Scripps Networks Posts Mixed Results

CINCINNATI -- Media company Scripps Networks (SNI Quote) reported a narrower loss for the fourth quarter Thursday, beating expectations with earnings but missing Wall Street revenue estimates.

Scripps said it lost $154 million, or 94 cents per share, compared with a loss of $299 million, or $1.83 per share in the same quarter a year ago.

Excluding impairment charges, the company said earnings came to 55 cents per share, beating the average estimate of 51 cents offered by analysts in a Thomson Reuters poll. Analysts typically exclude one-time items from their projections.

Sales climbed 3.5% to $412 million from $398 million, while analysts were looking for $416.8 million.

The company posted growing revenue in its lifestyle media segment, which includes cable brands Food Network and HGTV among others. But the gains were offset by declines in its interactive division, made up of Web properties Shopzilla and uSwitch, comparison shopping sites.

"The vitality of our lifestyle television networks is evident in their consistently solid performance, even when times are difficult," Scripps Chief Executive Kenneth Lowe said in a statement. "At our Interactive Services businesses, fourth-quarter results reflect the weakening economy."

He singled out Shopzilla as particularly exposed to the consumer slowdown and growing competition.

For the full year, Scripps said earnings totaled $23.6 million, or 14 cents per share, compared with a loss of $126.4 million, or 77 cents per share, in 2007. Sales grew to $1.59 billion from $1.44 billion.

On an adjusted basis, excluding a $244 million, or $1.49 per share, write down on the value of Shopzilla, full-year earnings came to $1.63 per share, the company said. Analysts projected $1.83 per share on $1.6 billion in revenue.