Scripps Files 2008 Form 10-K, Reports Final Fourth-Quarter and Full-Year Results

Scripps Files 2008 Form 10-K, Reports Final Fourth-Quarter and Full-Year Results

CINCINNATI, March 2 /PRNewswire-FirstCall/ -- The E.W. Scripps Company (NYSE:SSP) 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.

Source: The E.W. Scripps Company

CONTACT: Tim King, The E.W. Scripps Company, +1-513-977-3732,
tim.king@scripps.com

Web Site: http://www.scripps.com/

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