Exhibit 99.1

 

News Release

 

Contact:

David Amy, EVP & Chief Financial Officer

 

Lucy Rutishauser, VP-Corporate Finance & Treasurer

 

(410) 568-1500

 

SINCLAIR REPORTS $0.40 DILUTED EARNINGS PER SHARE IN
FOURTH QUARTER 2010; REINSTATES DIVIDEND POLICY AND
DECLARES $0.12 QUARTERLY DIVIDEND PER SHARE

 

BALTIMORE (February 9, 2011) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months and twelve months ended December 31, 2010.

 

“2010 ended on an even stronger note than originally anticipated with record levels of political advertising helping to drive net broadcast revenues up 23.5% in the quarter,” commented David Smith, President and CEO of Sinclair.  “For the year, excluding political, revenues from our core television business finished up 12.0% led by the automotive recovery.  We expect to see continued improvement in our core advertising, driving our top-line in 2011.  Based on the strength of the business and the cash flow generated, we made a special $0.43 per share cash dividend distribution to our shareholders in the fourth quarter of 2010, and for 2011 are permitted under our Bank Credit Agreement to return up to $40 million in dividends and/or share repurchases to our shareholders.  I am pleased to report that due to our optimistic 2011 outlook and confidence in the economy longer-term, our Board of Directors has reinstated our dividend policy and declared a regular quarterly dividend in the amount of $0.12 per share, beginning with the payment date of March 15, 2011.”

 

Financial Results:

 

Net broadcast revenues from continuing operations were $189.9 million for the three months ended December 31, 2010, an increase of 23.5% versus the prior year period result of $153.9 million.  The Company had operating income of $81.3 million in the three-month period, as compared to an operating loss of $66.1 million in the prior year period.  Impairment charges related to goodwill and other intangible assets were $4.8 million in the three-month period, as compared to $119.5 million in the prior year period.  The Company had net income attributable to Sinclair of $33.1 million in the three-month period versus a net loss of $67.8 million in the prior year period.

 

The Company reported diluted earnings per common share of $0.40 for the three-month period versus a diluted loss per common share of $0.85 in the prior year period.

 

Net broadcast revenues from continuing operations for the twelve months ended December 31, 2010 were $655.4 million, an increase of 18.2% versus the prior year period result of $554.6 million.  The Company had operating income of $240.4 million in the twelve-month period versus the prior year period operating loss of $111.2 million.  Impairment charges related to goodwill and other intangible assets were $4.8 million in the twelve-month period, as compared to $249.8 million in the prior year period.  The Company had net income attributable to Sinclair of $76.1 million in the twelve-month period versus a net loss of $135.7 million in the prior year period.

 


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 9, 2011 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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