Scripps Networks Interactive said fourth-quarter net income dropped 65% as the result of one-time charges in both the most recent quarter as well as the year-earlier period.
Scripps said it notched a fourth-quarter profit of $108.5 million, or 73 cents a share, sharply down from the $305.8 million, or $2.02 a share it reported a year earlier. The owner of Food Network, HGTV and Travel Channel said the year-earlier quarter included special charges of $22 million, or 22 cents per share, while the most recent quarter included a goodwill writedown tied to the international business of Travel Channel, which came to $24.7 million, or 17 cents a share.
The company has reported slower growth in recent years, owing to choppy ratings at its flagship Food Network. The company has in recent months introduced new types of programming to the cable network, including a game show featuring cooking personality Guy Fieri and hidden-camera docu-series that go behind the scenes at struggling restaurants.