News Release

Contact: Lucy Rutishauser, SVP Chief Financial Officer        
(410) 568-1500
SINCLAIR REPORTS FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS

INCREASES FULL YEAR OPERATING INCOME AND NET INCOME COMPARED TO PRIOR YEAR
REPORTS $4.32 DILUTED EARNINGS PER SHARE
DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (February 28, 2018) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and twelve months ended December 31, 2017.

“As we begin 2018, there are many positive events we are looking forward to driving value for the Company and the industry,” commented David Smith, Executive Chairman of Sinclair. “Among them are the Federal Communications Commission’s approval of ATSC 3.0 (the Next Generation Broadcast Platform) and certain deregulatory rulemakings relating to local market and national ownership rules, both of which are important for the broadcast industry’s long-term outlook. We are confident the U.S. Tax Cuts and Jobs Act tax reform legislation will result in a favorable effect through the many small and medium sized local businesses we support on the advertising front. Meanwhile, we continue to work with the required governmental agencies towards the successful acquisition of Tribune Media Company, expected to close in the second quarter of 2018.”
 
CEO Comment:

“The fourth quarter 2017 performance was better than expected with results that exceeded our previously provided guidance for key financial metrics, after adjusting for transaction, legal and other one-time charges,” commented Chris Ripley, President and Chief Executive Officer. “While first quarter of 2018 is off to a slower than expected start due to our low percentage of NBC affiliates which is the network that aired the Super Bowl and Olympics, we are looking forward to growth drivers from the upcoming mid-term elections and the positive effects from tax reform and a growing economy.”
     
Three Months Ended December 31, 2017 Financial Results:

Total revenues decreased 8.0% to $734.0 million, versus $797.7 million in the prior year period which included $113 million of political advertising in the 2016 presidential election year.
Operating income was $357.6 million, including $15 million of transaction, legal and other one-time costs, and $9 million in one-time bonuses to our employees as a result of favorable tax reform legislation, versus operating income of $233.4 million in the prior year period.
Net income attributable to the Company was $443.5 million versus net income of $120.9 million in the prior year period, including a $272 million non-recurring tax benefit related to re-measurement of our deferred tax assets and liabilities as a result of the reduction of the federal income tax rate from 35% to 21% pursuant to the U.S. Tax Cuts and Jobs Act, and a $225 million gain recognized for vacating spectrum in certain markets.


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 28, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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