Sinclair Broadcast Group this morning reported that its first quarter 2019 media revenues increased 4.6% to $673.4 million versus $643.7 million in the first quarter of 2018.
Breaking down the 1Q media revenue:
- Political revenues were $2 millionin the first quarter versus $7 million in the first quarter of 2018, an election year.
- 2019 Super Bowl revenues were $5 million versus $7 million in Super Bowl and Olympic revenues in 1Q 2018.
- Revenues from digital businesses increased 10%, as compared to the first quarter of 2018.
- Distribution revenues were $352 millionversus $314 million a year ago.
Sinclair’s 1Q total revenues increased 8.5% to $722.1 million versus $665.4 million.
Sinclair’s 1Q operating income was $93.6 million, including $2 million of legal, regulatory and non-recurring costs, versus operating income of $107.3 million in the prior year period, which included $5 million of legal, regulatory and non-recurring costs and $21 million of gains on asset dispositions that included an $83 million cash gain relating to the sale of spectrum in Milwaukee in the Incentive Auction, partially offset by a non-cash impairment charge of a non-media related real estate investment.
The company’s net income was $21.7 million versus net income of $43.1 million in the prior year period.
Diluted earnings per common share were $0.23 as compared to $0.42 in the prior year period.
Chris Ripley, president-CEO, said: “This is a very exciting time for Sinclair led by our recent announcement to acquire 21 Regional Sports Networks, industry collaboration on the implementation of the ATSC 3.0 broadcast standard, and continued success of our local news organization.
“We are transforming the company, diversifying our content sources and revenue mix, and building a leading local news and sports organization on all platforms.
“In addition, during the first quarter, we launched our free, linear and on-demand multi-channel streaming service, Stirr, which is exceeding initial expectations. We announced a joint venture with the Chicago Cubs for the launch in 2020 of Marquee Sports Network, and entered into a definitive agreement to purchase 21 RSNs for a very attractive and accretive $9.6 billion purchase price, representing a $10.6 billion enterprise value.
“Meanwhile, we also exceeded our guidance for the first quarter in the key financial metrics.”
Also today, Sinclair declared a quarterly cash dividend of $0.20 per share on the company’s
Class A and Class B common stock. The dividend is payable on June 17 to the holders of
record at the close of business on May 31.
Read the company’s report here.
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