The quarterly increase to $614 million is due to acquisitions, political advertising, retransmission consent fees and our digital platform. For the full year, revenues increased 45% to $1.977 billion.
Sinclair Broadcast Group reported today that in the three months ended Dec. 31, 2014, its net broadcast revenues from continuing operations 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% versus $103.2 million in the prior year period. Net income was $95.4 million, versus $2.3 million a year earlier.
Net broadcast revenues were up 45.6% to $556.6 million versus the fourth quarter of 2013.
Political revenues were $80.3 million versus $6.7 million a year earlier.
Excluding political revenues, net broadcast revenues increased 26.8% versus the fourth quarter of 2013.
Revenues from digital offerings increased 70.7% in the fourth quarter.
For the full year, Sinclair reported:
- Total revenues increased 45% 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 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 Dec. 31, 2014.
Sinclair President-CEO David Smith said: “We are excited to report record-breaking results for our key financial metrics for 2014, 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.”