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"The company's operating performance during the first quarter really demonstrates the durability and recession-resistant nature of targeted television programming in particular the strength and popularity of our unique lifestyle brands," Ken Lowe, chairman, president and CEO of Scripps Networks, told investment analysts during a conference call Friday.
Scripps' first quarter net income was $60.1 million, or 37 cents per share compared with $66.5 million, or 41 cents in the first quarter 2008.
Revenue for the quarter declined 7 percent year-over-year to $361 million from $388.3 million.
Scripps Networks is headquartered in Cincinnati but its network operations are based in Knoxville.
The company's lifestyle media business segment, which includes HGTV and Food Network, was flat year-over-year at $311 million. Advertising revenue decreased by about 5 percent but affiliate fee revenue increased 17 percent year over year on improved rates for HGTV and expanding distribution of all of the company's television networks.
Revenue from the company's interactive services business segment, which includes the comparison shopping sites Shopzilla and uSwitch, was $50.6 million during the first quarter compared with $77.5 million during the same period in 2008.
Scripps hopes to take advantage of international opportunities this year, taking on a more aggressive strategy overseas, Scripps Networks President John Lansing said.
The company named Greg Moyer to the newly created position of president of Scripps Networks International in January. His role has been to determine interest in potential joint ventures or other investments that would allow Scripps Networks to become part owners in lifestyle channels that it would have an equity position in. "We expect we will have some very interesting opportunities to talk about in the months and quarters ahead," Lansing said.
Business writer Carly Harrington may be reached at 865-342-6317.
To see more of The Knoxville News-Sentinel or to subscribe to the newspaper, go to http://www.knoxnews.com. Copyright (c) 2009, The Knoxville News-Sentinel, Tenn. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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