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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 14, 2006
THE E.W. SCRIPPS COMPANY
(Exact name of registrant as specified in its charter)
| 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)
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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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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On March 14, 2006, we released information regarding revenue for certain of our operating segments for the month and year-to-date periods ended February 28, 2006. A copy of the press release is filed as Exhibit 99.
The discussion and the information contained in the press release contain certain forward-looking statements that are based on our current expectations. Forward-looking statements are subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from the expectations expressed in the forward-looking statements. Such risks, trends and uncertainties, which in most instances are beyond our control, include changes in advertising demand and other economic conditions; consumers’ taste; newsprint prices; program costs; labor relations; technological developments; competitive pressures; interest rates; regulatory rulings; and reliance on third-party vendors for various products and services. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions identify forward-looking statements. All forward-looking statements, which are as of the date of this filing, should be evaluated with the understanding of their inherent uncertainty. We undertake no obligation to publicly update any forward-looking statement to reflect events or circumstances after the date the statement is made.
Item 9.01 Financial Statements and Exhibits
| (c) | Exhibits |
| 99 | Press release dated March 14, 2006. |
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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.
| THE E.W. SCRIPPS COMPANY | ||
| BY: | /s/ Lori A. Hickok | |
| Lori A. Hickok | ||
| Vice President and Controller | ||
Dated: March 14, 2006
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| PRESS RELEASE | EXHIBIT 99 |
Scripps reports February revenue, statistics
| For immediate release | (NYSE: SSP) | |
| March 14, 2006 |
CINCINNATI – The E. W. Scripps Company today reported February revenue and statistics for its Scripps Networks, Shop At Home, newspaper and broadcast television operating divisions.
For competitive reasons, the company does not report monthly revenue from its online comparison shopping subsidiary, Shopzilla. The company reports Shopzilla revenue on a quarterly basis.
At Scripps Networks revenue was up 23 percent to $78.1 million in February compared with the same month a year ago.
February advertising revenue at Scripps Networks was up 23 percent and affiliate fee revenue increased 22 percent.
Scripps Networks includes the company’s portfolio of national cable and satellite television networks, including HGTV, Food Network, DIY Network, Fine Living and Great American Country (GAC).
HGTV and Food Network can both be seen in 89 million U.S. television households. DIY Network and Fine Living can be seen in about 36 million households. GAC reached 40 million U.S. households in February.
At the company’s newspapers, total revenue was up 5.2 percent to $58.9 million. Newspaper advertising revenue grew 6.7 percent during February. Broken down by category, newspaper advertising revenue during the month was:
| • | Local, up 2.1 percent to $13.6 million. |
| • | Classified, up 12 percent to $20.0 million. |
| • | National, down 13 percent to $2.8 million. |
| • | Preprint, online and other, up 9.5 percent to $11.1 million. |
At the company’s broadcast television stations, February revenue was up 34 percent to $30.2 million. Sale of commercial time related to the Super Bowl on the company’s six ABC affiliates and the Winter Olympics on the company’s three NBC affiliates contributed to the strong revenue growth. Broken down by category, broadcast television revenue was:
| • | Local, up 40 percent to $19.6 million. |
| • | National, up 25 percent to $9.4 million. |
At Shop At Home, the company’s television retailing subsidiary, February revenue was down 27 percent to $24.2 million. The company announced on Feb. 2 that it is in the process of exploring strategic alternatives for Shop At Home.
About Scripps
The E.W. Scripps Company (NYSE: SSP) is a diverse and growing media enterprise with interests in national cable networks, newspaper publishing, broadcast television stations, electronic commerce, interactive media, and licensing and syndication.
The company’s portfolio of media properties includes: Scripps Networks, with such brands as HGTV, Food Network, DIY Network, Fine Living, Great American Country and HGTVPro; daily and community newspapers in 18 markets and the Washington-based Scripps Media Center, home to the Scripps Howard News Service; 10 broadcast TV stations, including six ABC-affiliated stations, three NBC affiliates and one independent; United Media, a leading worldwide licensing and syndication company that is the home of PEANUTS, DILBERT and approximately 150 other features and comics; Shop At Home, which markets a growing range of consumer goods directly to television viewers in roughly 57 million U.S. households and online through shopathometv.com; and Shopzilla, the online comparison shopping service that carries an index of more than 30 million products from approximately 60,000 merchants.
