Company Shares Blowout Earnings with a Special Dividend
Television broadcasting company Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) sees revenues increase 49% in quarter, 36% in 9 months and net income increase of 59% over 9 months 2012. Sinclair rewarded shareholders with a special dividend added to the regular quarterly dividend.
The Company announced that its Board of Directors has declared a special cash dividend of $1.00 per share and a quarterly cash dividend of $0.15 per share on the Company's Class A and Class B common stock. The dividends are payable on December 14, 2012, to the holders of record at the close of business on November 30, 2012. Sinclair is currently trading at $13.21 so the combined dividend yield is 8.71%.
Net broadcast revenues from continuing operations were $226.4 million for the three months ended September 30, 2012, an increase of 49.0% versus the prior year period result of $151.9 million. The Company had operating income of $78.6 million in the three-month period, as compared to operating income of $52.4 million in the prior year period. Net income attributable to the Company was $26.2 million in the three-month period, versus net income of $19.2 million in the prior year period.
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