Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Sinclair Broadcast Group Inc
Ticker: SBGI CIK: 912752

News Release

Contact: Lucy Rutishauser, SVP Chief Financial Officer

(410) 568-1500

SINCLAIR REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS


•	INCREASES REVENUE AND OPERATING INCOME COMPARED TO PRIOR YEAR


•	REPORTS $0.27 DILUTED EARNINGS PER SHARE


•	DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (August 8, 2018) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and six months ended June 30, 2018.

CEO Comment:

“Second quarter results came in well ahead of guidance in all key financial metrics, and we expect the second half of the year to continue to be robust, underlined by increasing distribution revenues and strong political advertising spend," commented Chris Ripley, President and Chief Executive Officer. "This year's mid-term elections are expected by many to have the most spending in U.S. history with broadcast television a primary beneficiary. In regards to the acquisition of Tribune Media Company, we are working with them to analyze approaches to the regulatory process that are in the best interest of our companies, employees and shareholders.”

Three Months Ended June 30, 2018 Financial Results:


•	Total revenues increased 11.9% to $730.1 million versus $652.2 million in the prior year period.


•	Operating income was $131.6 million, including $6 million of one-time transaction costs, versus operating income of $118.8 million in the prior year period, which also included $6 million of one-time transaction costs.


•	Net income attributable to the Company was $28.0 million versus net income of $44.6 million in the prior year period, and includes $39 million in gross ticking fee costs related to the financing commitments for the Tribune acquisition.


•	Diluted earnings per common share was $0.27 as compared to $0.43 in the prior year period.

Six Months Ended June 30, 2018 Financial Results:


•	Total revenues increased 9.1% to $1,395.5 million versus $1,279.2 million in the prior year period.


•	Operating income was $238.9 million, including $10 million of one-time transaction costs, versus operating income of $276.5 million in the prior year period, which included $6 million of one-time transaction costs.


•	Net income attributable to the Company was $71.2 million versus net income of $101.8 million in the prior year period, and includes $56 million in gross ticking fee costs related to the financing commitments for the Tribune acquisition.


•	Diluted earnings per common share was $0.69 as compared to $1.03 in the prior year period.

The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, August 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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