Backchannelmedia

Commercial Appeal, The

CINCINNATI - E.W. Scripps Co. reported a 13 percent rise in second-quarter profit on continued growth at its newspapers and television network business, including Home & Garden Television, Food Network, and other channels.

Scripps, a major newspaper publisher, reported earnings of $97.6 million, or 59 cents per share, up from $86.4 million, or 52 cents per share, in the prior-year period.

Shares rose $1.62, or 3.4 percent, to close at $48.87 Tuesday on the New York Stock Exchange, where they have traded in a 52-week range of $44.73 to $52.91.

Results in the latest quarter include its recently acquired Shopzilla operations, as well as $1.2 million, or 1 cent per share, in insurance proceeds from hurricane damage at its Florida broadcast television stations in 2004. Revenue for the quarter rose 15 percent to $627.3 million from $547.3 million.

The results topped Wall Street's consensus forecast of 53 cents per share on revenue of $614.4 million .

Scripps said the quarter's results were driven by strong advertising sales at HGTV and Food Network, as well as improved results at the company's daily newspapers. Scripps' newspapers include The Commercial Appeal in Memphis .

President and CEO Kenneth Lowe told analysts that Scripps will beef up programming this fall on HGTV and Food Network and will build a cooking show around celebrity chef Emeril Lagasse and other chefs chosen by him.

Scripps projected third-quarter earnings between 35 cents and 39 cents per share, compared with the 34 cents per share it reported in the year-ago quarter, which included the financial impact of hurricane damage at the company's newspapers and TV stations in Florida.

Analysts forecast earnings of 37 cents per share for the quarter.