clarinews@clarinet.com (02/01/90)
CINCINNATI (UPI) -- The E. W. Scripps Co. Wednesday reported fourth-quarter earnings of $31 million, or 40 cents a share, compared with $22 million, or 29 cents a share, in the fourth quarter a year ago. The company reported 1989 earnings of $89 million, or $1.14 share, up from 1988 earnings of $70 million, or 93 cents a share. ``Despite facing a difficult advertising environment throughout the year, all three of our business segments achieved higher operating income,'' said Lawrence A. Leser, president and chief executive officer. ``The maturing of our cable operations and the decline in our interest expense were key to the strong showing in 1989.'' Interest expense decreased $2.3 million in the last quarter and $12.5 million during the year. Long-term debt was reduced $50 million in the last 12 months. Operating income from cable television improved $9.9 million to $22.2 million, primarily the result of improved income at Scripps' Sacramento, Calif., system. Cable television revenues grew 18.6 percent to $177 million. Scripps operates 19 daily newspapers, nine television stations, five radio stations and cable television systems with 558,000 basic subscribers. The company also is a worldwide syndicator and licensor of news features and comics, including ``Peanuts'' and ``Garfield.''