Exhibit 99.1

 

News Release

 

Contact:

David Amy, EVP & Chief Financial Officer

 

Lucy Rutishauser, VP-Corporate Finance & Treasurer

 

(410) 568-1500

 

SINCLAIR REPORTS FOURTH QUARTER 2009 RESULTS

 

BALTIMORE (February 17, 2010) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months and twelve months ended December 31, 2009.

 

“The fourth quarter 2009 finished stronger than expected primarily on improving advertising spending trends by the automotive sector,” commented David Smith, President and CEO of Sinclair.  “The fourth quarter was down only 6.4% which was a significant improvement over our prior expectations of down 11.0% to 12.8%.  For the first quarter 2010, we expect net broadcast revenues to be up by low single digit percents, despite only three of our 58 owned and operated stations having coverage of the Olympics and Super Bowl.  We continue to see strengthening of many of our advertising categories, in particular automotive, which we expect to be up almost 20% in the first quarter 2010, as compared to the same period last year.   While it is unclear at this time what effect the Supreme Court’s decision, in support of freedom of speech, reversing restrictions on the amount of political spending made by corporations and unions will have on television broadcasters’ revenues, our expectation is that we would share in any incremental spending that results from the law change.”

 

Financial Results:

 

Net broadcast revenues from continuing operations were $153.9 million for the three months ended December 31, 2009, a decrease of 6.4% versus the prior year period result of $164.4 million.  The Company had an operating loss of $66.1 million in the three-month period, as compared to an operating loss of $415.4 million in the prior year period.  The fourth quarter results included a $119.5 million ($87.2 million net of taxes) non-cash impairment of goodwill and other intangible assets charge, as compared to a $462.3 million ($303.1 million net of taxes) impairment charge in fourth quarter 2008.  The Company had a net loss attributable to the parent company of $67.8 million in the three-month period versus a net loss attributable to the parent company of $283.5 million in the prior year period.  The Company reported a diluted loss per common share of $0.85 for the three-month period versus a diluted loss per common share of $3.46 in the prior year period.  Excluding the impairment charges, net of taxes, the Company would have reported net income of $19.5 million with diluted earnings per common share of $0.24 in the fourth quarter 2009, as compared to net income of $19.6 million and diluted earnings per common share of $0.23 in the fourth quarter 2008.

 

Net broadcast revenues from continuing operations were $554.6 million for the twelve months ended December 31, 2009, a decrease of 13.2% versus the prior year period result of $639.2 million.  The Company had an operating loss of $111.2 million in the twelve-month period versus the prior year period operating loss of $288.5 million.  Excluding the impairment charges related to goodwill and other intangible assets, operating income would have been $138.6 million and $175.4 million in 2009 and 2008, respectively.  The Company had a net loss attributable to the parent company of $135.7 million in the

 


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 17, 2010 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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