Scripps Networks 4Q Profit Tumbles 65% On Special Charges

Guy Fieri at the Food Network's
Cindy Ord/Getty Images

Scripps Networks Interactive said fourth-quarter net income dropped 65% as the result of one-time charges in both the most recent quarter as well as the year-earlier period.

Scripps said it notched a fourth-quarter profit of $108.5 million, or 73 cents a share, sharply down from the $305.8 million, or $2.02 a share it reported  a year earlier. The owner of Food Network, HGTV and Travel Channel said the year-earlier quarter  included special charges of $22 million, or 22 cents per share, while the most recent quarter included a goodwill writedown tied to the international business of Travel Channel, which came to $24.7 million, or  17 cents a share.

The Knoxville, Tenn., cable-network operator said revenue in the fourth quarter came to $654 million, up 8.2% from the $604.6 million it captured a year earlier. The company said advertising revenue in the period increased 8.8% to $450 million, while affiliate fee revenue rose 9.7% to $190 million.  . A decrease in other revenue, due to a reduction in international licensing fees partially offset the company’s total revenue growth.

The company has reported slower growth in recent years, owing to choppy ratings at its flagship Food Network. The company has in recent months introduced new types of programming to the cable network, including a game show featuring cooking personality Guy Fieri and hidden-camera docu-series that go behind the scenes at struggling restaurants.

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