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

Stocks in this article: TVL

LIN TV Corp. is traded on the New York Stock Exchange under the symbol “TVL”. Financial information about the company is available at www.linmedia.com.

 

– financial tables follow –

 
 
LIN TV Corp.
Consolidated Statements of Operations
(unaudited)
               
 
Three months ended December 31, Twelve months ended December 31,
  2011     2010     2011     2010  
(in thousands, except per share data)
 
Net revenues $ 111,505 $ 121,727 $ 400,003 $ 408,190
 
Operating expenses:
Direct operating 35,047 31,415 130,618 119,159
Selling, general and administrative 26,889 26,996 103,770 102,063
Amortization of program rights 5,214 5,461 21,406 22,719
Corporate   6,778     6,037     26,481     23,943  
General operating expenses 73,928 69,909 282,275 267,884
 
Depreciation, amortization and other operating charges (benefits):
Depreciation 7,093 6,763 26,246 27,013
Amortization of intangible assets 418 353 1,199 1,549
Restructuring 209 955 707 3,136
Loss (gain) from asset dispositions   63     135     472     (3,231 )
Operating income 29,794 43,612 89,104 111,839
 
Other expense:
Interest expense, net 12,449 13,069 50,706 51,525
Share of loss in equity investments 719 35 4,957 169
(Gain) loss on derivative instruments (192 ) (686 ) (1,960 ) 1,898
Loss on extinguishment of debt 1,502 - 1,694 2,749
Other (income) expense, net   (7 )   (18 )   51     (728 )
Total other expense, net 14,471 12,400 55,448 55,613
 
Income before (benefit from) provision for income taxes 15,323 31,212 33,656 56,226
(Benefit from) provision for income taxes   (28,863 )   10,491     (16,045 )   20,045  
Income from continuing operations 44,186 20,721 49,701 36,181

(Loss) income from discontinued operations, net of a (benefitfrom) provision for income taxes of $(740) and $191 for the threemonths ended December 31, 2011 and 2010, respectively, and a(benefit from) provision for income taxes of $(595) and $181 forthe years ended December 31, 2011 and 2010, respectively

  (1,173 )   361     (920 )   317  
Net income 43,013 21,082 48,781 36,498
Net income attributable to noncontrolling interests   51     -     204     -  
Net income attributable to LIN TV Corp. $ 42,962   $ 21,082   $ 48,577   $ 36,498  
 

Basic income per common share attributable to LIN TV Corp.:

Income from continuing operations attributable to LIN TV Corp. $ 0.79 $ 0.38 $ 0.89 $ 0.67
(Loss) income from discontinued operations, net of tax   (0.02 )   0.01     (0.02 )   0.01  
Net income attributable to LIN TV Corp. $ 0.77   $ 0.39   $ 0.87   $ 0.68  
Weighted-average number of common shares outstanding
used in calculating basic income per common share 55,806 54,864 55,562 53,978
 
Diluted income per common share attributable to LIN TV Corp.:
Income from continuing operations attributable to LIN TV Corp. $ 0.78 $ 0.37 $ 0.87 $ 0.65
(Loss) income from discontinued operations, net of tax   (0.02 )   0.01     (0.02 )   0.01  
Net income attributable to LIN TV Corp. $ 0.76   $ 0.38   $ 0.85   $ 0.66  
 
Weighted-average number of common shares outstanding
used in calculating diluted income per common share 56,819 56,270 56,741 55,489
 
   
LIN TV Corp.
Consolidated Balance Sheets
(unaudited)
 
December 31,
  2011     2010  
(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents $ 18,057 $ 11,648
Restricted cash 255,159 -
Accounts receivable, less allowance for doubtful accounts (2011 - $2,310; 2010 - $2,194) 91,093 81,031
Assets held for sale 3,253 2,133
Other current assets   6,090     5,243  
Total current assets 373,652 100,055
Property and equipment, net 145,429 150,261
Deferred financing costs 12,472 7,759
Goodwill 122,069 117,259
Broadcast licenses and other intangible assets, net 400,081 387,253
Assets held for sale 12,505 16,173
Other assets   11,487     11,709  
Total assets $ 1,077,695   $ 790,469  
 
LIABILITIES AND DEFICIT
Current liabilities:
Current portion of long-term debt $ 253,856 $ 9,573
Accounts payable 10,972 7,149
Accrued expenses 38,578 40,975
Program obligations 9,892 8,236
Liabilities held for sale   3,719     3,524  
Total current liabilities 317,017 69,457
Long-term debt, excluding current portion 614,861 613,687
Deferred income taxes, net 163,122 185,997
Program obligations 3,874 4,921
Liabilities held for sale 1,308 3,054
Other liabilities   58,411     44,785  
Total liabilities   1,158,593     921,901  
 
 
Redeemable noncontrolling interest 3,503 -
 
LIN TV Corp. stockholders' deficit:
Class A common stock, $0.01 par value, 100,000,000 shares authorized,

Issued: 34,650,169 and 32,509,759 shares as of December 31, 2011 and2010, respectively

