Scripps Networks Q1Profit Dips 3.5% Despite Revenue Gains

Scripps Networks Interactive said first quarter net income decreased 3.5% even as the company notched a slight increase in revenue.

The Knoxville, Tenn., owner of HGTV and Food Network said net income attributable to the company fell to $123.84 million, or 94 cents a share, compared with $128.3 million, or $0.87 per share in the year-earlier period. The current first quarter’s results include charge of 5 cents a share relating to an acquisition and three cents a share related to restructuring. Excluding the charges, net income would have come to $1.02 a share.

Revenue increased $14.5 million to $658 million, marking a rise of 2.3%.

In the company’s largest segment, cable networks, revenue rose 1.5%, or $9.1 million, to $634 million, driven largely by growth in revenue from distributors. Advertising revenue rose slightly to $429 million, the company said, owing to softness in the ad market and ratings declines at some networks. Affiliate fees rose 4%, or $7.7 million, to $198  million due to rate increases mandated by contracts.

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