The Company has provided historical quarterly financial information for its continuing operations on its web site. Interested parties should go to the Investor Relations section at www.linmedia.com.
The Company expects that net revenues for the fourth quarter of 2012 will increase in the range of 70% to 74% (or $77.5 million to $82.5 million), as compared to net revenues of $111.5 million in the fourth quarter of 2011.
___________________________________3 comScore media metrics data; Average of July-September 2012. Overall engagement references comScore’s average minutes per visitor. The basis for comparison is calculated against the Company’s and local media competitors’ self-defined classification from within the comScore dictionary. The Company expects that its direct operating and selling, general and administrative expenses, which include variable selling related expenses, will increase in the range of 44% to 47% (or $27.1 million to $29.1 million) in the fourth quarter of 2012 as compared to reported expenses of $61.9 million in the fourth quarter of 2011. The Company’s current outlook for revenues, expenses and cash flow items for the fourth quarter of 2012, excluding special items and including the results of operations of New Vision since October 12, 2012, are anticipated to be in the following ranges:
|Fourth Quarter of 2012|
|Net broadcast advertising revenues||$174 to $177 million|
|Interactive revenues||$11 to $12 million|
|Network compensation/Barter/Other revenues||$4 to $5 million|
|Total net revenues||$189 to $194 million|
|Direct operating and selling, general and administrative expenses (a)||$89 to $91 million|
|Station non-cash stock-based compensation expense||$0.3 million|
|Amortization of program rights||$6.5 to $7.5 million|
|Cash payments for programming||$6.5 to $7.5 million|
|Corporate expense (a)||$8 to $9 million|
|Corporate non-cash stock-based compensation expense||$1.2 million|
|Depreciation and amortization of intangibles||$8.7 to $9.2 million|
|Cash capital expenditures||$5 to $7 million|
|Cash interest expense||$12.6 to $13.1 million|
|Principal amortization of term loans and finance lease obligations||$1 million|
|Cash taxes||$0.2 to $0.3 million|
|Effective tax rate||37% to 39%|
|(a) Includes non-cash stock-based compensation expense.|
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