Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

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Sinclair Broadcast Group Inc
Ticker: SBGI CIK: 912752

News Release

Contact: Chris Ripley, President & Chief Executive Officer

Lucy Rutishauser, SVP Chief Financial Officer

(410) 568-1500

SINCLAIR REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS


•	REPORTS $0.43 DILUTED EARNINGS PER SHARE


•	DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (August 2, 2017) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and six months ended June 30, 2017.

“2017 continues to be a defining year for Sinclair as our strategic acquisitions, partnerships and technological leadership drive the growth of the company. The pending addition of the Tribune Media Company to the Sinclair family would create a leading media platform that ensures a free and local television model can thrive,” said David Smith, Executive Chairman. “The broadcast industry is primed to be reimagined with the approval of ATSC 3.0 (Next Gen TV) expected later this year and the modernization of broadcast regulation, allowing for our industry to compete in the new media ecosystem. Our Spectrum Consortium with Nextstar, Univision and Northwest positions us to reach more communities across the United States, as well as better serve our consumers and advertisers with new technologies that will super charge our capabilities and consumer offerings.”

Three Months Ended June 30, 2017 Financial Results:


•	Total revenues increased 1.9% to $679.3 million, versus $666.5 million in the prior year period.


•	Operating income was $118.8 million versus operating income of $129.1 million in the prior year period, reflecting $6 million of expenses related to the Tribune and Bonten Media Group acquisitions.


•	Net income attributable to the Company was $44.6 million versus net income of $49.4 million in the prior year period.


•	Diluted earnings per common share were $0.43 as compared to $0.52 in the prior year period.

Six Months Ended June 30, 2017 Financial Results:


•	Total revenues increased 6.7% to $1,329.2 million, versus $1,245.4 million in the prior year period.


•	Operating income was $276.5 million versus operating income of $215.4 million in the prior year period.


•	Net income attributable to the Company was $101.8 million versus net income of $73.6 million in the prior year period.


•	Diluted earnings per common share were $1.03 as compared to $0.77 in the prior year period.

Three Months Ended June 30, 2017 Operating Highlights:


•	Media revenues, before barter, increased 4.2% to $631.8 million versus $606.3 million in the second quarter of 2016.


•	Political revenues were $5.4 million versus $16.7 million in the second quarter of 2016.


•	Revenues from our digital offerings increased 40% in the second quarter as compared to the second quarter of 2016.

The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, August 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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