Sinclair First Quarter Revenues Up, Income Falls
May 6, 2015 at 5:20 AM (PT)
SINCLAIR BROADCAST GROUP, INC. first quarter revenues rose 22.3% year-to-year to $504.8 million, despite lower political and SUPER BOWL revenues, with net income down from $27.2 million to $24.3 million (27 to 25 cents/diluted share).
"Our first quarter results slightly exceeded the high end of our revenue guidance due to both favorable core advertising and retransmission revenues," said President/CEO DAVID SMITH. "In addition, we had favorable variances in a number of our expense categories. Recently, we announced several initiatives expected to add longer-term value and growth opportunities, including the launch of our Digital Ventures group, which will develop and enhance our digital capabilities, as well as a partnership with VISIBLE WORLD for a programmatic/audience network platform that will allow us to compete for network and cable national advertising dollars."
The company's projection is for net broadcast revenues, before barter, to be about $491.6 million to $496.1 million, up 21.6% to 22.7% year-over-year.
"The second quarter of 2015 is pacing slower than the first quarter; however, auto advertising is coming off a strong first quarter in terms of new auto units sold," added EVP/COO DAVID AMY. "We are also excited about FOX's potential given the success of the hit show 'EMPIRE' and its impact on our FOX affiliates when it returns in the FALL . Despite the current choppiness in the ad market, with all but two markets reported, station audits reflect that our stations slightly grew revenue share in the first quarter."
The company does not break out results for its SEATTLE radio cluster, its sole radio properties.