The Associated Press

The E.W. Scripps Co.’s first-quarter earnings increased by 34 percent to $70.5 million from $52.7 million a year ago, driven by higher revenues from the company’s cable television channels and broadcast TV stations.

The company said Wednesday it earned $70.5 million, or 86 cents per share, in the quarter ended March 31, compared with $52.7 million, or 65 cents per share, a year ago.

The income for the latest quarter included an after-tax gain on investments of $9.5 million, or 12 cents per share. Excluding that amount, the 74 cents per share profit exceeded the 71-cent prediction of analysts surveyed by Thomson First Call.

Increased revenues from Scripps’ cable TV channels and political advertising on broadcast television led the company’s earnings.

Profits at Scripps Networks increased 50 percent to $62.3 million. Scripps Networks includes the Home & Garden Television, Fine Living, Food Network and DIY – Do-It-Yourself cable channels.

Profits of the company’s 10 broadcast TV stations increased by 10 percent to $17.2 million. That included political advertising revenues of $4.2 million, compared with $200,000 a year ago. For comparison purposes, political ad revenues at Scripps stations during the first quarter of the 2000 presidential election year were $1.7 million.

Profits from Scripps’ 21 daily newspapers collectively declined by almost 7 percent to $59.1 million, even though revenues increased 3.4 percent to $179 million. Higher costs for employee benefits and newsprint reduced the profits, Scripps said.

Scripps said it expects second quarter earnings to be between 92 cents and $1.02 per share, excluding a gain from the sale of its WCPO-TV building in Cincinnati. Analysts are expecting 94 cents per share.

In addition to the TV stations, cable channels and newspapers, the company operates four cable and satellite television programming services; the Shop at Home retailing channel, Scripps Howard News Service and United Media, which licenses and syndicates the Peanuts and Dilbert comic strips.
Shares in Scripps stood at $104.50, up $1.35, in midday trading.