Sinclair Reports Restructuring Contributed to Q4 Loss

Feb 8, 2006  •  Post A Comment

Sinclair Broadcast Group said Wednesday that it swung to a fourth-quarter loss of $700,000, compared with a year-earlier profit of $15.1 million, due in part to charges related to a corporate restructuring performed in the quarter.

Revenue for the quarter fell 5 percent to $178.8 million, depressed by declines in both local and national advertising.

The company said political advertising revenue in the quarter was $1.4 million, compared with $18.7 million a year ago. Sinclair was also impacted by a 4 percent drop in automotive advertising, which represents around 23 percent of Sinclair’s time sales.

For the year, Sinclair posted a profit of $182.3 million, compared with a year-earlier profit of $13.8 million. Revenue was off by 2 percent to $692.1 million.