Sinclair Second Quarter Revenues Up 20.3%
August 3, 2016 at 6:23 AM (PT)
SINCLAIR BROADCAST GROUP, INC. second quarter 2016 revenues increased 20.3% to $666.5 million, with operating income up 12.9% to $129.1 million and net income up from $45.8 million to $49.4 million. Media revenues rose 20.5% to $606.3 million; political revenues rose 400% to $16.7 million, and digital revenues jumped 28%. Results from the company's SEATTLE radio stations were not broken out in the report.
"As the leading television broadcaster, we continue to deliver financially and operationally," said President and CEO DAVID SMITH. "Not only did we exceed our expectations for our key financial metrics during the second quarter, but we also have made significant progress in expanding distribution and content. Specifically, we launched CIRCA, the innovative news and entertainment website aimed at the new generation of news consumers. In just its first week of launch, CIRCA had over 7 million video views. As the largest local news producer in the country, we are particularly proud of the 163 news awards won by our stations so far this season, and especially the prestigious EDWARD R. MURROW AWARD earned by WJLA (ABC7 in WASHINGTON, D.C.) for excellence in electronic journalism. This is a testament to our commitment to produce quality news coverage for our viewers. We also entered into agreements to renew our FOX affiliation agreements."
The company's board of directors also declared an 18 cents per share quarterly cash dividend, payable on SEPTEMBER 15th to shareholders of record as of SEPTEMBER 1st.