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News Release
SINCLAIR REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS
• | INCREASES TOTAL REVENUE BY 9% COMPARED TO PRIOR YEAR |
• | ANNOUNCES QUARTERLY DIVIDEND PER SHARE OF $0.20 |
BALTIMORE (May 8, 2019) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 2019.
CEO Comment:
"This is a very exciting time for Sinclair led by our recent announcement to acquire 21 Regional Sports Networks, industry collaboration on the implementation of the ATSC 3.0 broadcast standard, and continued success of our local news organization," commented Chris Ripley, President and Chief Executive Officer. "We are transforming the Company, diversifying our content sources and revenue mix, and building a leading local news and sports organization on all platforms. In addition, during the first quarter, we launched our free, linear and on-demand multi-channel streaming service, STIRR, which is exceeding initial expectations. We announced a joint venture with the Chicago Cubs for the launch in 2020 of Marquee Sports Network, and entered into a definitive agreement to purchase 21 RSNs for a very attractive and accretive $9.6 billion purchase price, representing a $10.6 billion enterprise value. Meanwhile, we also exceeded our guidance for the first quarter in the key financial metrics."
Three Months Ended March 31, 2019 Financial Results:
• | Total revenues increased 8.5% to $722.1 million versus $665.4 million in the prior year period. |
• | Media expenses, defined as Media Production and Media Selling, General & Administration expenses, were $479.0 million versus $435.4 million in the prior year period. |
• | Operating income was $93.6 million, including $2 million of legal, regulatory and non-recurring costs, versus operating income of $107.3 million in the prior year period, which included $5 million of legal, regulatory and non-recurring costs and $21 million of gains on asset dispositions that included an $83 million cash gain relating to the sale of spectrum in Milwaukee in the Incentive Auction, partially offset by a non-cash impairment charge of a non-media related real estate investment. |
• | Net income attributable to the Company was $21.7 million versus net income of $43.1 million in the prior year period. |
• | Diluted earnings per common share was $0.23 as compared to $0.42 in the prior year period. The impact of legal, regulatory and non-recurring costs in 2019, on a per-share basis, was $(0.02) and the impact of legal, regulatory and non-recurring costs and net gains on asset dispositions in 2018 was $0.65. |
Three Months Ended March 31, 2019 Operating Highlights:
• | Media revenues increased 4.6% to $673.4 million versus $643.7 million in the first quarter of 2018. |
• | Political revenues were $2 million in the first quarter versus $7 million in the first quarter of 2018, an election year. |
The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, May 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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