Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

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

News Release

SINCLAIR REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS


•	INCREASES TOTAL REVENUE BY 6% COMPARED TO PRIOR YEAR


•	ANNOUNCES QUARTERLY DIVIDEND PER SHARE OF $0.20

BALTIMORE (August 7, 2019) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and six months ended June 30, 2019.

CEO Comment:

"We continue to make great strides in the transformation of Sinclair to a diversified media company," commented Chris Ripley, President and Chief Executive Officer. "We have closed on the bond financing and successfully syndicated the bank financing to fund the acquisition of the FOX RSNs, which we anticipate, subject to regulatory approval, will close during the third quarter of 2019. On the broadcast side, we achieved, and in some cases exceeded, our second quarter guidance in all key financial metrics, and we renewed a multi-year carriage agreement with one of the country's largest multi-video program distributors. As a leading news organization, our stations have won 328 news awards so far this year."

Three Months Ended June 30, 2019 Financial Results:


•	Total revenues increased 5.6% to $771 million versus $730 million in the prior year period.


•	Media expenses, defined as Media Production and Media Selling, General & Administration expenses, were $500 million versus $452 million in the prior year period.


•	Operating income was $106 million, including $28 million of non-recurring costs for legal, regulatory, and transactions versus operating income of $132 million in the prior year period, which included $6 million of non-recurring costs for legal, regulatory and transactions.


•	Net income attributable to the Company was $42 million versus net income of $28 million in the prior year period.


•	Diluted earnings per common share was $0.45 as compared to $0.27 in the prior year period. The impact of non-recurring costs for legal, regulatory and transactions in 2019, on a per-share basis, was $(0.25) and the impact of non-recurring costs for legal, regulatory, transactions and financing ticking fees in 2018 was $(0.35).

Six Months Ended June 30, 2019 Financial Results:


•	Total revenues increased 7.0% to $1,493 million versus $1,395 million in the prior year period.


•	Media expenses, defined as Media Production and Media Selling, General & Administration expenses, were $979 million versus $887 million in the prior year period.


•	Operating income was $200 million, including $30 million of non-recurring costs for legal, regulatory, and transactions versus operating income of $239 million in the prior year period, which included $10 million of non-recurring costs for legal, regulatory and transactions.


•	Net income attributable to the Company was $64 million versus net income of $71 million in the prior year period.

The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, August 7, 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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