Sinclair Second Quarter Revenues Up
August 7, 2013 at 6:32 AM (PT)
SINCLAIR BROADCAST GROUP, INC. second quarter net broadcast revenues from continuing operations rose 28.4% to $279.3 million as the company prepares for the acquisition of FISHER COMMUNICATIONS and entry into radio as well as ALLBRITTON's TV station group. Net income was $17.8 million (19 cents/diluted share), including a $16.3 million one-time loss from extinguishment of debt, versus net income of $30.1 million in second quarter 2012.
"The first half of 2013 has been very successful for the Company, not only with respect to the Company's results but on growing our platform through additional acquisitions of broadcast assets, especially our most recently announced planned acquisition of the ALLBRITTON stations and their local news cable/satellite channel," commented President and CEO DAVID SMITH. "Since APRIL 1, 2013, we have announced definitive agreements for the acquisition of 35 additional stations bringing the total number of acquired or announced stations in the past two years to 91. The effect is to not only grow our national footprint and reach, but to unlock operating synergies, gain access to valuable spectrum, and build a platform whereby we can expand content offerings and shape the future of the broadcast industry. We are excited about the successes we have achieved and the additional value that we have created and anticipate creating for our shareholders."
"We continue to see growth in local and national advertising, excluding political, in the third quarter, as well as continued advertising spending by the automotive sector on our stations, which is estimated to be up high single-digit percents," added EVP and CFO DAVID AMY. "In addition, we expect political revenues to benefit from the implementation of the Affordable Care Act in the fourth quarter of 2013."