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LIN TV Corp. Announces Fourth Quarter And Full Year 2011 Results

Stocks in this article: TVL

Special Items

During the fourth quarter and year ended December 31, 2011, the Company reversed $36.1 million of Federal and state valuation allowances related to its deferred tax assets, primarily due to the Company’s recent history of taxable income, and its projected ability to generate sufficient taxable income prior to the expiration of certain net operating loss carryforwards. Also, during the fourth quarter and year ended December 31, 2011, the Company accrued $0.6 million, or $0.4 million after-tax, and $4.7 million, or $3.1 million after-tax, respectively, for its share of probable and estimable funding of debt service shortfalls at its joint venture with NBCUniversal. The Company believes that additional debt service shortfalls beyond those currently accrued are not probable.

            Three Months Ended         Year Ended
December 31, 2011 December 31, 2011

Income before(benefit from)provision forincome taxes

   

Income fromcontinuingoperations

Income before(benefit from)provision forincome taxes

   

Income fromcontinuingoperations

 
Reversal of valuation allowances $ - $ 36 .1 $ - $ 36 .1
NBC JV shortfall funding accrual  

(0

.6)

 

(0

.4)

 

(4

.7)

 

(3

.1)

$

(0

.6)

$

35

.7

$

(4

.7)

$

33

.0

Operating Highlights

TV Stations and Local Web Sites

  • During the year ended December 31, 2011, the Company ranked number one or number two in 83% of its ABC, CBS, FOX and NBC news stations in its local markets based on viewership among key demographics. 2
  • Core local and national advertising sales combined, which exclude political advertising sales, increased by 4% in the fourth quarter and were up 1% for the full year compared to 2010.
  • Five of the top ten advertising categories increased in the fourth quarter of 2011, compared to the fourth quarter of 2010. Six of the top ten advertising categories increased during the year ended December 31, 2011, compared to the prior year.
  • The automotive category, which represented 25% of local and national advertising sales in the fourth quarter of 2011, increased by 12% as compared to the fourth quarter of 2010, during which the automotive category represented 23%. During the year ended December 31, 2011, the automotive category represented 24% of local and national advertising sales, and was essentially flat compared to the prior year, during which the automotive category represented 23%.
  • The Company launched its 11 th local lifestyle show and delivered approximately 1,350 more local programming hours during 2011, compared to 2010.
  • During the year ended December 31, 2011, the Company delivered over 139 million total video impressions, and engaged 9.2 million monthly unique visitors on its stations’ web sites, an increase of 17% compared to 2010. Average time on site during the year was 21 minutes.
  • According to comScore’s December 2011 report, 100% of the Company’s measured station web sites ranked number one or number two in their local market for time spent on site, and 93% ranked number one or number two in their local market for unique visitors and page views, versus the Company’s measured local broadcast competitors. 3
  • Mobile impressions, which include usage of the Company’s mobile web sites, smartphone and tablet applications, reached over 1 million downloads in 2011 with over 384 million page views, compared to 207 million page views during 2010, an increase of 85% year over year.
  • During the year ended December 31, 2011, the Company delivered over 1 billion user actions, an increase of 26% over 2010.
  • The Company continued its tradition of bringing innovative products to market and making it more convenient for users to access its local content on the most popular electronic devices, with the launch of its new and enhanced iPad app – “Report !t SM”, which combines LIN Media’s award-winning local content, video and citizen journalism technology, among other unique features, in a user-friendly experience that is customized and optimized for the tablet.

_______________

2 Nielsen Media Research; Average of LIN Media’s 2011 Nielsen Ratings Based on Key Demographics: February, May and November. Monday-Friday, Early Morning, Early Evening, Late News. All Nielsen data included in this release represents Nielsen’s estimates, and Nielsen has neither reviewed nor approved the data included in this release.

3 comScore media metrics data; December 2011.

_______________

Key Balance Sheet and Cash Flow Items

As of December 31, 2011, the Company had $255.2 million of restricted cash on deposit, which, as described further below, was used on January 20, 2012 to fully redeem LIN Television Corporation’s remaining 6½% Senior Subordinated Notes and 6½% Senior Subordinated Notes - Class B (the “Senior Subordinated Notes”), and to pay related accrued interest. Total debt outstanding as of December 31, 2011, net of the restricted and unrestricted cash balances was $595.5 million, as compared to $611.6 million as of December 31, 2010. Unrestricted cash and cash equivalent balances as of December 31, 2011 were $18.1 million, as compared to $11.6 million as of December 31, 2010.

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