revenue from retransmission consent agreements rose 86 percent
year over year to $7.4 million. As a
result of new agreements with cable operators that were negotiated
in 2011, same-station retransmission revenue increased 26 percent
to $5.0 million.
Digital revenues in the third quarter increased 85 percent to
$4.0 million, and grew 50 percent on
a same-station basis.
Largely as a result of the addition of new stations, expenses
for the TV station group grew 35 percent to $83.5 million. Excluding the new stations,
expenses were up 1.9 percent.
The television division's segment profit in the third quarter
was $41.8 million, compared with
$8.1 million in the year-ago period.
(See Note 2 in the attached financial information for a definition
of segment profit.)
During the third quarter, Scripps launched two homegrown
30-minute programs, a game show called "Let's Ask America," and our
infotainment program called "The List." The shows, which typically
air in the hour before network primetime programming, are on the
air in Scripps markets from coast to coast. In less than two months
since their debut, the shows are performing at or above the
company's expectations.
Newspapers
Total revenue from Scripps newspapers in
the third quarter was $92.4 million,
down 3.7 percent from the third quarter of 2011 and generally
consistent with the year-over-year performance in the second
quarter.
Circulation revenue in the third quarter decreased 2.8 percent
to $27.8 million.
Print advertising revenue, at $53.4
million, was down 5.3 percent compared with the third
quarter of 2011, but the figure was an improvement over the
year-over-year decline of 7.2 percent in the second quarter.
Advertising revenue broken down by category was:
- Classified, down 3.0 percent to $18.1
million
- Classified – Real Estate – up 1.3 percent
- Classified – Employment – down 7.6 percent
- Classified – Automotive – down 8.5 percent
- Local, down 6.1 percent to $17.5
million
- Preprint and other, down 1.0 percent to $16.0 million
- National, down 38 percent to $1.9
million
The increase in classified real estate is attributable to
strengthening market conditions in Naples, Fla.
Digital revenue was up 0.9 percent compared with last year at
$6.5 million. Pure play digital
revenue increased 4.9 percent over the year-ago quarter.
Total segment expenses decreased 5.2 percent to $88.1 million. The expense for newsprint and
press supplies decreased 3.1 percent in the quarter, due largely to
newsprint expenses that decreased 5.2 percent due to lower
volume.
Third-quarter segment profit in the newspaper division was
$4.2 million, an increase from
$3.0 million in the third quarter of
2011.
Syndication and other
The "syndication and other"
category of the company's financial statements includes syndication
of news features and comics and other features for the newspaper
industry, and certain digital operations outside our newspaper and
television markets.
In the third quarter, revenues were $1.9
million, and the segment loss was $1.8 million. In the third quarter of 2011, the
segment reported profit of less than $200,000.
Financial condition
At September 30, 2012, Scripps had cash and cash
equivalents of $210 million, up from
$167 million at the end of the second
quarter. Total debt was $200 million
at the end of the third quarter.
The company repurchased approximately 700,000 shares during the
quarter at a weighted average price of $10.13. Scripps had been repurchasing shares
since the first quarter of 2011 under a buyback authorization of
$75 million, which was exhausted
during the third quarter. Approximately 8.7 million shares were
repurchased at an average price of $8.60 over the past two years.
Also, the board of directors has authorized the additional
repurchase of up to $100 million of
its Class A Common Shares. The shares may be repurchased from time
to time at management's discretion, either in the open market,
through pre-arranged trading plans or in privately negotiated block
transactions. The authorization expires Dec.
31, 2014.
The company currently intends to fund approximately half of the
buybacks from its cash balance and half using cash proceeds from
the potential exercise of employee stock options. Approximately 8.6
million options are currently exercisable at prices between
$8.78 and $10.38. They expire at
various times through 2016.
Year-to-date results
Revenue through the first three
quarters of the year was $644
million, compared with $531
million in the prior-year period. Excluding the recently
acquired television stations, revenue increased 6.7 percent.
Scripps reported net income in the first nine months of 2012 of
$13.0 million, or 23 cents per share, compared with a net loss of
$21.8 million, or 38 cents per share, in the same period in
2011.
