Sinclair releases third quarter results

Revenue up 49% from same period last year

Sinclair Broadcast Group reported Thursday that net broadcast revenues from continuing operations were $226.4 million for the three months ended Sept. 30, an increase of 49% versus the prior year period result of $151.9 million. The company had operating income of $78.6 million in the quarter, as compared to $52.4 million in the prior year period. Net income was $26.2 million, versus $19.2 million a year ago. Political revenues were $27.8 million in the third quarter, versus $2.4 million in the third quarter of last year. "We are very pleased with our results for the third quarter, which were driven by increased advertising spending by the political and automotive categories, as well as higher retransmission revenues," said David Smith, Sinclair's president and CEO. "Despite increased demand for air-time by politicians and political action groups, the core business showed solid growth. On a same station basis, excluding political, net broadcast revenues grew 6.9% in the third quarter." Smith continued, "In an extraordinary, value-creation action and in anticipation of a potential increase in dividend tax rates in 2013, the board of directors decided to return approximately $81.2 million of value to our shareholders in the form of a $1 per share special cash dividend, in addition to our regular $0.15 per share quarterly dividend."

To read Sinclair's full report, click here.

Sinclair owns and/or operates the following stations in this part of the country:

• WDKA-My49, Paducah, Ky. (Operated for WDKA Acquisition Corp.)
• KBSI-Fox 23, Cape Girardeau, Mo.
• KDNL-ABC30, St. Louis, Mo.
• WZTV-Fox 17, Nashville, Tenn.
• WUXP-My30, Nashville, Tenn.
• WNAB-CW58, Nashville, Tenn. (Operated for Tennessee Broadcasting)