Sinclair Revenues Up, Income Down For Fourth Quarter
February 12, 2014 at 7:42 AM (PT)
SINCLAIR BROADCAST GROUP, INC. net broadcast revenues from continuing operations increased 33.2% to $382.3 million for fourth quarter 2013, with net income down from $59 million to $2.3 million, which includes a $42.1 million loss on extinguishment of debt. The company does not break out revenues for its SEATTLE radio properties.
Pres./CEO DAVID SMITH said, "2013 was a historic year for us, including growing broadcast revenues 32.3% to a record-breaking $1.2 billion, and once again leading the industry on station acquisitions. During the year we closed on the purchase of 63 television stations and added over $1.0 billion in assets, which contributed $148.4 million in revenues in 2013. We benefited from 6.9% same station growth in our largest advertising category, automotive, 143% as reported growth in digital interactive, and continued growth in net retransmission revenues and core time sales."
The company also declared a 15 cents/share dividend, payable MARCH 14th to Class A and B common shareholders of record as of the close of business FEBRUARY 28th.