Sinclair Reports Fourth Quarter and Full Year 2017 Financial Results

News Release

 

Contact:  Lucy Rutishauser, SVP Chief Financial Officer   

 (410) 568-1500

 

SINCLAIR REPORTS FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS

  • INCREASES FULL YEAR OPERATING INCOME AND NET INCOME COMPARED TO PRIOR YEAR
  • REPORTS $4.32 DILUTED EARNINGS PER SHARE
  • DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

 

BALTIMORE (February 28, 2018) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and twelve months ended December 31, 2017. 

 

   “As we begin 2018, there are many positive events we are looking forward to driving value for the Company and the industry,” commented David Smith, Executive Chairman of Sinclair.  “Among them are the Federal Communications Commission’s approval of ATSC 3.0 (the Next Generation Broadcast Platform) and certain deregulatory rulemakings relating to local market and national ownership rules, both of which are important for the broadcast industry’s long-term outlook. We are confident the U.S. Tax Cuts and Jobs Act tax reform legislation will result in a favorable effect through the many small and medium sized local businesses we support on the advertising front.  Meanwhile, we continue to work with the required governmental agencies towards the successful acquisition of Tribune Media Company, expected to close in the second quarter of 2018.”

 

CEO Comment:

 

“The fourth quarter 2017 performance was better than expected with results that exceeded our previously provided guidance for key financial metrics, after adjusting for transaction, legal and other one-time charges,” commented Chris Ripley, President and Chief Executive Officer.  “While first quarter of 2018 is off to a slower than expected start due to our low percentage of NBC affiliates which is the network that aired the Super Bowl and Olympics, we are looking forward to growth drivers from the upcoming mid-term elections and the positive effects from tax reform and a growing economy.”


Read more…Q4 17 FINAL

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