UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE |
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For the quarterly period ended March 31, 2005 |
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
Commission File Number : 000-26076
SINCLAIR BROADCAST GROUP, INC.
(Exact name of Registrant as specified in its charter)
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Maryland |
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52-1494660 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
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Incorporation or organization) |
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10706 Beaver Dam Road
Hunt Valley, Maryland 21030
(Address of principal executive offices)
(410) 568-1500
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year-if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes ý |
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Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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Yes ý |
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
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Title of each class |
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Number of shares outstanding as of |
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Class A Common Stock |
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46,329,516 |
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Class B Common Stock |
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39,072,649 |
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Series D Preferred Stock |
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3,337,033 |
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SINCLAIR BROADCAST GROUP, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2005
TABLE OF CONTENTS
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SINCLAIR BROADCAST GROUP, INC.
(in thousands, except share data)
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March 31, |
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December 31, |
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(Unaudited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
21,331 |
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$ |
10,491 |
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Accounts receivable, net of allowance for doubtful accounts of $4,100 and $4,518, respectively |
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120,789 |
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132,062 |
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Current portion of program contract costs |
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39,741 |
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49,062 |
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Taxes receivable |
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688 |
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624 |
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Prepaid expenses and other current assets |
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9,772 |
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17,525 |
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Deferred barter costs |
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2,533 |
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2,210 |
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Assets held for sale |
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98,062 |
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97,822 |
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Deferred tax assets |
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20,375 |
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20,354 |
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Total current assets |
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313,291 |
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330,150 |
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PROGRAM CONTRACT COSTS, less current portion |
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22,359 |
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27,175 |
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LOANS TO AFFILIATES |
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5 |
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13 |
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PROPERTY AND EQUIPMENT, net |
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329,712 |
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339,779 |
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GOODWILL, net |
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1,041,452 |
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1,041,452 |
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BROADCAST LICENSES, net |
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406,694 |
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406,694 |
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DEFINITE-LIVED INTANGIBLE ASSETS, net |
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233,539 |
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237,972 |
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OTHER ASSETS |
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74,637 |
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82,428 |
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Total assets |
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$ |
2,421,689 |
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$ |
2,465,663 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
6,324 |
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$ |
7,056 |
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Accrued liabilities |
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68,542 |
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77,291 |
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Current portion of notes payable, capital leases and commercial bank financing |
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10,235 |
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43,737 |
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Current portion of notes and capital leases payable to affiliates |
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5,857 |
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5,209 |
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Current portion of program contracts payable |
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105,784 |
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113,108 |
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Deferred barter revenues |
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2,773 |
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2,684 |
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Deferred gain on sale of broadcast assets |
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26,129 |
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26,129 |
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Liabilities held for sale |
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12,365 |
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13,447 |
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Total current liabilities |
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238,009 |
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288,661 |
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LONG-TERM LIABILITIES: |
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Notes payable, capital leases and commercial bank financing, less current portion |
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1,593,306 |
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1,571,346 |
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Notes and capital leases payable to affiliates, less current portion |
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17,837 |
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19,323 |
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Program contracts payable, less current portion |
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44,773 |
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60,782 |
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Deferred tax liabilities |
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223,914 |
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216,937 |
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Other long-term liabilities |
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70,024 |
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80,796 |
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Total liabilities |
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2,187,863 |
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2,237,845 |
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MINORITY INTEREST IN CONSOLIDATED ENTITIES |
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971 |
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1,267 |
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SHAREHOLDERS’ EQUITY: |
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Series D Preferred Stock, $0.01 par value, 3,450,000 shares authorized, 3,337,033 issued and outstanding, respectively; liquidation preference of $166,851,650 |
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33 |
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33 |
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Class A Common Stock, $0.01 par value, 500,000,000 shares authorized, 46,306,274 and 46,018,574 shares issued and outstanding, respectively |
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463 |
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460 |
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Class B Common Stock, $0.01 par value, 140,000,000 shares authorized, 39,072,648 and 39,150,828 shares issued and outstanding, respectively; convertible into Class A Common Stock |
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390 |
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391 |
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Additional paid-in capital |
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753,885 |
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752,130 |
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Accumulated deficit |
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(521,916 |
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(526,463 |
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Total shareholders’ equity |
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232,855 |
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226,551 |
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Total liabilities and shareholders’ equity |
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$ |
2,421,689 |
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2,465,663 |
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The accompanying notes are an integral part of these unaudited consolidated statements.
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