Contact: Chris Ripley, Chief Financial Officer
Lucy Rutishauser, SVP-Corporate Finance & Treasurer
SINCLAIR REPORTS THIRD QUARTER 2016 FINANCIAL RESULTS
- REPORTS $0.54 DILUTED EARNINGS PER SHARE
- DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE
“Sinclair,” today reported financial results for the three and nine months ended September 30, 2016.
“Although industry political ad spending for 2016 has not been at the levels anticipated coming into the year due to the unique nature of this year’s presidential election and certain contested senate races not materializing, our core advertising nonetheless grew slightly in the third quarter, despite the crowding-out impact of political on our normal advertisers,” commented David Smith, President and CEO of Sinclair. “We continued opportunistic share repurchases to capitalize on what we believe to be a discount in our stock. Year-to-date, we have repurchased almost 4.5 million shares or 6.5% of the float. Combined with our full year quarterly dividends and scheduled debt amortization, return of capital to shareholders and debt repayments would represent almost half of our expected discretionary 2016 cash flow.”