Exhibit 99.1

 

News Release

 

Contact:

David Amy, EVP & Chief Financial Officer

 

Lucy Rutishauser, VP-Corporate Finance & Treasurer

 

(410) 568-1500

 

SINCLAIR REPORTS $0.28 DILUTED EARNINGS PER SHARE IN FOURTH QUARTER 2011; DECLARES $0.12 QUARTERLY DIVIDEND PER SHARE

 

BALTIMORE (February 8, 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, 2011.

 

“We ended 2011 on a strong note with core broadcast revenues growing, and our largest advertising category, automotive, up almost 12% in the fourth quarter as compared to the same period in 2010,” commented David Smith, President and CEO of Sinclair.  “As we look ahead to 2012, our outlook is for continued ad spending growth by the automotive industry, as well as an increase in political advertising in this presidential election year.  In addition, we expect the market for television station transactions to remain active and intend on evaluating potential transactions as they arise.”

 

Financial Results:

 

Net broadcast revenues from continuing operations were $180.8 million for the three months ended December 31, 2011, a decrease of 4.9% versus the prior year period result of $190.1 million.  The Company had operating income of $63.5 million in the three-month period, as compared to operating income of $81.5 million in the prior year period.  Net income attributable to the Company was $22.7 million in the three-month period versus net income of $33.1 million in the prior year period.

 

The Company reported diluted earnings per common share of $0.28 for the three-month period versus diluted earnings per common share of $0.40 in the prior year period.

 

Net broadcast revenues from continuing operations were $648.0 million for the twelve months ended December 31, 2011, a decrease of 1.2% versus the prior year period result of $655.8 million.  The Company had operating income of $225.6 million in the twelve-month period, as compared to operating income of $240.8 million in the prior year period.  Net income attributable to the Company was $75.8 million in the twelve-month period versus net income of $76.1 million in the prior year period.

 

The Company reported diluted earnings per common share of $0.94 in the twelve-month period versus diluted earnings per common share of $0.94 in the prior year period.

 


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 8, 2012 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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