By John Eckberg
Enquirer staff writer

Cincinnati-based E.W. Scripps Co., a Wall Street flier through the recession of 2000-01, Monday brought investors its first stock split since shares began trading in 1988.

By doubling the company's Class A stock authorization from 120 million shares to 240 million shares, the Scripps board of directors offered investors a new share for each share held Aug. 31.

In a 2-for-1 stock split, the price of shares is halved.

"The proportionate interest in the company doesn't change," said Tim Stautberg, vice president of communications and investor relations for Scripps.

"The lower share price after the split makes it more affordable for retail investors and also our Scripps employees."

Scripps shares cost $16 a share at the initial public offering. During the most recent recession - 2000 to 2001 - shares in the company went from $29 a share to as high as $36 a share, adjusting for the split. Scripps shares closed Friday at $102.89; Monday, they ended at $51.22, down 23 cents, with the split.

Shareholders of record Aug. 31 were also entitled to a dividend payment of 20 cents.

In other Scripps news Monday, the company said its third-quarter results would be affected by damage from Hurricane Frances to three of its newspaper offices and a television station.

The company said it was assessing the damage and expected it to be covered by insurance. It will release an estimate of the damage when it reports its quarterly earnings Oct. 11, but it still expects third-quarter earnings per share to be within the guidance range of 35 cents to 39 cents.

Revenue for the fast-growing Scripps Network division, which includes HGTV and the Food Network, was up 33 percent to $53.1 million in August.

---

E-mail jeckberg@enquirer.com