Food Network, HGTV show steady revenue growth in second quarter
Second quarter net income came to $159.7 million, or $1.08 per diluted share, compared with $142.4 million, or $.93 per diluted share, in the second quarter of 2012, the company said. Net income in the period increased by 12.2%.
Revenue for the quarter increased 11 %t to $665 million from the prior-year period. Results for the three-month period include advertising revenue of $462 million, up 11 %, and affiliate fee revenue of $189 million, up 11 % year over year.
At the company’s biggest segment, its cable-networks unit, revenue rose 9.5% to $647 million, the company said. Profit at the segment rose 12% to $348 million.
Among the company’s networks, its GAC and Cooking Channel showed the most growth in operating revenue, with increases of 40.7% and 27.7%, respectively, to $7 million and $28 million. At Scripps’ more venerable outlets, HGTV and Food Network, operating revenue increased 13.1% and 2.8%, respectively, to $231.7 million and $224.5 million.