Sinclair Broadcast Group Inc (SBGI) 10-Q Quarterly Report Fri May 10 2019

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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Inside Sinclair Broadcast Group Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
The decrease is primarily related to a decrease in political advertising revenue of $5.1 million, as 2018 was a political year, and decreases in certain categories, notably a $4.4 million decrease in media and a $1.9 million decrease in fast food.

Financial - Expense Highlight
The decrease is primarily related to the timing of amortization on long-term contracts and reduced renewal costs.
Financial - Expense Highlight
Media expenses increased $15.9 million for the three months ended March 31, 2019, when compared to the same period in 2018, and is primarily related to a $8.1 million increase to program and production expenses related to our owned networks and a $7.1 million increase to selling, general and administrative cost related to our non-broadcast digital initiatives and owned networks.
Financial - Expense Highlight
The amortization of program contract cost decreased $3.1 million for the three months ended March 31, 2019, when compared to the same period in 2018.
Financial - Expense Highlight
We expect corporate general and administrative expenses to decrease in the second quarter of 2019 compared to the first quarter of 2019.
Other - Other
CONTRACTUAL CASH OBLIGATIONS During the...Read more
Financial - Expense
Interest expense decreased by $15.1...Read more
Revenue - Product
The increase is primarily related...Read more
Other - Other
The program is a finalist...Read more
Financial - Expense
We expect interest expenses to...Read more
Financial - Debt
The increase is primarily attributed...Read more
Financial - Expense
The increase is primarily related...Read more
Financial - Expense
Amortization of program contract costs...Read more
Financial - Expense
Media production expenses increased $22.2...Read more
Other - Other
The increase is primarily due...Read more
Financial - Shares
34 34 The following table...Read more
Financial - Expense
Non-media expenses increased $18.1 million...Read more
Other - Other
The effective tax rate for...Read more
Financial - Expense
Media selling, general and administrative...Read more
Revenue - Product
Media revenue increased $7.2 million...Read more
Revenue - Product
Non-media revenue increased $27.0 million...Read more
Financial - Debt
(c) Total debt is defined...Read more
Other - Other
The two companies will collaborate...Read more
Revenue - Product
Advertising revenue decreased $11.0 million...Read more
Other - Other
During the first quarter of...Read more
Other - Other
In January 2019, the Company,...Read more
Revenue - Product
The increase is primarily related...Read more
Other - Other
This discussion consists of the...Read more
Other - Other
Gain on asset dispositions and...Read more
Other - Other
Nature of Operations and Summary...Read more
Revenue - Product
The change in the effective...Read more
Revenue - Product
The change is primary due...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Sinclair Broadcast Group Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: SBGI
CIK: 912752
Form Type: 10-Q Quarterly Report
Accession Number: 0000912752-19-000025
Submitted to the SEC: Fri May 10 2019 12:48:03 PM EST
Accepted by the SEC: Fri May 10 2019
Period: Sunday, March 31, 2019
Industry: Television Broadcasting Stations

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Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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