Exhibit 99.1

 

News Release

 

Contact:

 

Chris Ripley, Chief Financial Officer

 

 

Lucy Rutishauser, SVP-Corporate Finance & Treasurer

 

 

(410) 568-1500

 

SINCLAIR REPORTS FOURTH QUARTER 2014 FINANCIAL RESULTS

 

·                  REPORTS $0.98 DILUTED EARNINGS PER SHARE

·                  DECLARES $0.165 QUARTERLY DIVIDEND PER SHARE

 

BALTIMORE (February 18, 2015) — Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and twelve months ended December 31, 2014.

 

“We are excited to report record-breaking results for our key financial metrics for 2014,” commented David Smith, President and CEO of Sinclair, “driven by growth from our acquisitions, political advertising, retransmission consent fees and our digital platform. From that, we returned $194 million to our shareholders in the form of opportunistic share buybacks and dividends, which we increased 10% during the year.  In addition, during 2014 we closed on $1.3 billion of net acquisitions, including the $1 billion acquisition of Allbritton Communications.  We also launched several initiatives during the year, including American Sports Network and ONE Media, which is building the Next Generation Broadcast Platform.  Looking ahead to 2015, our focus will continue to be on expanding our original content offerings, developing our distribution platforms, and driving audience share.”

 

Three Months Ended December 31, 2014 Financial Results:

 

·                  Total revenues increased 43.5% to $613.8 million, versus $427.7 million in the prior year period.

·                  Operating income was $208.9 million, an increase of 102.4%, which includes a net gain on asset dispositions of $37.8 million, versus operating income of $103.2 million in the prior year period.

·                  Net income attributable to the Company was $95.4 million, which includes the net gain on asset dispositions and a loss on extinguishment of debt of $14.6 million, versus net income of $2.3 million in the prior year period.

·                  Diluted earnings per common share were $0.98 as compared to $0.02 in the prior year period.  Excluding the loss on extinguishment of debt and the net gain on asset dispositions, diluted earnings per common share would have been $0.84 for the fourth quarter of 2014.

 

Year Ended December 31, 2014 Financial Results:

 

·                  Total revenues increased 45.0% to $1.977 billion, versus $1.363 billion in the prior year period.

·                  Operating income was $494.7 million, an increase of 52.7%, which includes a net gain on asset dispositions of $37.2 million, versus operating income of $324.0 million in the prior year period.

·                  Net income attributable to the Company was $212.3 million, which includes the net gain on asset dispositions and a loss on extinguishment of debt of $14.6 million, versus net income of $73.5 million in the prior year period.

·                  Diluted earnings per common share were $2.17 as compared to $0.78 in the prior year period. Excluding the loss on extinguishment of debt and the net gain on asset dispositions, diluted earnings per common share would have been $2.03 for the year ended December 31, 2014.

 

Three Months Ended December 31, 2014 Operating Highlights:

 

·      Net broadcast revenues increased 45.6% to $556.6 million versus $382.3 million in the fourth quarter of 2013.

 


The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 18, 2015 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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