The E.W. Scripps Company (SSP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $38.34 million, or $ 0.46 a share in the quarter, against a net loss of $21.53 million, or $0.25 a share in the last year period.
Revenue during the quarter surged 33.15 percent to $272.69 million from $204.81 million in the previous year period. Operating margin for the quarter period stood at positive 24.63 percent as compared to a negative 15.73 percent for the previous year period.
Operating income for the quarter was $67.15 million, compared with an operating loss of $32.21 million in the previous year period.
Commenting on the fourth-quarter and year-end results, Scripps chairman, president and chief executive officer Rich Boehne said: “Our broadcast television division delivered record revenue in 2016, despite the headwinds of an uncommon presidential election combined with the short-term absence of some advertisers who avoided jockeying with political campaigns for airtime. While the presidential race spending did not rise to the level we had expected, we were encouraged by the strong spending levels for U.S. Senate and House races in our markets.
Working capital increases sharply
The E.W. Scripps Company has recorded an increase in the working capital over the last year. It stood at $241.76 million as at Dec. 31, 2016, up 32.25 percent or $58.96 million from $182.81 million on Dec. 31, 2015. Current ratio was at 3.32 as on Dec. 31, 2016, up from 2.53 on Dec. 31, 2015.
Debt comes down marginally
The E.W. Scripps Company has recorded a decline in total debt over the last one year. It stood at $393.18 million as on Dec. 31, 2016, down 1.49 percent or $5.96 million from $399.14 million on Dec. 31, 2015. Total debt was 22.75 percent of total assets as on Dec. 31, 2016, compared with 23.75 percent on Dec. 31, 2015. Debt to equity ratio was at 0.42 as on Dec. 31, 2016, down from 0.44 as on Dec. 31, 2015.
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