Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Exhibit 99.1

News Release

SINCLAIR REPORTS FOURTH QUARTER 2013 FINANCIAL RESULTS

·    REPORTS $0.29 ADJUSTED  DILUTED EARNINGS PER SHARE

·    DECLARES $0.15 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (February 12, 2014) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months and twelve months ended December 31, 2013.

“2013 was a historic year for us, including growing  broadcast revenues 32.3% to a record-breaking $1.2 billion, and once again leading the industry on station acquisitions,” commented David Smith, President and CEO of Sinclair.   “During the year we closed on the purchase of 63 television stations and added over $1.0 billion in assets, which contributed $148.4 million in revenues in 2013.  We benefited from 6.9% same station growth in our largest advertising category, automotive, 143% as reported growth in digital interactive, and continued growth in net retransmission revenues and core time sales.”

Three Months Ended December 31, 2013 Financial Results:

·                  Net broadcast revenues from continuing operations increased 33.2% to $382.3 million, versus $287.1 million in the prior year period.

·                  Operating income was $103.3 million, a decrease of 13.3% versus $119.1 million in the prior year period, due to the absence of political revenues in a non-election year, one-time acquisition costs incurred during the quarter and a loss on the sale of our Syracuse station of $3.3 million.

·                  Net income attributable to the Company was $2.3 million, which includes a $42.1 million loss on extinguishment of debt, versus net income of $59.0 million in the prior year period.

·                  Diluted earnings per common share was $0.02 compared to $0.72 in the prior year period.  Excluding the loss from extinguishment of debt, diluted earnings per common share would have been $0.29 for the fourth quarter of 2013.

Year Ended December 31, 2013 Financial Results:

·                  Net broadcast revenues from continuing operations increased 32.3% to $1,217.5 million, versus $920.6 million in the prior year period.

·                  Operating income was $324.0 million, a decrease of 1.6% versus $329.3 million in the prior year period.

·                  Net income attributable to the Company was $73.5 million, which reflects $58.2 million of loss on the extinguishment of debt, versus net income of $144.7 million in the prior year period.

·                  Diluted earnings per common share were $0.78 compared to $1.78 in the prior year period.  Excluding the loss from extinguishment of debt, diluted earnings per common share would have been $1.18 for the year ended December 31, 2013.

Three Months Ended December 31, 2013 Operating Highlights:

·                  Political revenues were $6.7 million versus $54.1 million in the fourth quarter of 2012.

·                  Local net broadcast revenues, which include local time sales, retransmission revenues, and other broadcast revenues, were up 58.1%, while national net broadcast revenues, which include national time sales and other national broadcast revenues, were down 14.2% versus the fourth quarter of 2012 due to the absence of political revenues in a non-election year.