Sinclair Broadcast Group (NASDAQ: SBGI) reported Q3 EPS of $0.45, $0.21 better than the analyst estimate of $0.24. Revenue for the quarter came in at $548.4 million versus the consensus estimate of $533.52 million.

Fourth Quarter 2015

• Net broadcast revenues, before barter, are expected to be approximately $538.4 million to $547.4 million, down 1.7% to 3.3% year-over-year. Embedded in these anticipated results are:
• $10.0 million in political revenues as compared to $80.3 million in the fourth quarter of 2014.
• Barter and trade revenue are expected to be approximately $32.5 million in fourth quarter 2015.
• Barter expense is expected to be approximately $28.5 million. $4.0 million of trade expense is included in television expenses (defined below).
• Station production expenses and station selling, general and administrative expenses (together, "television expenses"), excluding barter expense but including trade expense, are expected to be approximately $311.8 million, including $1.7 million in stock-based compensation expense. Included in this amount is a one-time settlement loss of $5.8 million related to the termination of our pension plan.
• Program contract amortization expenses are expected to be approximately $33.2 million.
• Program contract payments are expected to be approximately $26.1 million.
• Corporate overhead is expected to be approximately $14.0 million, including $1.1 million of stock-based compensation expense.
• Research and development costs related to ONE Media are expected to be $4.0 million.
• Other operating division revenues less other operating division expenses are expected to generate $6.7 million of operating cash flow, assuming current equity interests.
• Depreciation on property and equipment is expected to be approximately $24.7 million, assuming the capital expenditure assumption below.
• Amortization of acquired intangibles is expected to be approximately $40.0 million.
• Net interest expense is expected to be approximately $48.7 million ($46.3 million on a cash basis), assuming no changes in the current interest rate yield curve and changes in debt levels based on the assumptions discussed in this "Outlook" section.
• Cash taxes paid are expected to be approximately $23.3 million, based on the assumptions discussed in this "Outlook" section. The Company's effective tax rate is expected to be approximately 18.2%.
• Capital expenditures are expected to be approximately $17.7 million.

Full Year 2015

• Net broadcast revenues, before barter, are expected to be approximately $2,002.3 million to $2,011.3 million, up 12.3% to 12.8% year-over-year. Embedded in these anticipated results are:
• $24.1 million in political revenues as compared to $131.8 million in 2014.
• Barter and trade revenue is expected to be approximately $112.4 million.
• Barter expense is expected to be approximately $95.4 million. $17.1 million of trade expense is included in television expenses.
• Station production expenses and station selling, general and administrative expenses (together, "television expenses"), excluding barter expense but including trade expense, are expected to be approximately $1,160.3 million, including $6.7 million of stock-based compensation expense. Included in this amount are approximately $24.7 million of costs related to future return-generating initiatives consisting of ASN, the digital content management system and news expansions.
• Program contract amortization expense is expected to be approximately $123.2 million.
• Program contract payments are expected to be approximately $108.7 million.
• Corporate overhead is expected to be approximately $60.4 million, including $10.9 million of stock-based compensation expense.
• Research and development costs related to ONE Media are expected to be $15.6 million.
• Other operating division revenues less other operating division expenses are expected to generate $20.1 million of operating cash flow, assuming current equity interests.
• Depreciation on property and equipment is expected to be approximately $100.6 million, assuming the capital expenditure assumption below.
• Amortization of acquired intangibles is expected to be approximately $159.5 million.
• Net interest expense is expected to be approximately $191.4 million (approximately $181.8 million on a cash basis), assuming no changes in the current interest rate yield curve and changes in debt levels based on the assumptions discussed in this "Outlook" section.
• Cash taxes paid are expected to be approximately $106.7 million, based on the assumptions discussed in this "Outlook" section. The Company's effective tax rate is expected to be approximately 25.6%.
• Capital expenditures are expected to be $90.0 million, which assumes investments in HD news, building consolidation projects, and ASN capital requirements.

For earnings history and earnings-related data on Sinclair Broadcast Group (SBGI) click here.