Scripps posts surprise profit, shares soar

"In the near term, we are seeing some slight improvement in the flow of advertising in our markets, particularly at the television stations," Chief Executive Rich Boehne said in a statement.

Net income from continuing operations was $2.3 million, or 4 cents per share, compared with a net loss from continuing operations of $608.4 million, or $11.20 per share, a year ago.

Consolidated revenue fell 23 percent to $193.9 million.

Analysts' on average were expecting it to post a loss of 11 cents a share, before items, on revenue of $203.1 million, according to Reuters Estimates.

Second-quarter costs and expenses fell by almost 23 percent to $178.9 million.

Scripps said it also entered into an amended and restated revolving credit agreement, which expires on June 30, 2013. The agreement revises the existing $200 million revolver and reduces the maximum amount of availability under to $150 million.

"While we were in compliance with our existing credit facility, it was clear we needed to amend our bank agreement to give us more room to maneuver," said Chief Financial Officer Tim Stautberg.

Scripps' shares were up $1.50 at $6.96 in morning trade Monday on the New York Stock Exchange. They touched a high of $6.98 earlier in the session.

(Reporting by Deepti Govind in Bangalore; Editing by Aradhana Aravindan)