Ohio | 0-16914 | 31-1223339 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
312 Walnut Street Cincinnati, Ohio | 45202 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item No. | Page | |
2.02 | Results of Operations and Financial Condition | 3 |
9.01 | Financial Statements and Exhibits | 3 |
Exhibit Number | Description of Item | |
Press release dated February 28, 2018 |
THE E.W. SCRIPPS COMPANY | ||
BY: | /s/ Douglas F. Lyons | |
Douglas F. Lyons | ||
Senior Vice President, Controller and Treasurer | ||
(Principal Accounting Officer) |
Feb 28, 2018 |
• | On Feb. 15, the Scripps board initiated the company’s first quarterly dividend in 10 years. The first-quarter dividend of 5 cents per share will be payable to shareholders of record on March 1 for payout on March 26. |
• | On Jan. 25, the company said it expects its comprehensive restructuring work to yield more than $30 million in annual savings. The company also announced plans to sell its radio station group, with Kalil & Co. retained to handle the process. |
• | In the Local Media division, core advertising was up 7 percent in the fourth quarter. |
• | The company green-lit a second season of the daytime show Pickler & Ben, with 100 markets already committed to airing it compared to 38 in the first season. The show is growing audience in its time periods on Scripps stations. |
• | In the National Media division, Newsy ended the year with contracts covering carriage into 26 million cable households, broadening its distribution into that lucrative marketplace after already being deployed on all the major over-the-top television platforms. |
• | Further pursuing a more effective and efficient operating structure, the company reorganized its businesses to better focus on the marketplaces they serve: A Local Media division comprised of |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
(in thousands, except per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating revenues | $ | 256,975 | $ | 252,953 | $ | 864,834 | $ | 868,820 | ||||||||
Segment, shared services and corporate expenses | (222,152 | ) | (172,111 | ) | (770,071 | ) | (684,353 | ) | ||||||||
Acquisition and related integration costs | — | — | — | (578 | ) | |||||||||||
Restructuring costs | (2,015 | ) | — | (4,422 | ) | — | ||||||||||
Depreciation and amortization of intangible assets | (14,926 | ) | (13,643 | ) | (56,343 | ) | (55,204 | ) | ||||||||
Impairment of goodwill and intangibles | — | — | (35,732 | ) | — | |||||||||||
Gains (losses), net on disposal of property and equipment | 7 | (436 | ) | (169 | ) | (480 | ) | |||||||||
Operating expenses | (239,086 | ) | (186,190 | ) | (866,737 | ) | (740,615 | ) | ||||||||
Operating income (loss) | 17,889 | 66,763 | (1,903 | ) | 128,205 | |||||||||||
Interest expense | (8,534 | ) | (4,436 | ) | (26,697 | ) | (18,039 | ) | ||||||||
Defined benefit pension plan expense | (3,627 | ) | (3,828 | ) | (14,112 | ) | (14,332 | ) | ||||||||
Miscellaneous, net | 5,225 | (1,401 | ) | 10,636 | (2,646 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 10,953 | 57,098 | (32,076 | ) | 93,188 | |||||||||||
(Provision) benefit for income taxes | 507 | (20,799 | ) | 20,054 | (33,266 | ) | ||||||||||
