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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.14 | -7.33% | 14.41 | 14.41 | 15.34 | 15.83 | 14.15 | 15.83 | 493,329 | 21:45:32 |
BALTIMORE, Aug. 7, 2019 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and six months ended June 30, 2019.
CEO Comment:
"We continue to make great strides in the transformation of Sinclair to a diversified media company," commented Chris Ripley, President and Chief Executive Officer. "We have closed on the bond financing and successfully syndicated the bank financing to fund the acquisition of the FOX RSNs, which we anticipate, subject to regulatory approval, will close during the third quarter of 2019. On the broadcast side, we achieved, and in some cases exceeded, our second quarter guidance in all key financial metrics, and we renewed a multi-year carriage agreement with one of the country's largest multi-video program distributors. As a leading news organization, our stations have won 328 news awards so far this year."
Three Months Ended June 30, 2019 Financial Results:
Six Months Ended June 30, 2019 Financial Results:
Three Months Ended June 30, 2019 Operating Highlights:
Recent Corporate Developments:
Transactions:
Content and Distribution:
Community:
ATSC 3.0:
Balance Sheet and Cash Flow Highlights:
Notes:
Certain reclassifications have been made to prior years' financial information to conform to the presentation in the current year.
Outlook:
The Company currently expects to achieve the following results for the three months ending September 30, 2019 and twelve months ending December 31, 2019. The outlook does not include the pending RSN acquisition.
2019 Outlook ($ in millions) | Third Quarter | Full Year |
Media Revenues | $695 to $703 | No estimate provided |
Political Revenues Included in Media Revenues | $3 to $4 | |
Distribution Revenues Included in Media Revenues | $363 to $366 | |
Media Revenue Related to Revenue-generating Initiatives | $19 | |
Media Production Expenses and Media Selling, General and Administrative | $500 to $502 | $1,979 to $1,981 |
Media Expenses Related to Revenue-generating Initiatives | $29 | $111 |
Stock-based Compensation Expense | $4 | $18 |
Non-media Revenues | $49 | $197 |
Program Contract Payments | $23 | $94 |
Corporate Overhead | $56 | $163 |
Stock-based Compensation Expense | $3 | $19 |
Non-recurring costs for legal, regulatory and transactions | $34 | $71 |
Non-media Expenses, Including ONE Media and Research and Development Costs | $47 | $172 |
Program Contract Amortization | $22 | $91 |
Depreciation on Property and Equipment | $23 | $93 |
Amortization of Acquired Intangibles | $44 | $174 |
Net Gains on Asset Dispositions | $24 | $63 |
Net Interest Expense | $50 | $194 |
Net Interest Expense - Cash Basis | $46 | $185 |
Equity Method Investments Loss | $12 | $49 |
Effective Tax Rate Provision (Benefit) | (50)% | (2)% |
Net Cash Taxes Paid | Less than $1 | $31 |
Total Capital Expenditures, Including Repack | $52 | $192 to $202 |
Repack Capital Expenditures | $22 | $82 |
Sinclair Conference Call:
The senior management of Sinclair will hold a conference call to discuss its second quarter 2019 results on Wednesday, August 7, 2019, at 9:00 a.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investors/ Webcasts." After the call, an audio replay will remain available at www.sbgi.net. The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (888) 428-7458.
About Sinclair:
Sinclair is one of the largest and most diversified television broadcasting companies in the country. The Company owns, operates and/or provides services to 191 television stations in 89 markets. Sinclair is a leading local news provider in the country and is dedicated to impactful journalism with a local focus. The Company has multiple national networks, live local sports production, as well as stations affiliated with all the major networks. 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, risks associated with the ability to consummate the pending RSN acquisition and the timing of the closing thereof; the risk that a regulatory approval that may be required for the pending RSN acquisition is delayed; the impact of changes in national and regional economies, the completion of the FCC spectrum repack, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our indebtedness as it 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, the impact of pending and future litigation claims against the Company, 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 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 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
REVENUES: | |||||||||||||||
Media revenues | $ | 720,898 | $ | 695,862 | $ | 1,394,262 | $ | 1,339,513 | |||||||
Non-media revenues | 49,821 | 34,281 | 98,560 | 55,983 | |||||||||||
Total revenues | 770,719 | 730,143 | 1,492,822 | 1,395,496 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Media production expenses | 335,162 | 300,858 | 654,206 | 589,407 | |||||||||||
Media selling, general and administrative expenses | 164,755 | 150,794 | 324,678 | 297,693 | |||||||||||
Amortization of program contract costs and net realizable value | 22,084 | 24,710 | 46,021 | 51,660 | |||||||||||
Non-media expenses | 39,210 | 31,021 | 78,510 | 52,244 | |||||||||||
Depreciation of property and equipment | 22,305 | 23,117 | 45,325 | 50,442 | |||||||||||
Corporate general and administrative expenses | 51,655 | 29,685 | 79,381 | 54,281 | |||||||||||
Amortization of definite-lived intangible and other assets | 43,537 | 43,117 | 87,001 | 86,722 | |||||||||||
Gain on asset dispositions and other, net of impairment | (13,988) | (4,741) | (21,897) | (25,850) | |||||||||||
Total operating expenses | 664,720 | 598,561 | 1,293,225 | 1,156,599 | |||||||||||
Operating income | 105,999 | 131,582 | 199,597 | 238,897 | |||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||
Interest expense and amortization of debt discount and deferred | (53,678) | (92,271) | (108,304) | (162,013) | |||||||||||
Loss from equity method investments | (11,844) | (17,690) | (25,481) | (30,277) | |||||||||||
Other income, net | 5,533 | 4,391 | 7,728 | 7,772 | |||||||||||
Total other expense, net | (59,989) | (105,570) | (126,057) | (184,518) | |||||||||||
Income before income taxes | 46,010 | 26,012 | 73,540 | 54,379 | |||||||||||
INCOME TAX (PROVISION) BENEFIT | (2,627) | 3,297 | (7,386) | 18,925 | |||||||||||
NET INCOME | 43,383 | 29,309 | 66,154 | 73,304 | |||||||||||
Net income attributable to the noncontrolling interests | (1,086) | (1,268) | (2,185) | (2,139) | |||||||||||
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST | $ | 42,297 | $ | 28,041 | $ | 63,969 | $ | 71,165 | |||||||
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR | |||||||||||||||
Basic earnings per share | $ | 0.46 | $ | 0.27 | $ | 0.70 | $ | 0.70 | |||||||
Diluted earnings per share | $ | 0.45 | $ | 0.27 | $ | 0.69 | $ | 0.69 | |||||||
Weighted average common shares outstanding | 91,764 | 102,224 | 92,032 | 102,062 | |||||||||||
Weighted average common and common equivalent shares outstanding | 93,163 | 102,986 | 93,189 | 102,952 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/sinclair-reports-second-quarter-2019-financial-results-300897891.html
SOURCE Sinclair Broadcast Group, Inc.
Copyright 2019 PR Newswire
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