E.W. Scripps Expects Q2 Revenues Below Estimates

E.W. Scripps

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(RTTNews) - While providing preliminary estimated unaudited financial results for the second quarter in connection with the Notes Offering on Monday, media company E.W. Scripps Co. (SSP) said it expects total operating revenues for the second quarter between $538.50 million and $541.70 million, lower than the $573.63 million reported in the same quarter last year.

The company also projects a net loss for the second quarter between $38.56 million and $33.56 million, compared to net income of $1.43 million in the prior-year quarter.

On average, five analysts polled expect the company to report revenues of $544.58 million for the quarter.

Separately, the Company announced that it intends to offer $650 million of new senior secured second lien notes. The notes are expected to mature in 2030.

The Company also announced that it issued a conditional notice of redemption to redeem all of the aggregate principal amount of its 5.875% Senior Notes due 2027 on August 6, 2025, subject to satisfaction of the conditions set forth therein, for a redemption price equal to 100% of the principal amount outstanding, plus accrued and unpaid interest thereto, but excluding, the redemption date.

The redemption is conditioned upon the completion of a financing on terms and conditions satisfactory to the Company and yielding proceeds sufficient to pay the redemption price.