• Revenues of $594 million, up 11 percent
• Segment profit of $247 million, up 3.4 percent
• Net income attributable to SNI of $0.72 per share including adjustments
KNOXVILLE, Tenn.--(BUSINESS WIRE)--May. 2, 2013-- Scripps Networks Interactive, Inc. (NYSE: SNI) today reported operating results for the first quarter 2013.
“Scripps Networks Interactive delivered strong first quarter results demonstrating the strength of our lifestyle brands as valuable advertising platforms worldwide,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “We’ve demonstrated our commitment to investing in our brands by developing compelling content that engages millions of media consumers every day across a full range of media platforms and geographies. This has established Scripps Networks Interactive as a clear leader in influencing consumer purchasing decisions in the home, food and travel categories. In the process, we’ve created sustained, long-term financial returns and value for our shareholders.”
Consolidated revenues for the quarter increased 11 percent to $594 million from the prior-year period. Results for the three-month period ended March 31 reflect strong advertising revenue of $395 million, up 11 percent, and affiliate fee revenue of $187 million, up 11 percent year over year.
Expenses for the quarter increased 17 percent from the prior-year period to $347 million. The increase was driven by programming amortization expenses as the company invests to drive viewership at all of its lifestyle television networks. Also contributing to the increase were higher employee costs and investments in planned domestic and international growth initiatives.
Total segment profit increased 3.4 percent to $247 million. (See reconciliation of non-GAAP financial measures for a definition of segment profit.)
First quarter net income attributable to Scripps Networks Interactive was $108 million, or $0.72 per diluted share, compared with $115 million, or $0.73 per diluted share, in the first quarter 2012. The first quarter of 2013 includes unfavorable tax adjustments totaling $7.8 million, or $0.05 per diluted share, including the impact from the enactment of the American Taxpayer Relief Act of 2012.
See full Q1 2013 financial report here.