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Scripps Networks Interactive Reports Third Quarter Financial Results

Scripps Networks Interactive, Inc. (NYSE: SNI) today reported operating results for the third quarter 2012.

Consolidated revenues for the quarter increased 12 percent to $566 million from the prior-year period. Results for the three-month period ended Sept. 30 reflect strong advertising revenue of $377 million, up 10 percent, and affiliate fee revenue of $175 million, up 18 percent year-over-year.

Expenses for the quarter increased 11 percent from the prior-year period to $315 million. The increase was driven primarily by higher employee costs and investments in planned domestic and international growth initiatives. Also contributing to the increase was higher marketing and promotional expenses to drive viewership at all of the company’s lifestyle television networks.

Total segment profit increased 15 percent to $251 million. (See note 2 for a definition of segment profit).

Third quarter income from continuing operations attributable to Scripps Networks Interactive was $118 million, or $0.78 per diluted share, compared with $105 million, or $0.65 per diluted share, in the third quarter 2011.

“Our positive third quarter results demonstrate in a powerful way the ubiquitous nature of our popular lifestyle brands,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “Our networks and related businesses engage millions of media consumers every day, not just on television, but on smart phones, tablets, newsstands and in thousands of retail outlets across America. We’ve established ourselves as clear leaders in our ability to influence consumer purchasing decisions in the home, food and travel categories. And in the process, we’ve created tremendous value for our shareholders,” Lowe said.

Revenues by network were as follows:
  • Food Network was $199 million, up 11 percent.
  • HGTV was $195 million, up 8.1 percent.
  • Travel Channel was $68.9 million, up 10 percent.
  • DIY Network was $29.9 million, up 26 percent.
  • Cooking Channel was $21.6 million, up 31 percent.
  • Great American Country (GAC) was $6.9 million, up 15 percent.

Revenue from the company’s digital businesses, which include its network-branded websites, was $27.7 million, up 12 percent.

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