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Scripps Networks Interactive reports $77M 2Q profitAug 09, 2011 (The Knoxville News-Sentinel - McClatchy-Tribune Information Services via COMTEX) -- Lifestyle media company Scripps Networks Interactive Inc. said today a loss on the sale of an online shopping service cut into its second quarter profit, but results from continuing operations still beat analysts expectations. Investors responded favorably to the report as shares were up more than 7 percent in early afternoon trading. The Knoxville-based company said its net income for the quarter fell 27 percent to $77.4 million, or 46 cents per share, from $106.2 million, or 63 cents per share in the same period last year. Revenue for the quarter rose 12 percent to $534 million. Advertising revenue for the quarter rose 13 percent to $374 million and affiliate fee revenue increased 6.3 percent to $148 million. The profit decline reflects the company's sale of the Shopzilla online comparison shopping business which was completed on May 31. The company reported a $55.5 million loss from discontinued operations, including a divestiture loss of $53.3 million. Excluding the one-time loss, Scripps earned $133 million, or 78 cents per share, in the second quarter. Analysts expected adjusted earnings of 70 cents per share. The company delivered "solid double-digit growth in revenue and segment profit during the second quarter and is on track for another outstanding year," Chairman, President and CEO Kenneth W. Lowe, said in a prepared statement. The company operates a portfolio of lifestyle-oriented cable television networks and related websites. Its brands include HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and country music network Great American Country. To see more of The Knoxville News-Sentinel or to subscribe to the newspaper, go to http://www.knoxnews.com. Copyright (c) 2011, The Knoxville News-Sentinel, Tenn. Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com. |