Sinclair Broadcast Group swings to 1st-quarter profit

BALTIMORE—Sinclair Broadcast Group Inc. said Wednesday it swung to a first-quarter profit, helped by a smaller debt extinguishment loss.

The TV station operator reported earnings of $16.4 million, or 19 cents per share, compared with a loss of $2.4 million, or 3 cents per share, a year earlier.

Income from continuing operations was $16.5 million, or 19 cents per share, compared with a loss from continuing operations of 2.1 million, or 3 cents per share.

Analysts polled by Thomson Financial expected net income of 17 cents per share, on average.

Quarterly results included a $286,000 debt extinguishment loss, significantly lower than the prior year's $15.7 million loss.

For the period ended March 31, revenue grew 13 percent to $186.7 million from $164.9 million.

The results topped Wall Street's estimate of $185.8 million.

President and Chief Executive David Smith said in a statement that the company's net broadcast revenue climbed 8.5 percent to $160.9 million on increased spending by the automotive, services and media sectors, cash payments from multichannel video program distributors and the airing of the Super Bowl on 20 Fox stations.

Shares of Sinclair Broadcast Group gained 53 cents, or 5.7 percent, to $9.91 in afternoon trading. The stock has traded between $7.70 and $16.15 over the last year.