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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sinclair Inc | NASDAQ:SBGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 2.42% | 13.53 | 13.52 | 13.54 | 13.62 | 13.30 | 13.42 | 74,035 | 18:51:31 |
BALTIMORE, Feb. 22, 2017 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months and year ended December 31, 2016.
"With the spectrum auction coming to an end and the potential for deregulation on the horizon, we expect 2017 to be a pivotal year for Sinclair and the broadcast industry," commented David Smith, Executive Chairman. "Additionally, the Federal Communications Commission is in process of conducting a rulemaking proceeding for the use of ATSC 3.0 (the Next Generation Broadcast Standard), which we expect will result in its approval later this year. The new technology is expected to revolutionize the broadcast industry and provide for new business opportunities, products and services. We anticipate the long-awaited deregulation of the industry's antiquated rules and the end of the spectrum quiet period to spur consolidation; a positive given that our industry has been prohibited from competing on a level playing field with other forms of media."
Three Months Ended December 31, 2016 Financial Results:
Year Ended December 31, 2016 Financial Results:
Three Months Ended December 31, 2016 Operating Highlights:
Recent Corporate Developments:
Content and Distribution:
Spectrum Auction:
Other:
Balance Sheet and Cash Flow Highlights:
Notes:
Presentation of financial information for the prior year has been reclassified to conform to the presentation of generally accepted accounting principles for the current year.
Outlook:
"2017 is off to a productive start with the launch of two emerging multicast networks, TBD and CHARGE!, which join our already successful multicast network, COMET," commented Chris Ripley, President and Chief Executive Officer. "Our other platforms continue to grow with increased distribution of Tennis Channel and double digit percent growth in our digital revenues. In addition, the auction proceeds will provide us additional optionality to further grow the Company and create value for our shareholders."
The following transactions closed during 2016 and, therefore, the results of these transactions were not included in the corresponding 2016 pre-transaction periods: the acquisition of the South Bend station and sale of the Marquette station (February 15, 2016), the acquisition of Tennis Channel (March 1, 2016), the acquisition of the Lincoln stations (May 1, 2016), the acquisition of the Salt Lake City station, KJZZ (IND) (June 17, 2016), and the swap of the ABC and CW affiliation in Peoria for the Fox affiliation in South Bend (August 1, 2016).
The Company currently expects to achieve the following results for the three months ending March 31, 2017 and year ending December 31, 2017. Unless noted, anticipated results exclude the Spectrum Auction results and the upcoming FCC spectrum repack.
First Quarter 2017
Full Year 2017
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to discuss its fourth quarter 2016 results on Wednesday, February 22, 2017, at 9:30 a.m. ET. After the call, an audio replay will be available at www.sbgi.net under "Investors/Earnings Webcast." The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 407-8033.
About Sinclair:
Sinclair is one of the largest and most diversified television broadcasting companies in the country. The Company currently owns, operates and/or provides services to 173 television stations in 81 markets, broadcasting 505 channels and having affiliations with all the major networks. Sinclair is a leading local news provider in the country, as well as a producer of live sports content. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the impact of changes in national and regional economies, the length of time it takes for the FCC to complete the remaining steps in the auction, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our indebtedness as its comes due, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television and MyNetworkTV programming, our news share strategy, our sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, uncertainties associated with potential changes in the regulatory environment affecting our business and growth strategy, and any risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission.. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.
Sinclair Broadcast Group, Inc. and Subsidiaries Preliminary Unaudited Consolidated Statements of Operations (In thousands, except per share data) | |||||||||||||||
Three Months Ended |
Twelve Months Ended | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
REVENUES: |
|||||||||||||||
Media revenues |
$ |
726,689 |
$ |
545,858 |
$ |
2,499,549 |
$ |
2,011,946 |
|||||||
Revenues realized from station barter arrangements |
42,992 |
31,387 |
135,566 |
111,337 |
|||||||||||
Other non-media revenues |
28,010 |
34,544 |
101,834 |
95,853 |
|||||||||||
Total revenues |
797,691 |
611,789 |
2,736,949 |
2,219,136 |
|||||||||||
OPERATING EXPENSES: |
|||||||||||||||
Media production expenses |
250,712 |
192,645 |
953,089 |
733,199 |
|||||||||||
Media selling, general and administrative expenses |
131,420 |
120,640 |
501,589 |
431,728 |
|||||||||||
Expenses realized from barter arrangements |
37,589 |
26,306 |
116,954 |
93,204 |
|||||||||||
Amortization of program contract costs and net realizable |
31,158 |
34,605 |
127,880 |
124,619 |
|||||||||||
Other non-media expenses |
22,702 |
24,815 |
80,648 |
71,803 |
|||||||||||
Depreciation and amortization of property and equipment |
24,199 |
27,495 |
98,529 |
103,433 |
|||||||||||
Corporate general and administrative expenses |
18,884 |
18,173 |
73,556 |
64,246 |
|||||||||||
Amortization of definite-lived intangible and other assets |
46,598 |
42,015 |
183,795 |
161,454 |
|||||||||||
Research and development expenses |
1,030 |
881 |
4,085 |
12,436 |
|||||||||||
(Gain) loss on asset disposition |
(47) |
(28) |
(6,029) |
278 |
|||||||||||
Total operating expenses |
564,245 |
487,547 |
2,134,096 |
1,796,400 |
|||||||||||
Operating income |
233,446 |
124,242 |
602,853 |
422,736 |
|||||||||||
OTHER INCOME (EXPENSE): |
|||||||||||||||
Interest expense and amortization of debt discount and |
(54,324) |
(48,569) |
(211,143) |
(191,447) |
|||||||||||
Loss from extinguishment of debt |
— |
— |
(23,699) |
— |
|||||||||||
(Loss) Income from equity investments and cost method |
(1,054) |
(4,441) |
1,735 |
964 |
|||||||||||
Other income, net |
789 |
320 |
3,144 |
1,540 |
|||||||||||
Total other expense |
(54,589) |
(52,690) |
(229,963) |
(188,943) |
|||||||||||
Income before income taxes |
178,857 |
71,552 |
372,890 |
233,793 |
|||||||||||
INCOME TAX PROVISION |
(56,357) |
(10,723) |
(122,128) |
(57,694) |
|||||||||||
NET INCOME |
122,500 |
60,829 |
250,762 |
176,099 |
|||||||||||
Net income attributable to the noncontrolling interests |
(1,603) |
(2,630) |
(5,461) |
(4,575) |
|||||||||||
NET INCOME ATTRIBUTABLE TO SINCLAIR |
$ |
120,897 |
$ |
58,199 |
$ |
245,301 |
$ |
171,524 |
|||||||
Dividends declared per share |
$ |
0.180 |
$ |
0.165 |
$ |
0.705 |
$ |
0.660 |
|||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE |
|||||||||||||||
Basic earnings per share |
$ |
1.34 |
$ |
0.62 |
$ |
2.62 |
$ |
1.81 |
|||||||
Diluted earnings per share |
$ |
1.32 |
$ |
0.61 |
$ |
2.60 |
$ |
1.79 |
|||||||
Weighted average common shares outstanding |
90,507 |
94,580 |
93,567 |
95,003 |
|||||||||||
Weighted average common and common equivalent shares |
91,357 |
95,405 |
94,433 |
95,728 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sinclair-reports-fourth-quarter-2016-financial-results-300411174.html
SOURCE Sinclair Broadcast Group, Inc.
Copyright 2017 PR Newswire
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