Scripps Networks Interactive posted strong profits in the
third quarter.
Net income rose 20.1% to $118.4 million, or 78 cents a
share, in the third quarter, from $98.6 million, or 65 cents a share, a year
ago.
Income from continuing operations rose to $0.78 per share,
up 20%.
Revenues rose 12% to $566 million. Distribution revenues
were up 14.7% to $168.4 million in the quarter.
Advertising revenues rose 10% to $377 million in a quarter
that was largely expected to be fairly weak for programmers competing with the
Olympics.
The new Cooking Channel was particularly strong for Scripps
Networks, with revenue jumping 31%. DIY was up 26% and Food Network whipped up
an 11% gain.
"Our positive third
quarter results demonstrate in a powerful way the ubiquitous nature of our
popular lifestyle brands," CEO Ken Lowe said in a statement. "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."
Among Scripps Networks channels, revenue was $199 million at
Food Network, up 11%. For HGTV revenues were $195 million, up 8.1% Revenues at Travel
Channel were $68.9 million, up 10%. DIIY Network had $29.9 million in revenue,
up 26%. Cooking Channel revenues rose 31% to $21.6 million, and revenues rose
15% to $6.9 million at Great American Country.
