Sinclair Second Quarter Revenues Rise 21.8%
August 5, 2015 at 5:10 AM (PT)
SINCLAIR BROADCAST GROUP second quarter total revenues increased 21.8% year-to-year to $554.2 million. with net income attributable to the company rising from $41.3 million to $45.8 million (42 to 48 cents diluted earnings per common share). The company does not break out results for its SEATTLE radio cluster.
"For second quarter, we exceeded our guidance in all key financial metrics, due in part to higher retransmission consent fees and favorable cost outlays," said President/CEO DAVID SMITH. "We continue to make significant progress with regard to content initiatives and distribution rights, particularly in the areas of sports and first-run programming. We completed our renewals with the CBS and CW networks, securing five-year agreements that represent fair value to us both. Lastly and with another month remaining in the regional Emmy and ASSOCIATED PRESS awards season, we are proud to announce that our television station news organizations have received more than 200 awards, a reflection of our commitment to and outstanding reporting we are doing as the largest producer of local news in the country."
"On a political advertising excluded basis, we believe our third quarter core advertising revenues will finish slightly better than our second quarter results," added EVP/COO DAVID AMY. "For the fourth quarter, we expect to benefit from additional retransmission consent agreement renewals, increased digital advertising revenues from the staged launch of our content management system, and an improvement in FOX prime-time programming." SINCLAIR net broadcast revenues before barter are expected to be about $483.3 million to $486.5 million, up 7.9% to 8.6% year-to-year.
The company's board also declared a cash dividend of $0.165 per share on the Company's Class A and Class B common stock, payable SEPTEMBER 15th to shareholders of record as of SEPTEMBER 1st.