The E.W. Scripps Company (SSP) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $12.52 million, or $ 0.15 a share in the quarter, against a net loss of $24.44 million, or $0.29 a share in the last year period.
Revenue during the quarter grew 22.85 percent to $233.04 million from $189.69 million in the previous year period. Operating margin for the quarter period stood at positive 11.73 percent as compared to a negative 13.37 percent for the previous year period.
Operating income for the quarter was $27.32 million, compared with an operating loss of $25.36 million in the previous year period.
Commenting on the third-quarter results, Scripps Chairman, President and CEO Rich Boehne said: "This uncommon ��" if not downright unique ��" presidential election, combined with key Senate races in Ohio, Florida, Colorado and Wisconsin becoming far less competitive than forecast, leaves us with much less political advertising revenue than we expected. "Political spending was healthy further down the ticket and across the country, but presidential spending in some typically crucial swing states was roughly half of what we saw four years ago, reducing the opportunity for some Scripps stations."
Working capital increases marginally
The E.W. Scripps Company has recorded an increase in the working capital over the last year. It stood at $185.31 million as at Sep. 30, 2016, up 1.39 percent or $2.54 million from $182.77 million on Sep. 30, 2015. Current ratio was at 2.73 as on Sep. 30, 2016, up from 2.64 on Sep. 30, 2015.
Days sales outstanding went down to 38 days for the quarter compared with 87 days for the same period last year.
Debt comes down marginally
The E.W. Scripps Company has recorded a decline in total debt over the last one year. It stood at $396.65 million as on Sep. 30, 2016, down 1.72 percent or $6.95 million from $403.60 million on Sep. 30, 2015. Total debt was 23.54 percent of total assets as on Sep. 30, 2016, compared with 24 percent on Sep. 30, 2015. Debt to equity ratio was at 0.43 as on Sep. 30, 2016, down from 0.45 as on Sep. 30, 2015.
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