E.W. Scripps profit falls 88% in quarter

E.W. Scripps released first quarter results Monday which showed an 88% year-over-year decline in its newspaper division profits, according to Editor & Publisher.
Like most other publishers in the country, Scripps' overall newspaper ad revenue was down significantly. However, the company also posted a loss in online ad revenue:

Online revenue plummeted 26.5% to $7.3 million because of the weakness in print classified advertising, which accounts for 55% of online advertising revenue. Stripping out online ads tied to print, Scripps reported that online revenue from "pure-play" advertisers was up 30% to $3.4 million.

Much of the operating losses the company reported were one-time losses such as those related to the closing of the Rocky Mountain News. However, president and CEO Richard Boehne said that the second quarter looks like it will have results similar to those of the first quarter.
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