Looking ahead
For year-over-year performance of key
metrics in the fourth quarter of 2012, management expects:
- Reported television revenues to be up about 80 percent;
excluding the newly acquired television stations, revenues should
increase between 35 and 40 percent
- Reported television expenses to be up 40 to 45 percent;
excluding the newly acquired stations, expenses should increase
at a percentage rate in the mid-single digits
- Newspaper revenues and expenses to decline at a
mid-single-digit rate, with the decline in expenses being slightly
greater than the decline in revenue
- Expenses for shared services and corporate to be approximately
$9 million
The guidance listed above for total fourth-quarter television
revenue includes political advertising of approximately
$57 million, a figure that was
largely fueled by higher-than-expected presidential advertising in
the battleground states of Ohio,
Florida and Colorado. The division's total political
advertising for 2012 was $107
million, of which roughly $84
million came from stations owned more than a year. Before
this year, the highest figure for political advertising from those
nine stations was $48 million in
2010.
Conference call
The senior management of The E.W.
Scripps Company will discuss the company's third-quarter results
during a telephone conference call at 9
a.m. (Eastern) today. Scripps will offer a live audio
webcast of the conference call. To access the webcast, visit
www.scripps.com, and click on the "Investor Relations" link.
To access the conference call by telephone, dial 1-800-230-1074
(U.S.) or 1-612-234-9959 (international) approximately 10 minutes
before the start of the call. Investors and analysts will need the
name of the call ("third 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 granted
access to the conference call on a listen-only basis.
A replay line will be open from 11
a.m. (Eastern) November 9
until 11:59 p.m. November 16. 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 265275.
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 on the left side 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 in its
2011 SEC Form 10K. The company undertakes no obligation to publicly
update any forward-looking statements to reflect events or
circumstances after the date the statement is made.
About Scripps
Scripps (www.scripps.com) is a leading media enterprise that
embraces its rich history in delivering high-quality journalism
through television stations, newspapers and the Scripps Howard News
Service, while developing and expanding its digital strategies,
including social gaming, for multiple platforms. The company
provides community-changing breaking news, story-telling,
investigations and interactive outreach at 19 television stations
in major markets such as Denver,
San Diego, Detroit, Phoenix, Cleveland, Cincinnati and Tampa, and 13 newspaper markets, including
Memphis, Knoxville, Naples,
Fla., and Corpus Christi,
Texas. Since 1941, Scripps has operated the National
Spelling Bee, one of America's most-enduring celebrations of
academic excellence. For a full listing of Scripps media companies
and their associated Web sites, visit http://www.scripps.com/.
THE E.
W. SCRIPPS COMPANY
|
|
|
|
|
|
|
|
|
|
RESULTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
Nine months ended
|
|
|
September
30,
|
|
|
September
30,
|
(in
thousands, except per share data)
|
|
2012
|
|
2011
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
$
|
219,644
|
$
|
167,871
|
|
$
|
643,705
|
$
|
531,263
|
Segment,
shared and corporate expenses
|
|
(184,756)
|
|
(162,466)
|
|
|
(560,077)
|
|
(510,827)
|
Pension
expense
|
|
(1,980)
|
|
(2,158)
|
|
|
(5,755)
|
|
(5,301)
|
Acquisition and related integration costs
|
|
-
|
|
-
|
|
|
(5,826)
|
|
-
|
Restructuring costs
|
|
(2,354)
|
|
(2,614)
|
|
|
(6,420)
|
|
(6,529)
|
Depreciation and amortization
|
|
(12,136)
|
|
(10,052)
|
|
|
(37,045)
|
|
(30,501)
|
Impairment
of long-lived assets
|
|
-
|
|
(9,000)
|
|
|
-
|
|
(9,000)
|
|
|
|
|
|
|
|
|
|
|
Gains
(losses), net on disposal of property, plant and
