Company to Report Third Quarter Financial Results on November 5, 2008
BALTIMORE, Sept. 22 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group,
Inc. (Nasdaq: SBGI) announced today that it is revising its third quarter
outlook for the period ending September 30, 2008. On August 6, 2008, the
Company provided public guidance for third quarter net broadcast revenues
of $152.5 to $154.4 million, an increase of 2.0% to 3.4%, as compared to
third quarter 2007. That outlook included an estimated $9.7 million in
political advertising revenues. Due to the difficult financial and economic
environment, the Company is now estimating net broadcast revenues for the
third quarter 2008 to be approximately flat to third quarter 2007 net
broadcast revenues of $149.4 million. The revised outlook includes an
estimated $8.0 million of political advertising revenues in the quarter.
As compared to the company's prior guidance, of the approximate $3 to
$5 million estimated shortfall, $1.7 million is attributable to lower than
previously expected political spending as a result of the candidates
shifting their advertising buys from the local spot market to the networks.
The remaining shortfall is primarily attributable to advertising
cancellations by the automobile sector, both at the manufacturing and
dealer levels, as well as the fast food sector. The telecommunications
sector had lower than expected advertising budgets and, in general, local
advertisers were able to purchase commercial spots at the last moment
during the Olympics that we were expecting to air on non-NBC stations.
Sinclair will release its final third quarter 2008 earnings results on
Wednesday, November 5, 2008 at 7:30 a.m. ET, followed by a conference call
to discuss the results at 8:30 a.m. ET. The dial-in number for the earnings
call is 877-407-9205.
Forward-Looking Statements:
The matters discussed in this press release include forward-looking
statements regarding, among other things, future operating results. When
used in this press release, the words "outlook," "intends to," "believes,"
"anticipates," "expects," "achieves," and similar expressions are intended
to identify forward-looking statements. Such statements are subject to a
number of risks and uncertainties. Actual results in the future could
differ materially and adversely from those described in the forward-looking
statements as a result of various important factors, including and in
addition to the assumptions identified above and below, the impact of
changes in national and regional economies, successful integration of
acquired television stations (including achievement of synergies and cost
reductions), successful execution of outsourcing agreements, pricing and
demand fluctuations in local and national advertising, volatility in
programming costs, the market acceptance of new programming and our news
central strategy, our local sales initiatives, and the other risk factors
set forth in the Company's most recent reports on Form 10-Q and Form 10-K,
as amended and filed with the Securities and Exchange Commission. There can
be no assurances that the assumptions and other factors referred to in this
release will occur. The Company undertakes no obligation to publicly
release the result of any revisions to these forward-looking statements.
SOURCE Sinclair Broadcast Group, Inc.
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Related links:
http://www.sbgi.net
http://www.prnewswire.com/comp/110203.html /
CONTACT:
David Amy, EVP & CFO, or Lucy Rutishauser,
Treasurer, both of Sinclair Broadcast Group, Inc.,
+1-410-568-1500
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