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

The Company’s current outlook for revenues, expenses and cash flow items for the first quarter of 2012, excluding special items, are anticipated to be in the following ranges:

        First Quarter of 2012
Net broadcast revenues       $92.0 to $94.0 million
Interactive revenues       $6.0 to $7.0 million
Network comp/Barter/Other revenues       $2.0 to $2.5 million
Total net revenues       $100.0 to $103.5 million
Direct operating and selling, general and administrative expenses (4)       $63.0 to $64.0 million
Station non-cash stock-based compensation expense       $0.4 million
Amortization of program rights       $5.0 to $5.5 million
Cash payments for programming       $5.0 to $5.5 million
Corporate expense (4)       $6.0 to $6.5 million
Corporate non-cash stock-based compensation expense       $1.2 million
Depreciation and amortization of intangibles       $7.0 to $7.5 million
Cash capital expenditures       $5.5 to $6.5 million
Cash interest expense       $9.5 to $10.0 million
Principal amortization of term loans       $0.7 million
Cash taxes       $0.0 to $0.1 million
Effective tax rate       40% to 42%
(4) Includes non-cash stock-based compensation expense.

For the full year, the Company expects cash capital expenditures to be within the range of $26 to $27 million, cash interest expense of $34 to $35 million, cash taxes of $0.5 to $0.8 million and its effective tax rate to range between 40% and 42%.

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