equipment
|
(80)
|
|
476
|
|
|
(50)
|
|
234
|
Operating
expenses
|
|
(201,306)
|
|
(185,814)
|
|
|
(615,173)
|
|
(561,924)
|
Operating
income (loss)
|
|
18,338
|
|
(17,943)
|
|
|
28,532
|
|
(30,661)
|
Interest
expense
|
|
(3,288)
|
|
(362)
|
|
|
(9,653)
|
|
(1,167)
|
Miscellaneous, net
|
|
(900)
|
|
110
|
|
|
(2,452)
|
|
(622)
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations before income taxes
|
|
14,150
|
|
(18,195)
|
|
|
16,427
|
|
(32,450)
|
(Provision) benefit for income taxes
|
|
(2,148)
|
|
7,473
|
|
|
(3,424)
|
|
10,621
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
12,002
|
|
(10,722)
|
|
|
13,003
|
|
(21,829)
|
Net income
(loss) attributable to noncontrolling interests
|
-
|
|
-
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to the shareholders of
|
|
|
|
|
|
|
|
|
The E.W. Scripps
Company
|
$
|
12,002
|
$
|
(10,722)
|
|
$
|
13,003
|
$
|
(21,829)
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per basic share of common stock attributable
|
|
|
|
|
|
|
|
to the shareholders of The
E.W. Scripps Company:
|
$
|
0.21
|
$
|
(0.19)
|
|
$
|
0.23
|
$
|
(0.38)
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares outstanding
|
|
54,637
|
|
56,834
|
|
|
54,852
|
|
58,071
|
|
|
|
|
|
|
|
|
|
|
See
notes to results of operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Results of
Operations
1. ACQUISITION INTEGRATION COST
Included in acquisition and related integration costs for the
nine-months ended September 30, 2012,
is a $5.7 million non-cash charge to
terminate the McGraw-Hill stations' national representation
agreement. We decided to use our existing national
representative in all Scripps markets. As an inducement, our
national representative firm agreed to pay the $5.7 million termination fee.
2. SEGMENT INFORMATION
We determine our business segments based upon our management and
internal reporting structure. Our reportable segments are strategic
businesses that offer different products and services.
Television includes ten ABC affiliates, three NBC affiliates,
one independent station and five Azteca affiliates. Our television
stations reach approximately 13% of the nation's television
households. Television stations earn revenue primarily from the
sale of advertising time to local and national advertisers.
Our newspaper business segment includes daily and community
newspapers in 13 markets in the U.S. Newspapers earn revenue
primarily from the sale of advertising space to local and national
advertisers and from the sale of newspapers to readers.
Syndication and other primarily include certain digital
operations outside our newspaper and television markets and
syndication of news features and comics and other features for the
newspaper industry.
We allocate a portion of certain digital and corporate costs and
expenses, including information technology, certain employee
benefits, and other shared services, to our business segments. The
allocations are generally amounts agreed upon by management, which
may differ from an arms-length amount. Corporate assets are
primarily cash and cash equivalents, and other short-term
investments, property and equipment primarily used for corporate
purposes, and deferred income taxes.
Our chief operating decision maker evaluates the operating
performance of our business segments and makes decisions about the
allocation of resources to our business segments using a measure
called segment profit. Segment profit excludes interest, defined
benefit plan pension expense (other than current service costs),
income taxes, depreciation and amortization, divested operating
units, restructuring activities, investment results and certain
other items that are included in net income (loss) determined in
accordance with accounting principles generally accepted in
the United States of America.
Effective January 1, 2012, we
changed our defined benefit plan pension expense allocation policy
to charge business segments only for the current service costs of
defined benefit plans. We have recast the prior period for
this change.
