Sinclair Revenues Jump, Net Income Falls In Fourth Quarter

Q4

SINCLAIR BROADCAST GROUP fourth quarter 2020 revenue increased 82% year-to-year behind the addition of the former FOX regional cable sports networks to $1.622 billion, with media revenues up 86% to $1.581 billion.

Political revenues fell from $150 million to $23 million; Distribution revenues jumped from $334 million to $1,104 million, while digital revenues increased 36%. Operating income was up from $263 million to $277 million, the the former including $3 million and the latter including $45 million of non-recurring transaction, legal, litigation, and regulatory costs. Excluding those adjustments, operating income increased 21% to $322 million. Net income attributable to the company dropped from $206 million to $44 million ($2.10 to 47 cents/diluted share). Results from the company's radio stations, News KOMO-A-F, News-Talk KVI-A, and Hot AC KPLZ (STAR 101.5)/SEATTLE, are not disclosed separately in SINCLAIR's financial releases.

SINCLAIR's Board of Directors also declared a quarterly cash dividend of 20 cents/share, payable MARCH 20th to shareholders of record as of MARCH 9th.

Pres./CEO CHRIS RIPLEY said, "2019 was a transformational year for our Company, as we almost tripled our enterprise value and transitioned into a more diversified media company. As the owner of the largest group of regional sports networks (RSNs) and a leading provider of local news, Sinclair is well-positioned to capitalize on the most desirable segments of the broadcast and media industry -- live local content that resonates with viewers. In 2020, our focus will be on growing our share of what is believed to be unprecedented political advertising spending, seeking new organic opportunities, adding more relevant content, and deploying new technologies that solidify SINCLAIR as a leader in the industry."

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