Scripps Networks’ Q2 Profit Falls 3.7% As Costs Offset Revenue Increases

Scripps Networks Interactive said second-quarter net income fell approximately 3.7% as costs associated with programming offset increases in revenue from advertising and distribution at the company’s lifestyle cable networks.

The owner of cable networks like HGTV and The Food Network said net income came to nearly $153.8 million, or $1.07 a share, compared with $159.7 million, or $1.08 a share in the year-earlier quarter. The numbers include the results of the early termination of a services contract.

The results come as revenue rose 6.5% to $708.1 million, compared with $665.1 million in the year-earlier quarter. Scripps said advertising revenue in the period rose 7.6% to $497 million while revenue from fees paid by distributors of the company’s programming rose 4.5% to $198 million.

Even so, Scripps said it had a one-time charge of $9.7 million due to the early termination of certain back-office and sales-related services and noted that investments in its international operations and digital business widened a loss in its corporate segment to $43.2 million.

Scripps said operating revenue at its two best-known networks, Food Network and HGTV, increased 6.4% to about $238 million and 6.8% to $246.6 million, respectively. Operating revenue at Travel Channel rose 1.6% to about $85.2 million

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