Sinclair Broadcast Group on Thursday said it swung to a profit in the second quarter, helped along by improvements in local advertising and record political advertising spending.
The Baltimore-based owner of 62 television stations said it posted a profit of $20.2 million, or 24 cents a share, compared with red ink of $1.9 million, or 2 cents a share, a year ago. Revenue advanced 3 percent to $179.9 million.
Sinclair said the improved results came as the company’s television stations saw growth in a broad range of advertising categories, including services, paid programming, fast food, telecommunications and education. That helped offset declines in soft drinks, retail, home products and restaurants. The bread-and-butter auto sector was up slightly, the company said.
Political advertising booked in the quarter was $4.1 million, while revenue from new business totaled $7.2 million.
By affiliate group, Sinclair said its CBS, NBC, Fox and UPN stations all booked ad revenue increases, while WB and ABC stations suffered declines due to weak ratings.
Sinclair Turns to Profit in Q2
Aug 5, 2004 • Post A Comment