Sinclair Revenues Up 44.7% In Second Quarter, Dividend Increased
August 6, 2014 at 5:01 AM (PT)
SINCLAIR BROADCAST GROUP second quarter 2014 net broadcast revenues from continuing operations jumped 44.7% to $404.2 million, with net income up from $17.8 million to $41.3 million year-to-year. Local net broadcast revenues were up 47% (46.2% without political) and national revenues were up 36.3% (23.2% without political). The company does not break out revenue from its radio properties in SEATTLE.
Pres./CEO DAVID SMITH said, "We are excited to report better than expected second quarter results on stronger core advertising and digital interactive revenues, as well as lower television operating expenses. With the acquisition of ALLBRITTON now complete, our focus will be on rationalizing and strengthening the portfolio, building upon our existing television station platform as it relates to investments in digital interactive and news content, and expanding our recently launched collegiate sports initiative. At the same time, we will continue to push for regulatory reform and building the next generation broadcast platform, both of which will allow us to more effectively compete with other forms of media."
EVP/CFO DAVID AMY added, "The second half of the year should benefit from the mid-term political elections, as well as new programming for the start of the Fall season. Local advertising continues to grow by low single digit percents and, although national has recently started to show improvements, it is still pacing weaker than last year, leading us to remain cautious on our outlook."
The company also increased and declared a quarterly cash dividend of $0.165 per share on the Company's Class A and Class B common stock (up from $0.15), payable SEPTEMBER 15th to shareholders of record as of AUGUST 29th.