Sinclair Broadcast Group Revenues Rise, Income Falls For Third Quarter
November 4, 2015 at 5:07 AM (PT)
SINCLAIR BROADCAST GROUP third-quarter 2015 total revenues increased 10.8% year-to-year to $548.4 million, with net income off from $48.3 million to $43.3 million (49 to 45 cents/share). The company does not break out results for its radio properties in the SEATTLE market.
“Not only did our financial performance in the third quarter exceed our expectations, but we continued to expand our national footprint through additional station acquisitions, to enhance our digital distribution platform with the launch of our content and video management systems, and to offer more news, local sports and entertainment content to our viewers. In addition, we returned just over half of our discretionary cash flow to our shareholders in the quarter,” said Pres./CEO DAVID SMITH. “We are equally excited about recent milestones on the adoption of the Next Generation Broadcast Platform, which we expect will redefine and increase the competitiveness and business use cases of television broadcasting in the future. ATSC 3.0 is an “all-IP” system, supporting broadcast and broadband hybrid services. The Advanced Television Systems Committee’s elevation of the Physical Layer of ATSC 3.0 to Candidate Standard status now clears the way for the Federal Communications Commission to consider and adopt new rules to allow television broadcasters to better compete with other forms of media, telecom and technology companies in providing consumers a more robust and efficient delivery pipeline.”
The company also declared a quarterly cash dividend of 16.5 cents/share on Class A and B common stock, payable DECEMBER 15th to shareholders of record as of DECEMBER 1st.