Sinclair Broadcast Group, Inc.'s (SBGI: Quote) first-quarter 2013 net income attributable to the company slid to $17.0 million, or $0.21 a share, from $29.4 million, or $0.36 a share, last year.
However, net broadcast revenues from continuing operations were $252.9 million for the period, a 32.5% growth from the prior year's $190.9 million, with total revenues rising year-over-year to $282.62 million, from $222.37 million.
On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.17, on $290.71 million revenues for the quarter. Analysts' estimates typically exclude one-time items.
Looking ahead, the company expects second-quarter 2013 station net broadcast revenues from continuing operations, before barter, to be around $277.0 million to $279.3 million.
In addition, Sinclair said it has commenced an underwritten public offering of 14.0 million primary Class A common shares. Certain selling stockholders also plan to grant the underwriters a 30-day option to buy up to an additional 2.1 million Class A shares on the same terms and conditions. The net proceeds are intended to fund pending and future potential acquisitions and for general corporate purposes.
Separately, the board has declared a quarterly cash dividend of $0.15 per share on its Class A and Class B common stock, payable on June 14, 2013, to the holders of record at the close of business on May 31, 2013.
by RTT Staff Writer
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