Sinclair’s 2Q revenue up, profit drops

Daily Record Staff//August 7, 2013//

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Sinclair Broadcast Group Inc., of Hunt Valley, saw its second-quarter earnings plummet 40 percent but still beat Wall Street’s forecast.

The independent television broadcasting company reported net income of $18.1 million, or 19 cents per diluted share, for the three months ended June 30, compared to $30.1 million, or 37 cents per diluted share, for the prior-year period.

The company said it took a $16.3 million hit due to extinguishment of debt.

Excluding that one-time loss, diluted earnings per share would have been 30 cents.

Second-quarter revenue as $314.2 million versus $251.1 million in the 2012 period.

Analysts polled by Thomson Reuters had forecast, on average, earnings of 10 cents per share on revenue of $311.8 million.

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