SBG Reports First Quarter 2013 Earnings
David Amy, EVP & Chief Financial Officer
Lucy Rutishauser, VP-Corporate Finance & Treasurer
SINCLAIR REPORTS $0.21 DILUTED EARNINGS PER SHARE IN FIRST QUARTER 2013; DECLARES $0.15 QUARTERLY DIVIDEND PER SHARE
BALTIMORE (April 29, 20 13) –Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 20 1 3.
“20 13 is off to a solid start with $2.5 million of incremental Super Bowl revenues in the first quarter, increased ad spending by our largest advertising category of automotive, and a very good February ratings book that highlighted the importance and popularity of local news,” commented David Smith, President and CEO of Sinclair. “The market for television stations remains robust, and we are pleased that we have been able to obtain quality assets at accretive prices. We are excited the Barrington Broadcasting, Fisher Communications and certain ofthe COX Media Group stations w ill soon be joining us. We intend to cont inue analyzing and evaluating opportunities to acquire additional television station assets towards creating greater scale for our operations and value for our shareholders.”
Net broadcast revenues from continuing operations were $252.9 million for the three months ended March 31, 2013, an increase of 32.5% versus the prior year period result of $190.9 million. The Company had operatin g income of$63.7 million in the three-month period, as compared to operating income of$59.9 million in the prior year period. Net income attributable to the Company was $17.0 million in the three-month period, versus net income of $29.4 million in the prior year period.
The Company reported diluted earnings per common share of $0.21 for the three-month period ended March 31, 2013 versus diluted earnings per common share of $0.36 in the prior year period.
“Discontinued Operations ” accounting has been adopted in the financial statements for all periods presented in this press release for the sale of WLAJ-TV, our ABC affiliate in Lansing, Michigan which closed in March 2013, and for the sale of WLWC-TV, our CW affiliate in the Providence, Rl/New Bedford , MA market which closed in April 2013. Therefore, the related results from operations , net of related income taxes, have been reclassified from income from continuing operations and reflected as net income from discontinued operations. Prior current year amounts have been reclassified to conform to current year GAAP presentation.
Operating Statistics and Income Statement Highlights:
Read more.. Q1 Earnings Release