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Sinclair Reports Q4 Loss

Feb 10, 2005  •  Post A Comment

Sinclair Broadcast Group reported Thursday that it swung to a loss in the fourth quarter, hurt by a write-down of good will required under present accounting rules.

The Baltimore-based owner of 62 television stations said it posted a loss of $2.6 million, compared with a year-earlier profit of $18.6 million, driven by that write-down, which totaled $44.1 million. Revenue rose to $188.1 million from $179.2 million a year earlier.

For the year, Sinclair’s profit slipped to $24 million from $24.4 million a year earlier. Revenue rose to $708.3 million from $688.4 million in 2003.

The company’s top-line growth was largely driven by $32 million in political revenue for 2004, which represented a 31 percent increase from the 2002 political season. The company noted that $1.4 million of the political revenue booked in the year came from television stations with newly added news programs.