Scripps Reports Itself

Scripps (SSP) reported an obtuse Q2 financial referring one and all to SEC 10-Q if you like to read financials. (sounds like they were hoping you do not). When you actually read the financial it sounds like they have styled it so that it can be cut and pasted into what ever is writing the news story about the news company.
So essentially we have a large but non cash write downs, which means yesterdays decisions are terrible and we are writing them off today. Not withstanding yesterdays poor decisions they insist on maintaining that all is well.

Here is the quote they want you to buy into and continue holding the stock

“The requirement to align the assets on our balance sheet with our market capitalization resulted in the company taking this action," said Rich Boehne, president and chief executive officer, "but the non-cash charges have no impact on the future prospects of the company. Our strategic focus remains unchanged. Scripps is healthy, with low debt and well able to make the necessary decisions and investments to solidify our local media businesses as the premier information and advertising resources in their markets."