Information regarding our business segments is as follows:
|
|
Three
months ended
|
|
|
Nine
months ended
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
(in
thousands)
|
|
2012
|
|
2011
|
Change
|
|
|
2012
|
|
2011
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
$
|
125,329
|
$
|
69,939
|
79.2
%
|
|
$
|
341,983
|
$
|
215,933
|
58.4
%
|
Newspapers
|
|
92,390
|
|
95,948
|
(3.7)%
|
|
|
293,949
|
|
304,080
|
(3.3)%
|
Syndication and
other
|
|
1,925
|
|
1,984
|
(3.0)%
|
|
|
7,773
|
|
11,250
|
(30.9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues
|
$
|
219,644
|
$
|
167,871
|
30.8
%
|
|
$
|
643,705
|
$
|
531,263
|
21.2
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
$
|
41,835
|
$
|
8,064
|
|
|
$
|
94,627
|
$
|
28,783
|
|
Newspapers
|
|
4,249
|
|
3,003
|
|
|
|
15,980
|
|
15,318
|
|
Syndication and
other
|
|
(1,827)
|
|
161
|
|
|
|
(1,707)
|
|
(1,713)
|
|
Shared services and
corporate
|
|
(9,369)
|
|
(5,823)
|
|
|
|
(25,272)
|
|
(21,952)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
(12,136)
|
|
(10,052)
|
|
|
|
(37,045)
|
|
(30,501)
|
|
Impairment
of long-lived assets
|
|
-
|
|
(9,000)
|
|
|
|
-
|
|
(9,000)
|
|
Gains
(losses), net on disposal of property, plant
and
equipment
|
(80)
|
|
476
|
|
|
|
(50)
|
|
234
|
|
Pension
expense
|
|
(1,980)
|
|
(2,158)
|
|
|
|
(5,755)
|
|
(5,301)
|
|
Interest
expense
|
|
(3,288)
|
|
(362)
|
|
|
|
(9,653)
|
|
(1,167)
|
|
Acquisition and related integration costs
|
|
-
|
|
-
|
|
|
|
(5,826)
|
|
-
|
|
Restructuring costs
|
|
(2,354)
|
|
(2,614)
|
|
|
|
(6,420)
|
|
(6,529)
|
|
Miscellaneous, net
|
|
(900)
|
|
110
|
|
|
|
(2,452)
|
|
(622)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations before income taxes
|
$
|
14,150
|
$
|
(18,195)
|
|
|
$
|
16,427
|
$
|
(32,450)
|
|
The following is segment operating revenue for television:
|
|
Three
months ended
|
|
|
|
Nine
months ended
|
|
|
|
September
30,
|
|
|
|
September
30,
|
|
(in
thousands)
|
|
2012
|
|
2011
|
Change
|
|
|
2012
|
|
2011
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
operating revenues:
|
|
|
|
|
|
|
|
|
|
Local
|
$
|
51,983
|
$
|
41,725
|
24.6
%
|
|
$
|
168,660
|
$
|
128,553
|
31.2
%
|
National
|
|
25,991
|
|
18,767
|
38.5
%
|
|
|
83,165
|
|
61,257
|
35.8
%
|
Political
|
|
33,919
|
|
2,053
|
|
|
|
49,816
|
|
3,435
|
|
Digital
|
|
4,034
|
|
2,187
|
84.5
%
|
|
|
10,658
|
|
6,654
|
60.2
%
|
Retransmission
|
|
7,410
|
|
3,994
|
85.5
%
|
|
|
23,009
|
|
11,807
|
94.9
%
|
Other
|
|
1,992
|
|
1,213
|
64.2
%
|
|
|
6,675
|
|
4,227
|
57.9
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenues
|
$
|
125,329
|
$
|
69,939
|
79.2
%
|
|
$
|
341,983
|
$
|
215,933
|
58.4
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is segment operating revenue for newspapers:
|
|
Three
months ended
|
|
Nine
months ended
|
|
|
|
September
30,
|
|
September
30,
|
|
(in
thousands)
|
|
2012
|
|
2011
|
Change
|
|
|
2012
|
|
2011
|
Change
|
|
|
Segment
operating revenues:
|
|
|
Local
|
$
|
17,452
|
$
|
18,595
|
(6.1)%
|
|
$
|
57,174
|
$
|
60,601
|
(5.7)%
|
Classified
|
|
18,126
|
|
18,683
|
(3.0)%
|
|
|
57,521
|
|
59,660
|
(3.6)%
|
National
|
|
1,919
|
|
3,069
|
(37.5)%
|
|
|
6,614
|
|
9,808
|
(32.6)%
|
Preprint and
other
|
|
15,952
|
|
16,106
|
(1.0)%
|
|
|
49,216
|
|
50,770
|
(3.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Print advertising
|
|
53,449
|
|
56,453
|
(5.3)%
|
|
|
170,525
|
|
180,839
|
