Scripps Networks Interactive, Inc. (NYSE: SNI) today reported operating results for the fourth quarter 2012.
Consolidated revenues for the quarter increased 9.2 percent to $605 million from the prior-year period. Results for the three-month period ended Dec. 31 reflect solid advertising revenue of $414 million, up 5.1 percent, and affiliate fee revenue of $174 million, up 18 percent year-over-year.
Expenses for the quarter increased 14 percent from the prior-year period to $339 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 programming amortization and marketing expenses to drive viewership at all of the company’s lifestyle television networks.
Total segment profit increased 3.3 percent to $266 million. (See note 2 for a definition of segment profit.)Fourth quarter income from continuing operations attributable to Scripps Networks Interactive was $306 million, or $2.02 per diluted share, compared with $135 million, or $0.84 in the fourth quarter of 2011. Included in the fourth quarter 2012 figure are:
- Favorable tax adjustments of $202 million, or $1.33 per diluted share; and
- Asset impairment charges of $22 million, net of tax, or $0.15 per diluted share.