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Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Sinclair Broadcast Group Inc

CIK: 912752 Ticker: SBGI

Exhibit 99.1

 

News Release

 

Contact:

David Amy, EVP & Chief Financial Officer

 

Lucy Rutishauser, VP-Corporate Finance & Treasurer

 

(410) 568-1500

 

SINCLAIR REPORTS $0.73 DILUTED EARNINGS PER SHARE IN FOURTH QUARTER 2012; DECLARES $0.15 QUARTERLY DIVIDEND PER SHARE

 

BALTIMORE (February 6, 2013) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months and twelve months ended December 31, 2012.

 

“2012 was a remarkable year for our Company,” commented David Smith, President and CEO of Sinclair.  “We successfully closed on 30 TV stations, recorded record levels of political advertising, benefited from a rebound in the automotive advertising category, and achieved historic levels in key financial metrics.  As we look forward to 2013, we are very excited about our prospects, including starting the year with the Super Bowl on our 11 CBS stations.  While we have led the current consolidation trend in the broadcast industry, we believe there are still many opportunities for us to continue to acquire quality television assets, unlock hidden value, and strengthen our competitive position.”

 

Financial Results:

 

“Discontinued Operations” accounting has been adopted in the financial statements for all periods presented in this press release for the sale of WLAJ-TV, our ABC affiliate in Lansing, Michigan which is expected to close in February 2013, and for the sale of WLWC-TV, our CW affiliate in the Providence, RI/New Bedford, MA market which is expected to close in the second quarter of 2013.  Therefore, the related results from operations, net of related income taxes, have been reclassified from income from continuing operations and reflected as net income from discontinued operations.  Prior current year amounts have been reclassified to conform to current year GAAP presentation.

 

Net broadcast revenues from continuing operations were $287.1 million for the three months ended December 31, 2012, an increase of 58.8% versus the prior year period result of $180.8 million.  The Company had operating income of $119.1 million in the three-month period, as compared to operating income of $63.5 million in the prior year period.  Net income attributable to the Company was $59.0 million in the three-month period, versus net income of $22.7 million in the prior year period.

 

The Company reported diluted earnings per common share of $0.73 for the three-month period ended December 31, 2012 versus diluted earnings per common share of $0.28 in the prior year period.

 

Net broadcast revenues from continuing operations were $920.6 million for the twelve months ended December 31, 2012, an increase of 42.1% versus the prior year period result of $648.0 million.  The Company had operating income of $329.3 million in the twelve-month period, as compared to operating income of $225.6 million in the prior year period.  Net income attributable to the Company was $144.7 million in the twelve-month period, versus net income of $75.8 million in the prior year period.

 


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 6, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity (deficit)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Commitments And Contingencies:
Commitments And Contingencies: (details 2)
Commitments And Contingencies: (details)
Commitments And Contingencies: (tables)
Common Stock:
Common Stock: (details)
Condensed Consolidated Financial Statements:
Condensed Consolidated Financial Statements: (details 2)
Condensed Consolidated Financial Statements: (details 3)
Condensed Consolidated Financial Statements: (details)
Condensed Consolidated Financial Statements: (tables)
Earnings Per Share:
Earnings Per Share: (details)
Earnings Per Share: (tables)
Fair Value Measurements:
Fair Value Measurements: (details)
Fair Value Measurements: (tables)
Goodwill, Broadcast Licenses And Other Intangible Assets:
Goodwill, Broadcast Licenses And Other Intangible Assets: (details 2)
Goodwill, Broadcast Licenses And Other Intangible Assets: (details 3)
Goodwill, Broadcast Licenses And Other Intangible Assets: (details 4)
Goodwill, Broadcast Licenses And Other Intangible Assets: (details)
Goodwill, Broadcast Licenses And Other Intangible Assets: (tables)
Income Taxes:
Income Taxes: (details 2)
Income Taxes: (details 3)
Income Taxes: (details 4)
Income Taxes: (details)
Income Taxes: (tables)
Nature Of Operations And Summary Of Significant Accounting Policies:
Nature Of Operations And Summary Of Significant Accounting Policies: (details 2)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 3)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 4)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 5)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 6)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 7)
Nature Of Operations And Summary Of Significant Accounting Policies: (details 8)
Nature Of Operations And Summary Of Significant Accounting Policies: (details)
Nature Of Operations And Summary Of Significant Accounting Policies: (policies)
Nature Of Operations And Summary Of Significant Accounting Policies: (tables)
Notes Payable And Commercial Bank Financing:
Notes Payable And Commercial Bank Financing: (details)
Notes Payable And Commercial Bank Financing: (tables)
Program Contracts:
Program Contracts: (details)
Program Contracts: (tables)
Property And Equipment:
Property And Equipment: (details)
Property And Equipment: (tables)
Quarterly Financial Information (unaudited):
Quarterly Financial Information (unaudited): (details)
Quarterly Financial Information (unaudited): (tables)
Related Person Transactions:
Related Person Transactions: (details)
Related Person Transactions: (tables)
Segment Data:
Segment Data: (details)
Segment Data: (tables)
Stock-based Compensation Plans:
Stock-based Compensation Plans: (details 2)
Stock-based Compensation Plans: (details 3)
Stock-based Compensation Plans: (details 4)
Stock-based Compensation Plans: (details)
Stock-based Compensation Plans: (tables)
Ticker: SBGI
CIK: 912752
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-019785
Submitted to the SEC: Tue Mar 12 2013 4:41:18 PM EST
Accepted by the SEC: Tue Mar 12 2013
Period: Monday, December 31, 2012
Industry: Television Broadcasting Stations

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