Server: Netscape-Enterprise/2.0d Date: Thu, 18 Dec 1997 23:50:09 GMT Accept-ranges: bytes Last-modified: Thu, 06 Nov 1997 17:37:56 GMT Content-length: 3986 Content-type: text/html
NEWS FROM LIN TELEVISION CORPORATION...
FOR IMMEDIATE RELEASE
LIN TELEVISION REPORTS THIRD QUARTER RESULTS Broadcast Cash Flow Surges 11%
Providence, RI October 16, 1997 -- LIN Television Corporation (NASDAQ: LNTV) today reported record levels of net revenue and broadcast cash flow for the third quarter ended September 30, 1997.
Third quarter net revenues increased 4.6% to $71.9 million compared to $68.8 million in the third quarter of 1996. Broadcast cash flow grew to $34.6 million in the third quarter, up 11.0% from $31.2 million for the prior years quarter. Increases in net revenue and broadcast cash flow resulted in part from higher advertising time sales and continued growth of LINs LMA stations. For the quarter, the LMA stations contributed $2.9 million in broadcast cash flow, compared to a loss of $526 thousand for the prior year. Financial information for both periods include same-station results and are directly comparable.
Net income for the third quarter of 1997 increased 2.0% to $9.9 million or $0.32 per share on improved operating performance and a reduction in interest expense, compared with $9.7 million, or $0.32 per share in the third quarter of 1996. Included in other expense is a $3.9 million charge for professional services related to the proposed merger with Hicks, Muse, Tate & Furst. Excluding these non-recurring costs, earnings for the period would have been $12.4 million or $0.40 per share, an increase of 26.9%.
Gary Chapman, President and Chief Executive Officer commented: LIN Televisions third quarter results are impressive, particularly in light of the difficult comparison with the third quarter of 1996, during which incremental Olympic and political advertising revenue boosted performance by approximately $5.5 million. The strong local identity and superior demographics of the LIN stations enabled the Company to overcome the difficult comparisons with 1996.
Fourth quarter pacings to-date are up nicely and will help replace the approximately $5.5 million of political revenue generated in the fourth quarter of 1996. As of today, we expect to modestly exceed the results of the 1996 fourth quarter.
Total debt outstanding as of September 30, 1997 was reduced to $295 million with cash balances of $25.6 million. Capital expenditures during the quarter were $2.7 million.
LIN Television Corporation owns and operates eight network-affiliated television stations, and has Local Marketing Agreements with stations in four of its eight markets. LIN Television previously announced the signing of an agreement on August 12, 1996 whereby Hicks, Muse Tate & Furst would acquire the Company for approximately $1.7 billion. LINs O&Os and LMAs include:
Market Station DMA Channel Network LMA Dallas-Fort Worth KXAS # 8 5 NBC KXTX /39/ Ind Indianapolis WISH # 25 8 CBS New Haven-Hartford WTNH # 27 8 ABC WBNE/59/ WB Norfolk-Portsmouth WAVY # 39 10 NBC WVBT/43/WB-FOX Buffalo WIVB # 40 4 CBS Austin KXAN # 60 36 NBC KNVA/54/WB Decatur WAND # 81 17 ABC Fort Wayne WANE # 102 15 CBS
AT&T Wireless Services, Inc., a wholly owned subsidiary of AT&T Corp. owns approximately 45% of LIN.
For further information contact:
LIN Television Corporation The Abernathy MacGregor Group Deb Jacobson Rob Lerner Vice President & Treasurer (212) 371-5999 (401) 457-9403