CINCINNATI, March 2 /PRNewswire-FirstCall/ -- The E.W. Scripps Company today filed with the Securities and Exchange Commission its annual Form 10-K for the year ending Dec. 31, 2008. The filing includes final operating results for the fourth quarter and full year 2008, as shown on the last page of this press release.
When the company reported fourth-quarter earnings on Feb. 19, 2008, it still was in the process of finalizing the allocation of its provision for income taxes for 2008 and 2007 between its continuing and discontinued operations.
The company reported a loss from continuing operations for the fourth quarter of $11.5 million, or 21 cents per share. Income from continuing operations for the fourth quarter of 2007 was $40.4 million, or 74 cents per share. Contributing to the loss from continuing operations in the 2008 quarter were charges totaling $41.9 million for impairment of goodwill, indefinite and long-lived assets, and the write-down of investment in the Colorado newspaper partnership.
For the full year, the company's loss from continuing operations, including non-cash charges of $941 million for the impairment of goodwill and the write-down of certain equity investments in the company's newspaper segment, was $632 million, or $11.69 per share, compared with income from continuing operations of $68.6 million, or $1.26 per share, in 2007.
Forward-looking statements
This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page 11 of its 2008 SEC Form 10K. We undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.
About Scripps
The E.W. Scripps Company is a diverse, 130-year-old media enterprise with interests in television stations, newspapers, local news and information Web sites, and licensing and syndication. The company's portfolio of locally focused media properties includes: 10 TV stations (six ABC affiliates, three NBC affiliates and one independent); daily and community newspapers in 14 markets and the Washington, D.C.-based Scripps Media Center, home of the Scripps Howard News Service; and United Media, the licensor and syndicator of Peanuts, Dilbert and approximately 150 other features and comics. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.
THE E. W. SCRIPPS COMPANY RESULTS OF OPERATIONS Three months ended Years ended December 31, December 31, (in thousands, except per share data) 2008 2007 Change 2008 2007 Change Operating revenues $264,926 $282,308 (6.2)% $1,001,792 $1,079,546 (7.2)% Costs and expenses, excluding separation costs (231,947) (232,434) (0.2)% (906,757) (939,237) (3.5)% Separation costs (1,877) (33,506) (257) Depreciation and amortization of intangibles (12,402) (11,406) 8.7 % (46,972) (44,705) 5.1 % Impairment of goodwill, indefinite and long-lived assets (31,036) (809,936) Gains on disposal of property, plant and equipment 3,565 280 5,809 24 Operating income (loss) (8,771) 38,748 (789,570) 95,371 Interest Expense (7,998) (10,941) (37,121)(70.5)% Equity in earnings of JOAs and other joint ventures 920 10,983 13,795 27,688 (50.2)% Write-down of investments in newspaper partnerships (10,876) (130,784) Loss on repurchases of debt (26,380) Miscellaneous, net (642) 2,953 6,888 17,148 (59.8)% Income (loss) from continuing operations before income taxes and minority interests (19,369) 44,686 (936,992) 103,086 Benefit (provision) for income taxes 7,784 (4,216) 304,660 (34,057) Income (loss) from continuing operations before minority interests (11,585) 40,470 (632,332) 69,029 Minority interests 111 (112) 10 (447) Income (loss) from continuing operations (11,474) 40,358 (632,322) 68,582 Income (loss) from discontinued operations, net of tax (1,144) (296,291) 155,732 (70,203) Net loss $(12,618)$(255,933) $(476,590) $(1,621) Net income (loss) per basic share of common stock: Income (loss) from continuing operations $(0.21) $0.74 $(11.69) $1.26 Income (loss) from discontinued operations (0.02) (5.46) 2.88 (1.29) Net loss per basic share of common stock $(0.24) $(4.72) $(8.81) $(0.03) Weighted average basic shares outstanding 53,625 54,221 54,100 54,338 Net income (loss) per share amounts may not foot since each is calculated independently.
