Scripps Networks Interactive continues to prove it is one of Knoxville’s best business success
stories of recent years.
The Knoxville-based lifestyle media company today reported a first quarter profit of $101 million, or 59 cents per share, up 39 percent from $72.5 million, or 43 cents per share, in the first quarter last year.
Revenues for the quarter eneded March 31 rose 14 percent to $536 million, driven by increased advertising and affiliate fees.
“Our strong advertising growth in the first quarter reflects the popularity of our networks and their tremendous value as marketing platforms for advertisers and distribution partners,” Kenneth W. Lowe, chairman, president and chief executive officer, said in a prepared statement.
Advertising revenue jumped 12 percent to $324 million, up 12 percent. Affiliate fees increased 6.3 percent to $145 million.
The company has posted strong quarterly increases in revenue and profits for the past several quarters.
Scripps Networks recently announced it would sell the online comparison shopping busniess Shopzilla to Symphony Technology Group for $165 million.
Scripps Networks’ properties include the cable TV networks, HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and country music network Great American Country; and related Internet brands.
Click here for company earnings report.
(Full disclosure: I own a small number of SNI shares.)
Photo: Scripps Networks headquarters in west Knoxville. (Knoxville News Sentinel archives)