Sinclair Broadcast Group (SBGI) Misses Q3 EPS by 18c: Issues Light Revenue Outlook
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- After-Hours Stock Movers 12/06: (PLAY) (ANTH) (WDC) Higher; (AVAV) (ESV) (BLUE) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Sinclair Broadcast Group (NASDAQ: SBGI) reported Q3 EPS of $0.54, $0.18 worse than the analyst estimate of $0.72. Revenue for the quarter came in at $693.8 million versus the consensus estimate of $691.67 million.
Sinclair Broadcast also announced the following executive promotions and changes which will become effective January 1, 2017:
- David Smith from Chairman, President & Chief Executive Officer to Executive Chairman. Mr. Smith will have direct oversight of the development, implementation and globalization of the Next Generation Broadcast Platform (ATSC 3.0) and expansion of our news franchise. Mr. Smith will also be directly involved with public policy as it relates to the broadcast industry.
- Christopher Ripley from Chief Financial Officer to President & Chief Executive Officer. Mr. Ripley will oversee and manage the Company's business and operations. Mr. Ripley will report to the Board of Directors.
- Lucy Rutishauser from SVP Corporate Finance & Treasurer to SVP Chief Financial Officer & Treasurer. Ms. Rutishauser will have direct oversight of the Company's treasury, accounting, tax, finance, business intelligence & analytics, investor relations and corporate communications departments.
"We are excited about the announced executive changes and believe they will better position us to grow in a changing media landscape where networks and distributors are getting bigger and consumers have more viewing choices on more devices. The organizational changes provide greater focus and oversight in those critical areas that strengthen our longer term strategies to be multi-platformed, vertically integrated and compete in the broader media ecosystem, ultimately driving value. We have the utmost confidence in Chris and Lucy's ability to oversee and improve upon their new respective areas," commented David Smith. "In addition, my revised role allows me to focus on our most important assets: local and national news content, and the launch of the 'Next Gen' Broadcast Platform and associated single frequency network, IP network infrastructure and user data collection which are expected to revolutionize the way television broadcasters transmit data and interface with end user consumers."
Mr. Ripley served as Chief Financial Officer of Sinclair since 2014. Since joining the Company, he successfully led our Spectrum Auction strategy, oversaw the acquisition of the Tennis Channel, and acquired/invested in strategic assets that allow the Company to be multi-platformed. From 2013 until joining Sinclair, he was Founder and Managing Partner of Canor LLC, a boutique media/entertainment advisory firm. From 2001 to 2013, he was a Managing Director at UBS Investment Bank's Global Media Group and served as Head of the Los Angeles office where he managed, advised and/or structured various financings and merger and acquisition transactions, managed bankers and support staff, and oversaw regulatory and compliance matters for the office. From 2000 to 2001, he was a Principal in Prime Ventures LLC, a venture capital firm where he was involved in capital investment decisions, business development, M&A, and organizational structuring. Prior to that and from 1998, Mr. Ripley worked in the investment banking division of Donaldson, Lufkin & Jenrette Securities Corporation. Mr. Ripley graduated from the University of Western Ontario, Richard Ivey School of Business, with a Bachelor of Arts in Honors Business Administration. He holds Series 7 and Series 24 licenses.
Ms. Rutishauser has served as SVP Corporate Finance & Treasurer of Sinclair since 2013, as VP Corporate Finance & Treasurer from 2002 to 2013, as Treasurer from 2001 to 2002, and as Assistant Treasurer from 1998 to 2001. Prior to that, Ms. Rutishauser was the Assistant Treasurer for Treasure Chest Advertising Company from 1996 to 1997. From 1992 to 1996, Ms. Rutishauser served as Assistant Treasurer and Director of Treasury for Integrated Health Services, Inc. From 1988 to 1992, Ms. Rutishauser held various treasury positions with Laura Ashley, Inc. and the Black and Decker Corporation. Ms. Rutishauser graduated magna cum laude from Towson University with a Bachelor of Science degree in Economics and Finance and received her Masters in Business Administration degree with honors from the University of Baltimore.
Sinclair Broadcast Group sees Q4 2016 revenue of $732.6-748.6 million, versus the consensus of $807.7 million.
Sinclair Broadcast Group sees FY2016 revenue of $2.505-2.521 billion, versus the consensus of $2.75 billion.
For earnings history and earnings-related data on Sinclair Broadcast Group (SBGI) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AutoZone (AZO) Tops Q1 EPS by 5c; Comps Light of Views
- Anthera Pharma (ANTH) Appoints New CEO; Other Exec Changes Announced
- Allstate (ALL) Appoints New CIO
Create E-mail Alert Related CategoriesCorporate News, Earnings, Guidance, Hot Guidance, Management Changes, Management Comments
Related EntitiesUBS, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!