Sinclair Reports Year-to-date Growth; Reports Third Quarter 2017 Financial Results

News Release

 

Contact:  Chris Ripley, President & Chief Executive Officer

                Lucy Rutishauser, SVP Chief Financial Officer                  

               (410) 568-1500
                                                                                     

SINCLAIR REPORTS YEAR-TO-DATE GROWTH; REPORTS THIRD QUARTER 2017 FINANCIAL RESULTS

 

  • INCREASES YEAR-TO-DATE TOTAL REVENUES, OPERATING INCOME AND NET INCOME COMPARED TO PRIOR YEAR
  • REPORTS $0.30 DILUTED EARNINGS PER SHARE
  • DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

 

    BALTIMORE (November 1, 2017) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and nine months ended September 30, 2017. 

 

   “This month, the Federal Communications Commission will be addressing certain deregulatory rulemakings for the television broadcast industry, recognizing that the competitive marketplace has changed and broadcasters actually do compete against everyone for viewers and advertising dollars.  Their review also recognizes that the current rules no longer reflect the realities of today’s media landscape and consumer viewing habits.  We applaud the FCC’s action to level the playing field, especially in light of emerging technologies and consolidation in the telecom and cable industries,” said David Smith, Executive Chairman. “We also eagerly anticipate the FCC’s approval of ATSC 3.0, ushering in the next generation of broadcast transmission and offering the public advanced nation-wide services and emergency alerting.  Meanwhile, we continue to work with the required governmental agencies towards the successful acquisition of Tribune Media Company, expected to close in early 2018.”

 

CEO Comment:

 

    “We exceeded our third quarter adjusted operating income expectations previously provided, that excluded the acquisition of Bonten Media which closed in September of this year,” commented Chris Ripley, President and Chief Executive Officer.  “Despite challenges in the quarter, including Hurricanes Harvey and Irma, the loss of certain technical school advertisers versus last year and mainly transaction-related one-time charges, Sinclair stations continued to deliver. In the quarter, we grew our share of our markets’ revenues, excluding political, versus last year.  Looking ahead to the fourth quarter, our expectation is for pro forma core advertising revenues, including Bonten, to grow mid-single digit percentage points over the same period last year.”

 

    Mr. Ripley continued, “We continue to make progress in partnering with virtual MVPD providers for the carriage of our signals, adding several new distributors recently.  In addition, we renewed several FOX and CBS network affiliation agreements.  We capitalized on recent share price weakness by repurchasing one million shares in the quarter, while at the same time strengthening our balance sheet, improving our credit statistics to some of their highest quality in our history as a publicly traded company.”

Read more…Q3 17 FINAL

RECENT NEWS RELEASES