Sinclair announces lower revenue for fourth quarter, full year

Sinclair Broadcast Group, which owns Cape Girardeau, Mo. Fox affiliate KBSI-Fox 23 and operates Paducah, Ky. MyNetwork TV affiliate WDKA-My49 under a shared services agreement, today reported financial results for the three months and for all of 2011.

“We ended 2011 on a strong note with core broadcast revenues growing, and our largest advertising category, automotive, up almost 12% in the fourth quarter as compared to the same period in 2010,” commented David Smith, Sinclair's president and CEO. “As we look ahead to 2012, our outlook is for continued ad spending growth by the automotive industry, as well as an increase in political advertising in this presidential election year. In addition, we expect the market for television station transactions to remain active and intend on evaluating potential transactions as they arise.”

Net broadcast revenues from continuing operations were $180.8 million for the three months ended December 31, 2011, a decrease of 4.9% versus the prior year period result of $190.1 million. The company had operating income of $63.5 million in the three-month period, as compared to operating income of $81.5 million in the prior year period. Net income attributable to the company was $22.7 million in the three-month period versus net income of $33.1 million in the prior year period.
 

The company reported diluted earnings per common share of $0.28 for the three-month period versus diluted earnings per common share of $0.40 in the prior year period.

Net broadcast revenues from continuing operations were $648.0 million for the twelve months ended December 31, 2011, a decrease of 1.2% versus the prior year period result of $655.8 million. The company had operating income of $225.6 million in the twelve-month period, as compared to operating income of $240.8 million in the prior year period. Net income attributable to the company was $75.8 million in the twelve-month period versus net income of $76.1 million in the prior year period.

The company reported diluted earnings per common share of $0.94 in the twelve-month period versus diluted earnings per common share of $0.94 in the prior year period.

For more on Sinclair's financial statement, click here.

Information for this story was provided by Sinclair Broadcast Group, Inc.