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BALTIMORE, Feb. 10 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months and twelve months ended December 31, 2004.
Financial Results:
Net broadcast revenues from continuing operations were $171.3 million for the three months ended December 31, 2004, an increase of 6.9% versus the prior year period result of $160.3 million. Operating income was $50.9 million as compared to $40.3 million in the prior year period, an increase of 26.2%. The Company had a net loss available to common shareholders of $5.1 million in the three- month period versus net income available to common shareholders of $16.0 million in the prior year period. $44.1 million of the 2004 loss was related to the write-down of goodwill in accordance with SFAS No. 142. Diluted loss per share was $0.06 versus diluted income per share of $0.19 in the prior year period.
Net broadcast revenues were $637.2 million for the twelve months ended December 31, 2004, an increase of 3.7% versus the prior year period result of $614.7 million. Operating income was $157.2 million in the twelve-month period, an increase of 1.9% versus the prior year period result of $154.3 million. Net income available to common shareholders was $13.8 million in the twelve-month period versus the prior year period net income available to common shareholders of $14.0 million. Diluted income per share was $0.16 versus diluted income per share of $0.16 in the prior year period.
"2004 was a year marked by record levels of political advertising spending," commented David Smith, President and CEO of Sinclair. "The $32 million we booked represented a 31% increase over 2002's political spending and a 43% increase over the amount booked in 2000. $1.4 million of the political came from stations where we recently added the news. While political was the main driver of our 2004 performance, it represented only 4.5% of our total advertising revenue.
"Recently, we announced several significant dispositions and transactions that should strengthen our competitive position and portfolio of assets. First, we agreed to sell television stations in the Sacramento and Kansas City markets. Both transactions were at prices significantly higher than current public valuations and, in the case of Kansas City, allowed us to...