Outstanding: 33,012,351 and 31,636,941 shares as of December 31, 2011and 2010, respectively

309 294
Class B common stock, $0.01 par value, 50,000,000 shares authorized,

23,401,726 and 23,502,059 shares as of December 31, 2011 and 2010,respectively, issued and outstanding; convertible into an equal number ofshares of Class A or Class C common stock

235 235
Class C common stock, $0.01 par value, 50,000,000 shares authorized,

2 shares as of December 31, 2011 and 2010, issued and outstanding;convertible into an equal number of shares of Class A common stock

- -
Treasury stock, 1,637,818 and 872,818 shares of Class A common stock as of
December 31, 2011 and 2010, respectively, at cost (10,598 ) (7,869 )
Additional paid-in capital 1,121,589 1,109,814
Accumulated deficit (1,157,390 ) (1,205,967 )
Accumulated other comprehensive loss   (38,777 )   (27,939 )
Total LIN TV Corp. stockholders' deficit (84,632 ) (131,432 )
Noncontrolling interest   231     -  
Total deficit   (84,401 )   (131,432 )
Total liabilities, redeemable noncontrolling interest and deficit $ 1,077,695   $ 790,469  
 
       
LIN TV Corp.
Consolidated Statements of Cash Flows
(unaudited)
 
Year Ended December 31,
2011   2010  
(in thousands)
OPERATING ACTIVITIES:
Net income $ 48,781 $ 36,498
Loss (income) from discontinued operations 920 (317 )
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation 26,246 27,013
Amortization of intangible assets 1,199 1,549
Amortization of financing costs and note discounts 3,755 4,519
Amortization of program rights 21,406 22,719
Program payments (24,622 ) (25,066 )
Loss (gain) on extinguishment of debt 1,694 2,749
(Gain) loss on derivative instruments (1,960 ) 1,898
Share of loss in equity investments 4,957 169
Deferred income taxes, net (16,586 ) 19,501
Stock-based compensation 6,176 4,863
Loss (gain) from asset dispositions 472 (3,231 )
Other, net 754 (2,440 )
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (8,825 ) (8,486 )
Other assets (138 ) 1,969
Accounts payable 3,318 1,255
Accrued interest expense (851 ) 3,326
Other liabilities and accrued expenses   (3,634 )   370  
Net cash provided by operating activities, continuing operations 63,062 88,858
Net cash (used in) provided by operating activities, discontinued operations   (402 )   1,373  
Net cash provided by operating activities   62,660     90,231  
 
INVESTING ACTIVITIES:
Capital expenditures (20,069 ) (17,449 )
Change in restricted cash (255,159 ) 2,000
Payments for business combinations, net of cash acquired (9,033 ) (575 )
Proceeds from the sale of assets 74 200
Payments on derivative instruments (2,020 ) (2,226 )
Shortfall loans to joint venture with NBCUniversal (2,483 ) (4,079 )
Other investments, net   (375 )   (1,980 )
Net cash used in investing activities, continuing operations (289,065 ) (24,109 )
Net cash (used in) provided by investing activities, discontinued operations   (115 )   460  
Net cash used in investing activities   (289,180 )   (23,649 )
 
FINANCING ACTIVITIES:
Net proceeds on exercises of employee and director stock-based compensation 841 790
Proceeds from borrowings on long-term debt 417,695 213,000
Principal payments on long-term debt (175,216 ) (274,351 )
Payment of long-term debt issue costs (7,662 ) (5,033 )
Treasury stock purchased   (2,729 )   -  
Net cash provided by (used in) financing activities, continuing operations 232,929 (65,594 )
Net cash used in financing activities, discontinued operations   -     (445 )
Net cash provided by (used in) financing activities   232,929     (66,039 )
 
Net increase (decrease) in cash and cash equivalents 6,409 543
Cash and cash equivalents at the beginning of the period   11,648     11,105  
Cash and cash equivalents at the end of the period $ 18,057   $ 11,648  
 

LIN TV Corp. reports and discusses its operating results using financial measures consistent with GAAP, and believes this should be the primary basis for evaluating its performance. The reconciliation of LIN’s operating income, a GAAP reporting measure, to adjusted EBITDA, and the computation of adjusted EBITDA margin are provided below.

 
Reconciliation of Operating Income to Adjusted EBITDA and
Computation of Adjusted EBITDA Margin
                           

2011

2010

 
Net revenue $ 400,003           $ 408,190
 
Operating income $ 89,104 $ 111,839
 
Add: Amortization of program rights 21,406 22,719
Depreciation 26,246 27,013
Amortization of intangible assets 1,199 1,549
Restructuring charge 707 3,136
Stock-based compensation expense 6,176 4,863
(Gain) Loss on sale of assets 472 (3,231)
Non-recurring charges 2,171 -
 
Subtract: Cash payments for programming 24,622 25,066
 
             
Adjusted EBITDA $ 122,859           $ 142,822
 
Adjusted EBITDA Margin 31% 35%
 




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