Income (loss) from continuing operations, net of tax | 11,460 | 36,299 | (12,022 | ) | 59,922 | |||||||||||
Income (loss) from discontinued operations, net of tax | (6,009 | ) | 2,038 | (2,595 | ) | 7,313 | ||||||||||
Net income (loss) | 5,451 | 38,337 | (14,617 | ) | 67,235 | |||||||||||
Net income (loss) attributable to noncontrolling interest | (1,511 | ) | — | (1,511 | ) | — | ||||||||||
Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ | 6,962 | $ | 38,337 | $ | (13,106 | ) | $ | 67,235 | |||||||
Net income (loss) per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.16 | $ | 0.44 | $ | (0.13 | ) | $ | 0.71 | |||||||
Income (loss) from discontinued operations | (0.07 | ) | 0.02 | (0.03 | ) | 0.09 | ||||||||||
Net income (loss) per basic share of common stock attributable to the shareholders of The E.W. Scripps Company | $ | 0.09 | $ | 0.46 | $ | (0.16 | ) | $ | 0.80 | |||||||
Weighted average basic shares outstanding | 81,792 | 82,401 | 82,052 | 83,339 |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Segment operating revenues: | ||||||||||||||||||||||
Local Media | $ | 202,566 | $ | 242,634 | (16.5 | )% | $ | 779,205 | $ | 836,154 | (6.8 | )% | ||||||||||
National Media | 52,973 | 9,033 | 486.4 | % | 80,174 | 27,929 | 187.1 | % | ||||||||||||||
Other | 1,436 | 1,286 | 11.7 | % | 5,455 | 4,737 | 15.2 | % | ||||||||||||||
Total operating revenues | $ | 256,975 | $ | 252,953 | 1.6 | % | $ | 864,834 | $ | 868,820 | (0.5 | )% | ||||||||||
Segment profit (loss): | ||||||||||||||||||||||
Local Media | $ | 45,431 | $ | 95,089 | $ | 156,890 | $ | 243,298 | ||||||||||||||
National Media | 2,667 | (2,181 | ) | (9,260 | ) | (10,156 | ) | |||||||||||||||
Other | (123 | ) | (35 | ) | (2,361 | ) | (2,513 | ) | ||||||||||||||
Shared services and corporate | (13,152 | ) | (12,031 | ) | (50,506 | ) | (46,162 | ) | ||||||||||||||
Acquisition and related integration costs | — | — | — | (578 | ) | |||||||||||||||||
Restructuring costs | (2,015 | ) | — | (4,422 | ) | — | ||||||||||||||||
Depreciation and amortization of intangible assets | (14,926 | ) | (13,643 | ) | (56,343 | ) | (55,204 | ) | ||||||||||||||
Impairment of goodwill and intangibles | — | — | (35,732 | ) | — | |||||||||||||||||
Gains (losses), net on disposal of property and equipment | 7 | (436 | ) | (169 | ) | (480 | ) | |||||||||||||||
Interest expense | (8,534 | ) | (4,436 | ) | (26,697 | ) | (18,039 | ) | ||||||||||||||
Defined benefit pension plan expense | (3,627 | ) | (3,828 | ) | (14,112 | ) | (14,332 | ) | ||||||||||||||
Miscellaneous, net | 5,225 | (1,401 | ) | 10,636 | (2,646 | ) | ||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 10,953 | $ | 57,098 | $ | (32,076 | ) | $ | 93,188 |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Segment operating revenues: | ||||||||||||||||||||||
Core advertising | $ | 130,180 | $ | 122,099 | 6.6 | % | $ | 493,462 | $ | 500,091 | (1.3 | )% | ||||||||||
Political | 3,396 | 56,160 | (94.0 | )% | 8,651 | 100,761 | (91.4 | )% | ||||||||||||||
Retransmission | 63,496 | 60,542 | 4.9 | % | 259,499 | 220,723 | 17.6 | % | ||||||||||||||
Other revenue | 5,494 | 3,833 | 43.3 | % | 17,593 | 14,579 | 20.7 | % | ||||||||||||||
Total operating revenues | 202,566 | 242,634 | (16.5 | )% | 779,205 | 836,154 | (6.8 | )% | ||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||
