Sinclair Broadcast Group Inc. reported a fourth-quarter FY21 revenue decline of 2 percent year-on-year to $1.48 billion, missing the consensus of $1.56 billion.
Lost revenues due to the cyber incident and the absence of political revenues in a non-political year affected the revenue growth.
Total advertising revenues of $383 million decreased 31 percent Y/Y. Distribution revenues of $1.048 billion increased from $917 million in the same period a year ago.
Operating income declined to $165 million from $625 million in the prior-year period.
EPS loss was $(1.18) compared to $6.27 in the prior-year period.
Management
Sinclair named Rob Weisbord as COO of the corporation and President of Broadcast.Dividend
The board raised the quarterly cash dividend by 25 percent to $0.25 per share, payable on March 21, 2022, to the holders of record on March 7, 2022.Chris Ripley, the CEO, said, “We continue to be encouraged by the rebound in the advertising market in 2021 and expect a robust advertising market in 2022, driven by significant political ad placements, continued strong demand from the service and sports betting categories, and a slow recovery in the auto and other supply-constrained sectors.”
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