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Scripps Networks Interactive Reports Third Quarter Financial Results

Information regarding the operating performance of our business segments and a reconciliation to our results of operations is as follows:

 

 

           
(in thousands) Three months ended Nine months ended
September 30,   September 30,
      2012       2011     Change     2012       2011     Change
   
Segment operating revenues:
Lifestyle Media $ 551,917 $ 496,257 11.2 % $ 1,671,516 $ 1,497,163 11.6 %

Corporate and other / intersegment eliminations

    14,269       7,487     90.6 %     31,001       21,396     44.9 %
 
Total operating revenues   $ 566,186     $ 503,744     12.4 %   $ 1,702,517     $ 1,518,559     12.1 %
 
Segment profit (loss):
Lifestyle Media $ 273,033 $ 235,741 15.8 % $ 848,089 $ 769,205 10.3 %
Corporate and other     (21,967 )     (17,270 )   27.2 %     (73,107 )     (49,383 )   48.0 %
 
Total segment profit 251,066 218,471 14.9 % 774,982 719,822 7.7 %

Depreciation and amortization of intangible assets

(28,978 ) (22,736 ) 27.5 % (79,432 ) (66,471 ) 19.5 %

Gains (losses) on disposal of property and equipment

(16 ) 82 (102 ) 63
Interest expense (12,518 ) (9,157 ) 36.7 % (37,945 ) (26,348 ) 44.0 %
Equity in earnings of affiliates 11,240 7,035 59.8 % 46,267 29,717 55.7 %
Miscellaneous, net     1,667       (23,972 )         12,689       (23,504 )    
 

Income from continuing operations before income taxes

  $ 222,461     $ 169,723     31.1 %   $ 716,459     $ 633,279     13.1 %
 

Operating results from our international operations and the costs associated with other interactive and digital business initiatives increased the segment loss at corporate and other by $5.4 million in the third quarter of 2012 and $17.2 million for the year-to-date period of 2012 compared with $2.1 million in the third quarter of 2011 and $4.3 million for the year-to-date period of 2011.

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