By John Eckberg
Enquirer staff writer

Surging revenue from Scripps Networks and political advertising from the close race for the White House boosted second-quarter earnings at the E.W. Scripps Co. by 34 percent.

The Cincinnati-based parent of the Cincinnati Post Thursday reported net income for the three months ended June 30 was $86.4 million, compared with $64.7 million for last year's second quarter.

Earnings per share were $1.05 , compared with 80 cents a year ago.

Scripps Networks which includes HGTV, Food Network, DIY and Fine Living - was its fastest-growing business unit and saw profits increase 56 percent to $87.5 million, up from $55.9 million a year ago.

"HGTV and The Food Network are in a sustained period of rapid growth," said Kenneth W. Lowe, president and chief executive.

Local television stations saw a threefold increase in political advertising revenue compared with 2000 as the presidential race heats up. "And we have top-ranked stations in key battleground states of Michigan, Ohio and Florida," Lowe said.

Modest 1.9 percent advertising growth, to $139 million, occurred in the company's newspaper division, but total newspaper segment profits were down 13 percent to $58.5 million.

The division will see some new initiatives, including a youth-oriented tabloid in Boulder, where the newspaper also owns the Boulder Camera, Lowe said.

The company projected its third-quarter advertising revenue would increase by 35 percent over 2003.

Shares in Scripps closed at $105.60, up $2.60.

Midland makes strides

Midland Co., the specialty insurance company based in Amelia, reported record second-quarter revenue and profit Thursday.

The company that insures manufactured homes, recreational vehicles, motorcycles and watercraft said it netted $11.3 million, or 58 cents per share, for the period ended June 30, compared with a loss of $1 million, or 6 cents per share, in the same quarter last year. Revenue increased 9.5 percent to $195.6 million

Midland's share price closed at $29.23, up $1.69.

Staff writer James McNair contributed. E-mail jeckberg@enquirer.com