Earnings News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Sinclair Broadcast Q1 Profit Down - Quick Facts

RELATED NEWS
Trade SBGI now with 
4/29/2013 7:17 AM ET

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.

Register
To receive FREE breaking news email alerts for Sinclair Broadcast Group Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.