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Contact: Tim Stautberg, The E. W. Scripps Company, 513-977-3826
Email: stautberg@scripps.com
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| THE E.W. SCRIPPS COMPANY | For more information: | |
| Unaudited Revenue and Statistical Summary | Tim Stautberg | |
| Period: February | The E.W. Scripps Company | |
| Report date: March 14, 2006 | 513-977-3826 |
REVENUE AND STATISTICAL SUMMARY FOR SELECTED OPERATING SEGMENTS
| ( amounts in millions, unless otherwise noted ) |
February | Year-to-date | ||||||||||||||||||
| 2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||||
| SCRIPPS NETWORKS |
||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||
| Advertising |
$ | 61.0 | $ | 49.6 | 23.2 | % | $ | 114.1 | $ | 96.8 | 17.8 | % | ||||||||
| Affiliate fees, net |
16.2 | 13.4 | 21.5 | % | 32.6 | 26.8 | 21.6 | % | ||||||||||||
| Other |
0.8 | 0.3 | 136.3 | % | 1.4 | 0.7 | 94.4 | % | ||||||||||||
| Scripps Networks |
$ | 78.1 | $ | 63.3 | 23.4 | % | $ | 148.0 | $ | 124.3 | 19.1 | % | ||||||||
| Subscribers (1) |
||||||||||||||||||||
| HGTV |
89.4 | 87.6 | 2.1 | % | ||||||||||||||||
| Food Network |
88.7 | 86.3 | 2.8 | % | ||||||||||||||||
| Great American Country |
40.5 | 37.3 | 8.6 | % | ||||||||||||||||
| NEWSPAPERS (2) |
||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||
| Local |
$ | 13.6 | $ | 13.3 | 2.1 | % | $ | 27.2 | $ | 26.8 | 1.6 | % | ||||||||
| Classified |
20.0 | 17.8 | 12.1 | % | 40.6 | 37.3 | 8.9 | % | ||||||||||||
| National |
2.8 | 3.3 | (13.0 | )% | 6.3 | 6.8 | (6.7 | )% | ||||||||||||
| Preprints, online and other |
11.1 | 10.2 | 9.5 | % | 23.4 | 21.2 | 10.5 | % | ||||||||||||
| Newspaper advertising |
47.5 | 44.5 | 6.7 | % | 97.6 | 92.0 | 6.0 | % | ||||||||||||
| Circulation |
10.2 | 10.3 | (1.1 | )% | 21.6 | 22.2 | (2.6 | )% | ||||||||||||
| Other |
1.2 | 1.2 | 3.8 | % | 2.5 | 2.4 | 1.9 | % | ||||||||||||
| Newspapers |
$ | 58.9 | $ | 56.0 | 5.2 | % | $ | 121.7 | $ | 116.7 | 4.3 | % | ||||||||
| Ad inches (excluding JOAs) (in thousands) |
||||||||||||||||||||
| Local |
459 | 450 | 2.0 | % | 942 | 918 | 2.6 | % | ||||||||||||
| Classified |
790 | 699 | 12.9 | % | 1,582 | 1,461 | 8.3 | % | ||||||||||||
| National |
79 | 88 | (9.8 | )% | 172 | 181 | (4.9 | )% | ||||||||||||
| Full run ROP |
1,329 | 1,238 | 7.3 | % | 2,696 | 2,560 | 5.3 | % | ||||||||||||
| BROADCAST TELEVISION |
||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||
| Local |
$ | 19.6 | $ | 14.0 | 40.3 | % | $ | 35.5 | $ | 28.2 | 25.8 | % | ||||||||
| National |
9.4 | 7.5 | 25.0 | % | 16.9 | 14.8 | 14.4 | % | ||||||||||||
| Political |
0.5 | (0.0 | ) | 0.5 | (0.0 | ) | ||||||||||||||
| Other |
0.7 | 1.0 | (29.2 | )% | 1.4 | 2.1 | (30.6 | )% | ||||||||||||
| Broadcast Television |
$ | 30.2 | $ | 22.5 | 34.3 | % | $ | 54.4 | $ | 45.0 | 20.7 | % | ||||||||
| SHOP AT HOME |
||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||
| Shop At Home |
$ | 24.2 | $ | 33.2 | (27.0 | )% | $ | 54.7 | $ | 64.7 | (15.4 | )% | ||||||||
| Avg. full-time equivalent homes |
57.3 | 53.3 | 7.5 | % | 57.3 | 53.8 | 6.5 | % | ||||||||||||
| (1) | Subscriber counts are according to the Nielsen Homevideo Index of homes that receive cable networks. |
| (2) | On February 2, 2006, we contributed the Boulder Daily Camera, the Colorado Daily and the twice-weekly Broomfield Enterprise in exchange for a 50% interest in a partnership we jointly operate with MediaNews Group Inc. We provide certain services to the partnership. To enhance comparability the reported revenues do not include operating revenues for such services or the operating revenues of these newspapers prior to the formation of the partnership. Our 50% share of the operating profit (loss) of the partnership is reported as “Equity in earnings of JOAs and other joint ventures” in our financial statements. |
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