Sinclair Broadcast Group today reported that in the three months ended Dec. 31, 2015, its net broadcast revenues from continuing operations decreased 0.3% to $611.8 million, versus $613.8 million in the prior year period, due to the absence of $68.5 million in political revenues in a non-election year.
For the fourth quarter:
- Political revenues were $11.8 million versus $80.3 million in the fourth quarter of 2014.
- Revenues from digital offerings increased 33.1% in the fourth quarter as compared to a year earlier.
- Operating income, with the absence of political revenues and a $9.3 million one-time expense to terminate an inherited pension plan, was $124.2 million, a decrease of 40.5%, versus operating income of $208.9 million in the prior year period.
- Net income was $58.2 million, versus net income of $95.4 million in the prior year period.
- Diluted earnings per common share were $0.61 as compared to $0.98 in the prior year period.
For the full year:
- Total revenues increased 12.3% to $2.219 billion, versus $1.977 billion in the prior year period.
- Operating income was $422.7 million, a decrease of 14.5%, versus operating income of $494.7 million in the prior year period.
- Net income attributable to the Company was $171.5 million, versus net income of $212.3 million in the prior year period.
- Diluted earnings per common share were $1.79 as compared to $2.17 in the prior year period.
Sinclair President-CEO David Smith said: “Sinclair continues to introduce industry-leading initiatives that expand our viewing and advertising platforms. Most notable, we are creating low-cost original programming, adding unique news content, launching various network platforms, and expanding our digital strategies on multiple devices.
“We continue to advocate for regulatory reform to allow broadcast television to compete on a level playing field with other forms of media, and we are making great strides on behalf of the industry to bring the next-generation broadcast platform and its many potential business use cases to the consumer.”
Read the company’s report here.
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