Employee compensation and benefits | 71,770 | 69,902 | 2.7 | % | 287,758 | 281,956 | 2.1 | % | ||||||||||||||
Programming | 49,148 | 41,477 | 18.5 | % | 186,945 | 162,821 | 14.8 | % | ||||||||||||||
Other expenses | 36,217 | 36,166 | 0.1 | % | 147,612 | 148,079 | (0.3 | )% | ||||||||||||||
Total costs and expenses | 157,135 | 147,545 | 6.5 | % | 622,315 | 592,856 | 5.0 | % | ||||||||||||||
Segment profit | $ | 45,431 | $ | 95,089 | (52.2 | )% | $ | 156,890 | $ | 243,298 | (35.5 | )% |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||
(in thousands) | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Segment operating revenues: | ||||||||||||||||||||||
Katz | $ | 40,975 | $ | — | $ | 40,975 | $ | — | ||||||||||||||
Midroll | 5,221 | 4,283 | 21.9 | % | 18,232 | 14,093 | 29.4 | % | ||||||||||||||
Newsy | 3,128 | 1,712 | 82.7 | % | 10,089 | 4,806 | 109.9 | % | ||||||||||||||
Other revenue | 3,649 | 3,038 | 20.1 | % | 10,878 | 9,030 | 20.5 | % | ||||||||||||||
Total operating revenues | 52,973 | 9,033 | 486.4 | % | 80,174 | 27,929 | 187.1 | % | ||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||
Employee compensation and benefits | 11,784 | 6,080 | 93.8 | % | 31,121 | 20,767 | 49.9 | % | ||||||||||||||
Programming | 24,632 | 1,742 | 29,522 | 4,165 | ||||||||||||||||||
Other expenses | 13,890 | 3,392 | 309.5 | % | 28,791 | 13,153 | 118.9 | % | ||||||||||||||
Total costs and expenses | 50,306 | 11,214 | 348.6 | % | 89,434 | 38,085 | 134.8 | % | ||||||||||||||
Segment profit | $ | 2,667 | $ | (2,181 | ) | $ | (9,260 | ) | $ | (10,156 | ) |
As of December 31, | ||||||||
(in thousands) | 2017 | 2016 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 148,699 | $ | 134,352 | ||||
Other current assets | 320,831 | 197,322 | ||||||
Assets held for sale — current | 136,004 | 14,221 | ||||||
Total current assets | 605,534 | 345,895 | ||||||
Investments | 7,699 | 14,221 | ||||||
Property and equipment | 209,995 | 225,437 | ||||||
Goodwill | 755,949 | 575,780 | ||||||
Other intangible assets | 425,975 | 412,551 | ||||||
Licensed programming (less current portion) | 85,269 | 1,796 | ||||||
Deferred income taxes | 20,076 | 16,608 | ||||||
Miscellaneous | 19,051 | 11,798 | ||||||
Assets held for sale — noncurrent | — | 131,820 | ||||||
TOTAL ASSETS | $ | 2,129,548 | $ | 1,735,906 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 23,647 | $ | 15,976 | ||||
Customer deposits and unearned revenue | 7,353 | 6,410 | ||||||
Current portion of long-term debt | 5,656 | 6,571 | ||||||
Accrued expenses and other current liabilities | 154,596 | 72,294 | ||||||
Liabilities held for sale — current | 19,536 | 2,880 | ||||||
Total current liabilities | 210,788 | 104,131 | ||||||
Long-term debt (less current portion) | 687,619 | 386,614 | ||||||
Other liabilities (less current portion) | 293,656 | 273,929 | ||||||
Liabilities held for sale — noncurrent | — | 25,297 | ||||||
Total equity | 937,485 | 945,935 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 2,129,548 | $ | 1,735,906 |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator (for basic and diluted earnings per share) | ||||||||||||||||