(5.7)%
|
Circulation
|
|
27,801
|
|
28,604
|
(2.8)%
|
|
|
88,068
|
|
89,896
|
(2.0)%
|
Digital
|
|
6,459
|
|
6,400
|
0.9
%
|
|
|
19,449
|
|
19,397
|
0.3
%
|
Other
|
|
4,681
|
|
4,491
|
4.2
%
|
|
|
15,907
|
|
13,948
|
14.0
%
|
Total
operating revenues
|
$
|
92,390
|
$
|
95,948
|
(3.7)%
|
|
$
|
293,949
|
$
|
304,080
|
(3.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. CONDENSED CONSOLIDATED BALANCE SHEETS
The following are our Condensed Consolidated Balance Sheets:
|
|
|
|
|
As
of
|
As
of
|
|
|
|
|
|
September
30,
|
December
31,
|
(in
thousands)
|
|
|
|
|
2012
|
2011
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
|
209,668
|
$
|
127,889
|
Other current
assets
|
|
|
|
|
|
160,689
|
|
197,521
|
Total current
assets
|
|
|
|
|
|
370,357
|
|
325,410
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
25,546
|
|
23,214
|
Property,
plant and equipment
|
|
|
|
|
|
369,909
|
|
387,972
|
Goodwill
|
|
|
|
|
|
27,966
|
|
28,591
|
Other
intangible assets
|
|
|
|
|
|
146,535
|
|
151,858
|
Deferred
income taxes
|
|
|
|
|
|
25,435
|
|
32,705
|
Other
long-term assets
|
|
|
|
|
|
18,461
|
|
20,778
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
|
|
$
|
984,209
|
$
|
970,528
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
19,215
|
$
|
17,697
|
Customer deposits and
unearned revenue
|
|
|
|
|
|
31,064
|
|
26,373
|
Current portion of long-term
debt
|
|
|
|
|
|
15,900
|
|
15,900
|
Accrued expenses and other
current liabilities
|
|
|
|
|
80,877
|
|
65,078
|
Total current
liabilities
|
|
|
|
|
|
147,056
|
|
125,048
|
|
|
|
|
|
|
|
|
|
Long-term
debt (less current portion)
|
|
|
|
|
|
184,175
|
|
196,100
|
Other
liabilities (less current portion)
|
|
|
|
|
|
127,121
|
|
132,379
|
Total
equity
|
|
|
|
|
|
525,857
|
|
517,001
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
|
|
|
|
$
|
984,209
|
$
|
970,528
|
4. EARNINGS PER SHARE ("EPS")
Unvested awards of share-based payments with rights to receive
dividends or dividend equivalents, such as our restricted stock and
restricted stock units (RSUs), are considered participating
securities for purposes of calculating EPS. Under the
two-class method, we allocate a portion of net income to these
participating securities and therefore exclude that income from the
calculation of EPS allocated to common stock. We do not
allocate losses to the participating securities.
|
Three
months ended
|
|
Nine
months ended
|
|
|
September
30,
|
|
September
30,
|
(in
thousands)
|
|
2012
|
|
2011
|
|
2012
|
2011
|
|
|
|
|
|
|
|
|
|
|
Numerator (for basic earnings per
share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to the
shareholders of
|
|
|
|
|
|
|
|
|
|
The E.W. Scripps
Company
|
$
|
12,002
|
$
|
(10,722)
|
|
$
|
13,003
|
$
|
(21,829)
|
Less income allocated to unvested
restricted stock
|
|
|
|
|
|
|
|
|
|
and RSUs
|
|
(496)
|
|
-
|
|
|
(617)
|
|
-
|
Numerator
for basic earnings per share
|
$
|
11,506
|
$
|
(10,722)
|
|
$
|
12,386
|
$
|
(21,829)
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
weighted-average shares outstanding
|
|
54,637
|
|
56,834
|
|
|
54,852
|
|
58,071
|
Effective
of dilutive securities:
|
|
|
|
|
|
|
|
|
|
Stock options held by
employees and directors
|
|
574
|
|
-
|
|
|
338
|
|
-
|
Diluted
weighted-average shares outstanding
|
|
55,211
|
|
56,834
|
|
|
55,190
|
|
58,071
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE The E.W. Scripps Company