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Scripps Networks 2Q Profit Up on Ad Sales, Affiliate Fees

Food Network, HGTV show steady revenue growth in second quarter

Scripps Networks Interactive second second-quarter net income rose about 12.2% as ad sales and affiliate fees boosted performance for the owner of HGTV, Travel Channel and The Food Network.

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.

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