Net income (loss) from continuing operations | $ | 11,460 | $ | 36,299 | $ | (12,022 | ) | $ | 59,922 | |||||||
Loss attributable to noncontrolling interest | 1,511 | — | 1,511 | — | ||||||||||||
Income allocated to RSUs | (194 | ) | (604 | ) | — | (817 | ) | |||||||||
Numerator for basic and diluted earnings per share from continuing operations attributable to the shareholders of The E.W. Scripps Company | $ | 12,777 | $ | 35,695 | $ | (10,511 | ) | $ | 59,105 | |||||||
Denominator | ||||||||||||||||
Basic weighted-average shares outstanding | 81,792 | 82,401 | 82,052 | 83,339 | ||||||||||||
Effective of dilutive securities: | ||||||||||||||||
Stock options held by employees and directors | — | 283 | — | 300 | ||||||||||||
Diluted weighted-average shares outstanding | 81,792 | 82,684 | 82,052 | 83,639 | ||||||||||||
Anti-dilutive securities (1) | 1,220 | — | 1,220 | — |
(1) | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
2017 | ||||||||||||||||||||
(in thousands) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||||
Segment operating revenues: | ||||||||||||||||||||
Local Media | $ | 187,279 | $ | 201,644 | $ | 187,716 | $ | 202,566 | $ | 779,205 | ||||||||||
National Media | 7,327 | 10,309 | 9,565 | 52,973 | 80,174 | |||||||||||||||
Other | 1,723 | 1,796 | 500 | 1,436 | 5,455 | |||||||||||||||
Total operating revenues | $ | 196,329 | $ | 213,749 | $ | 197,781 | $ | 256,975 | $ | 864,834 | ||||||||||
Segment profit (loss): | ||||||||||||||||||||
Local Media | $ | 32,351 | $ | 48,736 | $ | 30,372 | $ | 45,431 | 156,890 | |||||||||||
National Media | (3,957 | ) | (3,596 | ) | (4,374 | ) | 2,667 | (9,260 | ) | |||||||||||
Other | 249 | (1,658 | ) | (829 | ) | (123 | ) | (2,361 | ) | |||||||||||
Shared services and corporate | (14,582 | ) | (11,335 | ) | (11,437 | ) | (13,152 | ) | (50,506 | ) | ||||||||||
Acquisition and related integration costs | — | — | — | — | — | |||||||||||||||
Restructuring costs | — | — | (2,407 | ) | (2,015 | ) | (4,422 | ) | ||||||||||||
Depreciation and amortization of intangible assets | (13,861 | ) | (13,781 | ) | (13,775 | ) | (14,926 | ) | (56,343 | ) | ||||||||||
Impairment of goodwill and intangibles | — | — | (35,732 | ) | — | (35,732 | ) | |||||||||||||
Gains (losses), net on disposal of property and equipment | (47 | ) | (15 | ) | (114 | ) | 7 | (169 | ) | |||||||||||
Interest expense | (4,195 | ) | (8,248 | ) | (5,720 | ) | (8,534 | ) | (26,697 | ) | ||||||||||
Defined benefit pension plan expense | (3,467 | ) | (3,467 | ) | (3,551 | ) | (3,627 | ) | (14,112 | ) | ||||||||||
Miscellaneous, net | (879 | ) | 5,103 | 1,187 | 5,225 | 10,636 | ||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (8,388 | ) | $ | 11,739 | $ | (46,380 | ) | $ | 10,953 | $ | (32,076 | ) |
2017 | ||||||||||||||||||||
(in thousands) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||||
Segment operating revenues: | ||||||||||||||||||||
Core advertising | $ | 115,948 | $ | 129,378 | $ | 117,956 | $ | 130,180 | $ | 493,462 | ||||||||||
Political | 1,041 | 2,525 | 1,689 | 3,396 | 8,651 | |||||||||||||||
Retransmission | 66,211 | 66,059 | 63,733 | 63,496 | 259,499 | |||||||||||||||
Other revenue | 4,079 | 3,682 | 4,338 | 5,494 | 17,593 | |||||||||||||||
