BALTIMORE, Oct. 13 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group,
Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported
preliminary net broadcast revenue results for the three months ended
September 30, 2008. On September 22, 2008, the Company revised its third
quarter outlook for net broadcast revenues to be approximately flat to
third quarter 2007 net broadcast revenues of $149.4 million, including $8.0
million of political advertising revenues. We now report that preliminary
results for the third quarter 2008 reflect net broadcast revenues of $150.1
million, including $8.7 million in political advertising revenues.
David Smith, President and CEO of Sinclair, commented, "The deepening
economic turmoil that has recently thrown the financial markets into a
state of crisis, diminished equity market values, dried up liquidity, and
slowed advertising spending levels, has caused us to reconsider our value
opportunities. During the third quarter, we repurchased in the open market
2.7 million shares of our class A common stock, $22.3 million face value of
our 8% senior subordinated notes and $12.0 million face value of our 6%
subordinated convertible bonds."
Mr. Smith continued, "Due to the on-going volatility in the marketplace
and its impact on advertising budgets, we are expecting net broadcast
revenues for the fourth quarter 2008 to be down mid to high single digit
percents as compared to the fourth quarter 2007. During the fourth quarter,
we are expecting to receive an approximate $17.2 million Federal income tax
cash refund. While we invested $11.4 million, net of cash distributions, in
various ventures in the third quarter and expect to invest approximately
$27 million in the fourth quarter, we are reducing our expectations for
additional investments in 2009."
The Company will provide more detailed 2008 guidance when it releases
its final third quarter results on November 5, 2008.
Sinclair Conference Call:
The senior management of Sinclair will release its final third quarter
2008 results on November 5, 2008 and will hold a conference call to discuss
its third quarter 2008 results on Wednesday, November 5, 2008, at 8:30 a.m.
ET. After the call, an audio replay will be available at
http://www.sbgi.net under "Investor Information/Earnings Webcast." The
press and the public will be welcome on the call in a listen-only mode. The
dial-in number is (877) 407-9205.
Forward-Looking Statements:
The matters discussed in this press release, particularly those in the
section labeled "Outlook," 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 in this release, the impact of
changes in national and regional economies, successful execution of
outsourcing agreements, pricing and demand fluctuations in local and
national advertising, volatility in programming costs, the market
acceptance of new programming, the CW Television Network and MyNetworkTV
programming, our news share strategy, our local sales initiatives, the
execution of retransmission consent agreements, our ability to identify and
consummate investments in attractive non-television assets and to achieve
anticipated returns on those investments once consummated and the other
risk factors set forth in the Company's most recent reports on Form 10-Q
and Form 10-K, as 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
except as required by law.
About Sinclair:
Sinclair Broadcast Group, Inc., one of the largest and most diversified
television broadcasting companies, owns and operates, programs or provides
sales services to 58 television stations in 35 markets. Sinclair's
television group reaches approximately 22% of U.S. television households
and is affiliated with all major networks. Sinclair owns equity interests
in various non-broadcast related companies.
The Company regularly uses its website as a key source of Company
information and can be accessed at http://www.sbgi.net.
SOURCE Sinclair Broadcast Group, Inc.
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Related links:
http://www.sbgi.net
CONTACT:
David Amy, EVP & Chief Financial Officer, or
Lucy Rutishauser, VP-Corporate Finance & Treasurer,
+1-410-568-1500, both of Sinclair Broadcast Group, Inc.
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