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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

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FORM 8-K

 

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CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) April 21, 2005

 

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THE E.W. SCRIPPS COMPANY

(Exact name of registrant as specified in its charter)

 

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Ohio		0-16914		31-1223339
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

 

312 Walnut Street Cincinnati, Ohio		45202
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (513) 977-3000

 

Not Applicable

(Former name or former address, if changed since last report)

 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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THE E.W. SCRIPPS COMPANY

 

INDEX TO CURRENT REPORT ON FORM 8-K

 

Item No.				Page
8.01.		Other Events		3
9.01.		Financial Statements and Exhibits		3

 

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Item 8.01 Other Information

 

In the first quarter of 2005, we ceased the allocation of expenses associated with shared facilities and services to each of our national television networks. Quarterly financial information for 2004, restated as if the costs of the shared facilities and services had not been allocated to the individual networks, and a reconciliation of results to previously reported amounts are furnished as Exhibits 99.01 and 99.02 to this report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits

 

(c)

Exhibits

 

Exhibit Number		Description of Item		Exhibit No. Incorporated
99.01		Scripps Networks Quarterly Financial Information
99.02		Reconciliation of Results to Previously Reported Amounts

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Dated: April 21, 2005

 

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SCRIPPS NETWORKS QUARTERLY FINANCIAL INFORMATION		EXHIBIT 99.01

 

Scripps Networks includes our national television networks: Home & Garden Television (“HGTV”), Food Network, DIY Network (“DIY”), Fine Living, and Great American Country (“GAC”). Programming from our networks can be viewed on demand (“VOD”) on cable television systems in about 84 markets across the United States. Scripps Networks also includes our on-line network, HGTVPro.com, and our 12% interest in FOX Sports Net South, a regional television network. Our networks also operate internationally through licensing agreements and joint ventures with foreign entities.

 

Direct expenses incurred in the operations of each network primarily include the costs to acquire and deliver programming, network specific marketing and promotion, advertising sales, audience and market research and network management. Our networks also utilize common facilities and certain services are shared by the networks. Shared costs primarily include affiliate sales, computer systems used to schedule advertising and programming and related personnel costs, the costs to operate and lease shared facilities, and accounting, human resource, legal, general corporate management and other support services.

 

Financial information presented for each of our networks prior to 2005 included the direct costs of operating the network and an allocation of the costs of the shared facilities and services. Beginning in 2005, expenses directly attributable to the operation of a network are charged to that network while the costs of shared facilities and services are not allocated to individual networks. The following tables present quarterly financial information for 2004 as if the costs of the shared costs had not been allocated to the individual networks.

 

(in thousands) 2004		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter				Total
HGTV:
Operating revenues		$	85,098			$	101,390			$	88,694			$	101,723			$	376,905
Direct segment operating expenses			34,535				38,777				39,410				38,549				151,271
Direct contribution to segment profit		$	50,563			$	62,613			$	49,284			$	63,174			$	225,634
Food Network:
Operating revenues		$	63,142			$	78,311			$	66,614			$	86,890			$	294,957
Direct segment operating expenses			30,287				34,763				30,266				36,260				131,576
Direct contribution to segment profit		$	32,855			$	43,548			$	36,348			$	50,630			$	163,381
DIY:
Operating revenues		$	6,792			$	8,182			$	7,775			$	8,755			$	31,504
Direct segment operating expenses			5,777				6,472				6,847				6,472				25,568
Direct contribution to segment profit		$	1,015			$	1,710			$	928			$	2,283			$	5,936
Fine Living:
Operating revenues		$	3,688			$	4,837			$	4,286			$	5,142			$	17,953
Direct segment operating expenses			6,241				6,645				6,757				7,943				27,586
Direct contribution to segment profit (loss)		$	(2,553	)		$	(1,808	)		$	(2,471	)		$	(2,801	)		$	(9,633	)
Great American Country (1):
Operating revenues														$	1,650			$	1,650
Direct segment operating expenses															1,657				1,657
Direct contribution to segment profit (loss)														$	(7	)		$	(7	)
SHARED EXPENSES		$	18,632			$	19,284			$	20,828			$	20,805			$	79,549

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(1)	Great American Country’s results reflect activity since the November 17, 2004 acquisition date.

RECONCILIATION OF RESULTS TO PREVIOUSLY REPORTED AMOUNTS		EXHIBIT 99.02

 

A reconciliation of the preceding contribution to segment profit for each of our national television networks to previously reported amounts is presented below:

 

(in thousands) 2004		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter				Total
HGTV:
Direct contribution to segment profit		$	50,563			$	62,613			$	49,284			$	63,174			$	225,634
Allocated shared expenses			(6,821	)			(6,693	)			(7,522	)			(8,047	)			(29,083	)
Equity in earnings of joint ventures			259				640				441				673				2,013
Contribution to segment profit as previously reported		$	44,001			$	56,560			$	42,203			$	55,800			$	198,564
Food Network:
Direct contribution to segment profit		$	32,855			$	43,548			$	36,348			$	50,630			$	163,381
Allocated shared expenses			(5,786	)			(5,794	)			(6,549	)			(6,355	)			(24,484	)
Equity in earnings of joint ventures			14				247				97				435				793
Contribution to segment profit as previously reported		$	27,083			$	38,001			$	29,896			$	44,710			$	139,690
DIY:
Direct contribution to segment profit		$	1,015			$	1,710			$	928			$	2,283			$	5,936
Allocated shared expenses			(3,426	)			(3,523	)			(3,535	)			(3,411	)			(13,895	)
Contribution to segment profit (loss) as previously reported		$	(2,411	)		$	(1,813	)		$	(2,607	)		$	(1,128	)		$	(7,959	)
Fine Living:
Direct contribution to segment profit (loss)		$	(2,553	)		$	(1,808	)		$	(2,471	)		$	(2,801	)		$	(9,633	)
Allocated shared expenses			(2,599	)			(3,274	)			(3,222	)			(2,992	)			(12,087	)
Equity in earnings (losses) of joint ventures											(17	)			(51	)			(68	)
Contribution to segment profit (loss) as previously reported		$	(5,152	)		$	(5,082	)		$	(5,710	)		$	(5,844	)		$	(21,788	)
Great American Country (1):
Direct contribution to segment profit (loss)														$	(7	)		$	(7	)
Allocated shared expenses
Contribution to segment profit (loss) as previously reported														$	(7	)		$	(7	)

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(1)	Great American Country’s results reflect activity since the November 17, 2004 acquisition date.