Sinclair Turns to Profit in Q2

Aug 5, 2004  •  Post A Comment

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.