E.W. Scripps sees ad gains, posts profit of $2.3M

CINCINNATI -- Media company E.W. Scripps said Monday that it made a profit in the second quarter despite a decline in revenue.

Revenue fell 23% to $193.9 million from $250.9 million.

Scripps owns daily and community newspapers in 14 markets, including the Commercial Appeal in Memphis, the Knoxville (Tenn.) News Sentinel and the Ventura County (Calif.) Star. Scripps also operates six ABC-affiliated TV stations, three NBC-affiliated stations and one independent station.

Rich Boehne, president and CEO of the Cincinnati-based company, says Scripps is seeing slight improvement in its advertising markets the past several weeks, especially at TV stations.

"Thanks to disciplined operating decisions and modest debt, Scripps has been able to protect its financial health and look ahead with optimism despite an economic crisis that has throttled the flow of marketing dollars across this country," Boehne said.

Revenue from the company's television stations was $61.1 million, down 24% from the period a year earlier. The decline was largely due to reduced ad spending by automotive, financial services and retail businesses.

Revenue from newspapers managed solely by Scripps fell 22% to $113 million. Advertising revenue declined 29% to $79.4 million, hurt by a weakness in print classified advertising.