Sinclair Revenues Rise In First Quarter
May 7, 2014 at 5:27 AM (PT)
SINCLAIR BROADCAST GROUP first quarter 2014 net broadcast revenues rose 47.8% to $373.9 million, with net income up from $17 million (21 cents/share diluted earnings) to $27.2 million (27 cents/share diluted earnings). Local sales rose 49.6%, and national sales were up 40.9%; the SUPER BOWL, airing on the company's 31 FOX affiliates, generated $8.2 million, compared to 2013's $2.5 million from its 11 CBS affiliates. The WINTER OLYMPICS, airing on the company's 12 NBC affiliates, generated $3.7 million. SINCLAIR does not break out the performance of its radio stations in SEATTLE from the overall numbers.
Pres./CEO DAVID SMITH said, "There were many positives in the first quarter that reflect our solid underlying fundamentals, despite the slower than usual start to the year due to the impact of the severe and frigid weather in many of our markets. The first quarter benefited from incremental SUPER BOWL, OLYMPIC and retransmission consent fee revenues, while political revenues exceeded expectations. We also benefited from lower television operating expenses across many of our stations. Our main focus now is on closing the ALLBRITTON station acquisition and lobbying to reform broadcast ownership regulatory inequality."
Second quarter net broadcast revenues are projected to ruse 41.8% to 43.1% year-to-year to about $396.1-$399.6 million. The company declared a 15 cents/share quarterly dividend in MARCH.