PR Newswire
BALTIMORE, May 9, 2018
BALTIMORE, May 9, 2018 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months ended March 31, 2018.
CEO Comment:
"Our first quarter came in well ahead of guidance in all key financial metrics," commented Chris Ripley, President and Chief Executive Officer. "As expected and reflected in our first quarter guidance, advertising revenue was soft largely due to the lack of Olympics and Super Bowl on many of our stations and with the auto category coming off its recent highs from last year. Fortunately, our distribution revenues now make up approximately half our media revenues which makes our business model very resilient to ad market volatility. Furthermore, growth and initiative advances in digital, network, programmatic and addressable advertising are showing results and becoming larger contributors. Lastly, our acquisition of Tribune Media is now approaching the final stages with an anticipated closing in late second quarter/early third quarter of 2018, as we await governmental approvals."
Three Months Ended March 31, 2018 Financial Results:
Three Months Ended March 31, 2018 Operating Highlights:
Recent Corporate Developments:
Transactions:
Content and Distribution:
Community:
Balance Sheet and Cash Flow Highlights:
Notes:
Certain reclassifications have been made to prior years' financial information to conform to the presentation in the current year.
Outlook:
The following transactions closed during 2017 or 2018 and, therefore, the results of these transactions were not included in the corresponding pre-transaction periods: the acquisition of Tennis Media Company (March 1, 2017); the acquisition of DataSphere (June 1, 2017); the sale of Alarm Funding (March 7, 2017); the conversion of ASN to a joint venture with Silver Chalice and 120 Sports (April 13, 2017); and the purchase of Bonten and Esteem Broadcasting by the Company and Cunningham, respectively (September 1, 2017).
The Company currently expects to achieve the following results for the three months ending June 30, 2018 and twelve months ending December 31, 2018. The pending acquisition of Tribune and related divestitures are not reflected in the Company's guidance below.
Second Quarter 2018
Full Year 2018
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to discuss its first quarter 2018 results on Wednesday, May 9, 2018, at 9:00 a.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investors/ Webcasts." After the call, an audio replay will remain available at www.sbgi.net. The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 407-8033.
About Sinclair:
Sinclair is one of the largest and most diversified television broadcasting companies in the country. Pro forma for the Tribune acquisition and related station divestitures, the Company will own, operate and/or provide services to 215 television stations in 102 markets. Sinclair is a leading local news provider in the country and operates the greatest number of award-winning news rooms in the industry and is dedicated to impactful journalism with a local focus. The Company has multiple national networks, live local sports production, as well as stations affiliated with all the major networks. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the impact of changes in national and regional economies, the completion of the FCC spectrum repack, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our indebtedness as it comes due, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television and MyNetworkTV programming, our news share strategy, our sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, uncertainties associated with potential changes in the regulatory environment affecting our business and growth strategy, and any risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
Sinclair Broadcast Group, Inc. and Subsidiaries | |||||||
Preliminary Unaudited Consolidated Statements of Operations | |||||||
(In thousands, except per share data) | |||||||
| |||||||
| Three Months Ended | ||||||
| 2018 | | 2017 | ||||
REVENUES: | | | | ||||
Media revenues | $ | 643,651 | | | $ | 607,057 | |
Non-media revenues | 21,701 | | | 19,879 | | ||
Total revenues | 665,352 | | | 626,936 | | ||
| | | | ||||
OPERATING EXPENSES: | | | | ||||
Media production expenses | 288,549 | | | 258,401 | | ||
Media selling, general and administrative expenses | 146,899 | | | 124,721 | | ||
Amortization of program contract costs and net realizable value adjustments | 26,950 | | | 31,019 | | ||
Non-media expenses | 21,223 | | | 18,402 | | ||
Depreciation of property and equipment | 27,325 | | | 23,981 | | ||
Corporate general and administrative expenses | 24,596 | | | 20,576 | | ||
Amortization of definite-lived intangible and other assets | 43,605 | | | 45,554 | | ||
Gain on asset dispositions, net of impairment | (21,109) | | | (53,347) | | ||
Total operating expenses | 558,038 | | | 469,307 | | ||
Operating income | 107,314 | | | 157,629 | | ||
| | | | ||||
OTHER INCOME (EXPENSE): | | | | ||||
Interest expense and amortization of debt discount and deferred financing costs | (69,742) | | | (57,318) | | ||
Loss from extinguishment of debt | — | | | (1,404) | | ||
Loss from equity and cost method investments | (12,477) | | | (1,321) | | ||
Other income, net | 3,271 | | | 1,696 | | ||
Total other expense, net | (78,948) | | | (58,347) | | ||
Income before income taxes | 28,366 | | | 99,282 | | ||
INCOME TAX BENEFIT (PROVISION) | 15,628 | | | (28,579) | | ||
NET INCOME | 43,994 Werbung Mehr Nachrichten zur Sinclair Inc Aktie kostenlos abonnieren
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