E.W. Scripps (SSP) Swings to Q3 Loss; Suspends Dividend
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The E.W. Scripps Company (NYSE: SSP) reports Q3 loss from continuing operations of $0.39, compared to a gain of $0.31 in the same quarter last year. Revenue for the quarter was $230 million, versus the consensus of $241.25 million.
Rich Boehne, President and CEO of Scripps said, "To put Scripps in the best possible position to exploit opportunities and build value for shareholders during this period of economic uncertainty, we've made a series of decisions - including headcount reductions, suspension of the dividend and other expense reductions - that will keep our debt low and balance sheet healthy. These are unusual times, not without difficulty and peril. But we believe dedication to strong financial health in the short term will yield outsized returns over the long term for those in position to exploit the transformation of our industry."
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