Scripps Files 2008 Form 10-K, Reports Final Fourth-Quarter and Full-Year Results

Scripps Files 2008 Form 10-K, Reports Final Fourth-Quarter and Full-Year Results

CINCINNATI, March 2 /PRNewswire-FirstCall/ -- The E.W. Scripps Company (NYSE:SSP) today filed with the Securities and Exchange Commission its annual Form 10-K for the year ending Dec. 31, 2008. The filing includes final operating results for the fourth quarter and full year 2008, as shown on the last page of this press release.

When the company reported fourth-quarter earnings on Feb. 19, 2008, it still was in the process of finalizing the allocation of its provision for income taxes for 2008 and 2007 between its continuing and discontinued operations.

The company reported a loss from continuing operations for the fourth quarter of $11.5 million, or 21 cents per share. Income from continuing operations for the fourth quarter of 2007 was $40.4 million, or 74 cents per share. Contributing to the loss from continuing operations in the 2008 quarter were charges totaling $41.9 million for impairment of goodwill, indefinite and long-lived assets, and the write-down of investment in the Colorado newspaper partnership.

For the full year, the company's loss from continuing operations, including non-cash charges of $941 million for the impairment of goodwill and the write-down of certain equity investments in the company's newspaper segment, was $632 million, or $11.69 per share, compared with income from continuing operations of $68.6 million, or $1.26 per share, in 2007.

Forward-looking statements

This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page 11 of its 2008 SEC Form 10K. We undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps

The E.W. Scripps Company is a diverse, 130-year-old media enterprise with interests in television stations, newspapers, local news and information Web sites, and licensing and syndication. The company's portfolio of locally focused media properties includes: 10 TV stations (six ABC affiliates, three NBC affiliates and one independent); daily and community newspapers in 14 markets and the Washington, D.C.-based Scripps Media Center, home of the Scripps Howard News Service; and United Media, the licensor and syndicator of Peanuts, Dilbert and approximately 150 other features and comics. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.

   THE E. W. SCRIPPS COMPANY   RESULTS OF OPERATIONS                    Three months ended              Years ended                      December 31,                 December 31,   (in thousands,    except per share    data)            2008      2007    Change     2008      2007      Change     Operating    revenues       $264,926  $282,308  (6.2)% $1,001,792  $1,079,546  (7.2)%   Costs and    expenses,    excluding    separation    costs          (231,947) (232,434) (0.2)%   (906,757)   (939,237) (3.5)%   Separation    costs            (1,877)                     (33,506)       (257)   Depreciation    and    amortization    of intangibles  (12,402)  (11,406)  8.7 %    (46,972)    (44,705)  5.1 %   Impairment of    goodwill,    indefinite and    long-lived    assets          (31,036)                    (809,936)   Gains on disposal    of property,    plant and    equipment         3,565       280              5,809          24    Operating income    (loss)           (8,771)   38,748           (789,570)     95,371   Interest    Expense                    (7,998)           (10,941)    (37,121)(70.5)%   Equity in    earnings of    JOAs and other    joint ventures      920    10,983             13,795      27,688 (50.2)%   Write-down of    investments in    newspaper    partnerships    (10,876)                    (130,784)   Loss on    repurchases of    debt                                         (26,380)   Miscellaneous,    net                (642)    2,953              6,888      17,148 (59.8)%    Income (loss)    from continuing    operations before    income taxes and    minority    interests       (19,369)   44,686           (936,992)    103,086   Benefit    (provision)    for income    taxes             7,784    (4,216)           304,660     (34,057)    Income (loss) from    continuing    operations    before minority    interests       (11,585)   40,470           (632,332)     69,029   Minority interests   111      (112)                10        (447)    Income (loss) from    continuing    operations      (11,474)   40,358           (632,322)     68,582   Income (loss)    from discontinued    operations, net    of tax           (1,144) (296,291)           155,732     (70,203)   Net loss        $(12,618)$(255,933)         $(476,590)    $(1,621)    Net income (loss)    per basic share of    common stock:      Income (loss)       from       continuing       operations    $(0.21)    $0.74            $(11.69)      $1.26      Income (loss)       from       discontinued       operations     (0.02)    (5.46)              2.88       (1.29)   Net loss per basic    share of    common stock     $(0.24)   $(4.72)            $(8.81)     $(0.03)    Weighted average    basic shares    outstanding      53,625    54,221             54,100      54,338     Net income (loss) per share amounts may not foot since each is calculated    independently.  

First Call Analyst:
FCMN Contact:

Source: The E.W. Scripps Company

CONTACT: Tim King, The E.W. Scripps Company, +1-513-977-3732,
tim.king@scripps.com

Web Site: http://www.scripps.com/

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Profile: International Entertainment