SCRIPPS HITTING ROCK BOTTOM Posted on February 26, 2024 at 12:16:20 PM by Huge warning signs
Scripps Hits Rock Bottom
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On Friday, Scripps hit rock bottom.....
The company stock price reached the lowest point it has reached in the past year.
The stock price hit $4.29 cents a share. To put that in perspective, a Big Mac will cost you more than a share of Scripps stock.
The company released its 4th quarter earnings, and they were not good at all.
There were a few interesting things reported in the earnings, and we wanted to take a look at them.
First, there was this from Scripps in their filing.
Almost $10 million in "restructuring charges"?
I asked Scripps how much they are paying McKinsey Consulting to do the company-wide survey. Scripps refused to give me that figure.
But, looking at this from the filing, I'll guess it is somewhere between a dollar and $9.4 million.
Also, I see that only one of the Scripps' high-paid managers gave money to charity.
Scripps employees might be happy to see that CEO Adam Symson gets to use the company's private jet for personal vacation (up to $158,000 of free travel).
Just think, if Symson drove or flew commercial to his vacations, the company could hire another 3 or 4 MMJs.
Symson did want the shareholders to know that the company's cost-cutting has set Scripps up for a hopefully better next quarter. I'm sure all those who got sacked in the 4th quarter are feeling much better now, knowing this. Replies: There have been no replies.
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