Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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Sinclair Broadcast Group Inc
Ticker: SBGI CIK: 912752

News Release

Contact: Lucy Rutishauser, SVP Chief Financial Officer

(410) 568-1500

SINCLAIR REPORTS FOURTH QUARTER 2018 FINANCIAL RESULTS


•	INCREASES TOTAL REVENUE BY 25% COMPARED TO PRIOR YEAR


•	DECLARES $0.20 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (February 27, 2019) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and twelve months ended December 31,

2018.

CEO Comment:

“We ended 2018 on a very positive note, beating guidance on all financial metrics, with core advertising revenues improving from the first half of the year despite the crowding out effect from having our best mid-term political ad spending election year on record,” commented Chris Ripley, President and Chief Executive Officer. “Building on a base of $255 million in political ad spending for 2018 and a number of candidates already declaring their candidacy for the Presidency, we expect 2020’s political advertising to be yet another record year for us, with some of the ad spending expected as early as the fourth quarter of this year. In addition, we and the industry are making significant strides on the implementation of ATSC 3.0 (Next Gen Broadcast) with recent announcements of a global mobile chip design, collaboration on over-the-top and over-the-air technologies, and broad industry support to begin 3.0 deployments this year. We exited the year with a strong balance sheet and liquidity position while executing on share repurchases totaling 11% of our total shares since August 2018 and continue to create shareholder value through content acquisitions such as the Chicago Cubs RSN joint venture.”

Three Months Ended December 31, 2018 Financial Results:


•	Total revenues increased 25.4% to $893.3 million versus $712.5 million in the prior year period.

•

Operating income was $263.0 million, including $3 million of legal, regulatory and other non-recurring costs, versus operating income of $357.6 million in the prior year period, which included $15 million of legal, regulatory and other nonrecurring costs, $9 million in one-time bonuses to our employees as a result of favorable tax reform legislation, and a $225 million gain recognized for vacating spectrum in certain markets.

•

Net income attributable to the Company was $206.2 million, versus net income of $443.5 million in the prior year period which included 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 pre-tax gain recognized for vacating spectrum in certain markets.


•	Diluted earnings per common share was $2.10 as compared to $4.32 in the prior year period. The impact of the above highlighted legal, regulatory and other nonrecurring costs in 2018, on a per-share basis, was $(0.03) and the impact of legal, regulatory and other nonrecurring costs, tax reform, and sale of spectrum in 2017 was $3.82.

The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 27, 2019 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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