Total operating revenues | 187,279 | 201,644 | 187,716 | 202,566 | 779,205 | |||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||
Employee compensation and benefits | 73,453 | 70,891 | 71,644 | 71,770 | 287,758 | |||||||||||||||
Programming | 45,150 | 44,838 | 47,809 | 49,148 | 186,945 | |||||||||||||||
Other expenses | 36,325 | 37,179 | 37,891 | 36,217 | 147,612 | |||||||||||||||
Total costs and expenses | 154,928 | 152,908 | 157,344 | 157,135 | 622,315 | |||||||||||||||
Segment profit | $ | 32,351 | $ | 48,736 | $ | 30,372 | $ | 45,431 | $ | 156,890 |
2017 | ||||||||||||||||||||
(in thousands) | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | |||||||||||||||
Segment operating revenues: | ||||||||||||||||||||
Katz | $ | — | $ | — | $ | — | $ | 40,975 | $ | 40,975 | ||||||||||
Midroll | 4,152 | 4,696 | 4,163 | 5,221 | 18,232 | |||||||||||||||
Newsy | 1,202 | 3,136 | 2,623 | 3,128 | 10,089 | |||||||||||||||
Other revenue | 1,973 | 2,477 | 2,779 | 3,649 | 10,878 | |||||||||||||||
Total operating revenues | 7,327 | 10,309 | 9,565 | 52,973 | 80,174 | |||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||
Employee compensation and benefits | 6,505 | 6,643 | 6,189 | 11,784 | 31,121 | |||||||||||||||
Programming | 1,427 | 1,848 | 1,615 | 24,632 | 29,522 | |||||||||||||||
Other expenses | 3,352 | 5,414 | 6,135 | 13,890 | 28,791 | |||||||||||||||
Total costs and expenses | 11,284 | 13,905 | 13,939 | 50,306 | 89,434 | |||||||||||||||
Segment profit | $ | (3,957 | ) | $ | (3,596 | ) | $ | (4,374 | ) | $ | 2,667 | $ | (9,260 | ) |
L7[V6L7.D^'K&7[/$;0D
M-=MU+$\=L?3(]Z35_!_B/P78OJ_A/Q%J%\+;]Y-8WC>8LB#KW]/;/H:=\.K[
M7].\!Z=%I/A:.ZMW5G^T?V@D9E)8Y)4C(]/PKISKGBY@0W@Q"#P0=4CY_2M)
M2G"?+&W*NET3%*4;N]_F:7A3Q##XI\,VFJP (9EQ)GRW'#+^=;%<+\+O#V
ML>&],U*UUFV6V26[,UO&LJO@$
-QSWSQGB@#8HK!L;^YL_$[:)>WGVP26WVF&5E59%PVTJP7 /4$' [U3UF+
M6H+B.#3]?F:[NY"(83;1%8TSEF8[<[5'YG [T =515&^L[RYMXDM-2DLW3[\
MB1(Q?CT8$#\*R] ;4Y]6NI)=4DO=.A'DHTD*)YDN?F*E0/E'3W.?2@#HJ*;*
MS+$[1IO<*2JYQN/IFN3O;S5],LHKJYU:-]19D)TM43:VY@#&N/GR 3\V3TST
MH ZZBL.XGOM2\03Z=97;65O9Q(\TL:*SN[YPHW @ 9/'<46&K3P6NJ1ZHZR
MS:627E1=OFQ[-ZMCL<<'MD4 ;E% -+L+Y-RK. ?,7@G&>
M_!_&NI^W6G_/S#_W\%?"']FWW_/G\ ?IO\*/[.OO\ GSN/^_3?X4!8WOB4
MP;XG>(64A@;^4@@Y!^:O0OV:98X?%NL&614!L0 68#_EH*\?_LV^_P"?.X_[
M]-_A1_9M]_SYW'_?IO\ "@9]YQS1S F*1) .I5@<4PWMJ"0;F$$=1Y@KQ3]G
M*XATSPSK$>I2I9N]XI5;AA&6&P<@&O"_$%C=R^)M3>.UG=&O)2K+&2"-YY!H
M)-KXO,K_ !:U]D8,IG7!!R#\BUZ-^S+-%#-XA\V1(\K!C -].^*$,^H
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M$32S.L<:C+.YP /4FOEGX[^/;/Q;XBM=.T>;SK#3 P,RL"DLK8R5QU !^M
M<#>WGB;4HO*U&YU:[C_N3R2./R-5['0-5U*^BM+6QF,LK87>NQ1]6; ]S0!
MJ_#OP])XH^(&DZ8BDQM.))B!G;&GS-^@Q]2*^V:\O^%'@G0_A_I;SWFJV%QK
M-VH$\RSKMC7KY:<]/4]S]!7H7]MZ5_T$[/\ \"%_QH$7J*H_VWI7_03L_P#P
M(7_&C^V]*_Z"=G_X$+_C0!>HJC_;>E?]!.S_ / A?\:/[;TK_H)V?_@0O^-
M%ZBJ/]MZ5_T$[/\ \"%_QH_MO2O^@G9_^!"_XT 7J*H_VWI7_03L_P#P(7_&
MC^V]*_Z"=G_X$+_C0!>HJC_;>E?]!.S_ / A?\:/[;TK_H)V?_@0O^- %ZBJ
M/]MZ5_T$[/\ \"%_QH_MO2O^@G9_^!"_XT 7JY^YUJ[TO4;J#4-.O+RWC @_4&M+^V]*_Z"=G_P"!"_XT?VWI7_03L_\ P(7_ !H ;H43
MQ:/%YD!MB[/*(",&(.Y8+^ ('X57TZWFC\5:S/)$RQ2K;B-R.'PK9Q],U:_M
MO2O^@G9_^!"_XT?VWI7_ $$[/_P(7_&@#G]5OC)XBF35=#U*^M+4K]E6"U\R
M-FQDR'G!()P!VP3WKI[&Z^VV4=QY$UOY@SY4Z;'7ZCM4']MZ5_T$[/\ \"%_
MQH_MO2O^@G9_^!"_XT )KD#W&A7:1(9)1$7B4#DNOS+_ ./ 5B7^F7=AX&M/
ML$+3ZCI_EW*1@9,DF