12.22.2008 02:05 PM
Sinclair Declares Dividend, Media General Reports November Numbers
Sinclair Broadcast Group (NASDAQ: SBGI) will issue a dividend of 20 cents a share on Class A and B common stock, payable Jan. 13, 2009, the company said.
The suburban Baltimore broadcast company reported revenues of $150.1 million for 3Q, ending Sept. 30, up one-half a percent from $149.4 million a year ago. Net income came in at $11.7 million versus $9.9 million a year ago. Political ads generated $8.7 million; retransmission consent yielded $18 million. In late October, SBGI warned that revenues would decline in the low single digits in 4Q, though political ad sales are expected to total around $25.6 million; or a Sinclair record $41 million for the year.
Despite the political upside, Sinclair’s stock continues to take a pounding with the rest of the sector. Mid-day Monday, shares were trading at $2.85, a 52-week low.
Media General (NYSE: MEG) was trading at $1.64, up from less than $1.40 the previous trading day on the news that it would reduce its revolving credit line and pay higher interest rates to lenders in exchange for greater flexibility.
The Richmond, Va., media company issues monthly results. November revenues were $65 million compared to $75.8 million last year. It was hit hard in the newspaper division with an 18 percent decrease in revenues. The TV group wasn’t pounded quite as hard, down 10.7 percent from a year ago.
MEG’s 23 stations generated $26.7 million in November compared to nearly $30 million last year. Gross time sales decreased by nearly 19 percent. Local was down by $4.5 million; national, by $3.1 million. Both tracts suffered from the chaos in the automotive industry, as well as diminishing demand by specialty stores and services