Sinclair Broadcast Group today reported that in the three months ended March. 31, its media revenues, before barter, increased 14.3% to $531.3 million versus $464.8 million a year ago, primarily on the strength of political ad money. The company’s total revenues increased 14.7% to $578.9 million, versus $504.8 million in the year-earlier period.
Breaking down the media revenue:
- Political revenues were $24.4 million versus $2.2 million in the first quarter of 2015.
- Revenues from digital offerings increased 28.1% compared to a year earlier.
Operating income was $86.3 million, an increase of 2.1%, versus operating income of $84.5 million in the prior year period.
Net income was, $24.1 million versus net income of $24.3 million.
Diluted earnings per common share were flat at $0.25.
Sinclair President-CEO David Smith said: “2016 is off to an exciting start with our first quarter results exceeding guidance primarily on higher political revenues. In March, we closed on the acquisition of Tennis Channel and will shortly be launching Circa, our digital-only news product created for the next generation of viewers.
“But perhaps most exciting this quarter is the swift progress we have made with regards to the Next Generation Broadcast Standard (ATSC 3.0). Our demonstrations at the NAB Show of Next Gen’s capabilities, potential business models and the consumer experience were very well-received by broadcasters, consumer electronics manufacturers, and members of the press and government. The industry recently submitted its request for approval to the FCC, which has in turn begun its consideration process. We are thrilled by the level of support, excitement and anticipation and look forward to enhancing the consumer broadcast experience.”
Smith continued: “We are pleased to announce that the board of directors has approved a 9% increase in our quarterly dividend, bringing the quarterly dividend per share to $0.18. The growth of our company has resulted in meaningful free cash flow, and while our intent is to primarily reinvest that cash flow in revenuegenerating acquisitions and investments, this dividend increase reaffirms our commitment to create and return value for our shareholders.”
Read the company’s report here.
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