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LIN TV Corp. Announces Third Quarter 2012 Results

Stocks in this article: TVL

LIN Media’s highly-rated television stations deliver important local news and community stories along with top-rated sports and entertainment programming to 10.5% of U.S. television homes. The Company’s digital media operations focus on emerging media and interactive technologies that deliver performance-driven digital marketing solutions to some of the nation’s most respected agencies and brands. LIN TV Corp. is traded on the NYSE under the symbol “TVL”.

– financial tables follow –

LIN TV Corp.
Consolidated Statements of Operations
(unaudited)
                 
 

Three Months Ended September 30,

  Nine Months Ended September 30,
2012 2011 2012 2011
(in thousands, except per share data)
 
Net revenues $ 133,076 $ 97,816 $ 357,292 $ 288,498
 
Operating expenses:
Direct operating 38,152 33,501 110,554 95,571
Selling, general and administrative 28,365 25,182 84,791 76,881
Amortization of program rights 5,612 5,517 16,212 16,192
Corporate   9,264     5,881     24,229     19,703  
General operating expenses 81,393 70,081 235,786 208,347
 
Depreciation, amortization and other operating expenses:
Depreciation 6,824 6,530 20,234 19,153
Amortization of intangible assets 507 233 1,462 781
Restructuring - 498 - 498
(Gain) loss from asset dispositions   (15 )   51     (12 )   409  
Operating income 44,367 20,423 99,822 59,310
 
Other expense:
Interest expense, net 9,310 12,608 28,946 38,257
Share of loss in equity investments 4,156 3,071 4,309 4,238
Gain on derivative instruments - (565 ) - (1,768 )
Loss on extinguishment of debt - - 2,099 192
Other expense, net

 

  88     60     176     58  
Total other expense, net 13,554 15,174 35,530 40,977
 
Income before provision for income taxes 30,813 5,249 64,292 18,333
Provision for income taxes   11,194     2,247     24,101     12,818  
Income from continuing operations 19,619 3,002 40,191 5,515
Discontinued operations:

Income (loss) from discontinued operations, net of a provision for (benefit from) income taxes of$63 for the three months ended September 30, 2011, and $(541) and $146 for the nine monthsended September 30, 2012 and 2011, respectively

- 109 (1,018 ) 253

Gain on the sale of discontinued operations, net of a provision for income taxes of $6,223 for thenine months ended September 30, 2012

  -     -     11,389     -  
Net income 19,619 3,111 50,562 5,768
Net (loss) income attributable to noncontrolling interests   (40 )   153     (481 )   153  
Net income attributable to LIN TV Corp. $ 19,659   $ 2,958   $ 51,043   $ 5,615  
 
Basic income per common share attributable to LIN TV Corp.:
Income from continuing operations attributable to LIN TV Corp. $ 0.37 $ 0.05 $ 0.74 $ 0.10
Loss from discontinued operations, net of tax - - (0.02 ) -
Gain on the sale of discontinued operations, net of tax   -     -     0.21     -  
Net income attributable to LIN TV Corp. $ 0.37   $ 0.05   $ 0.93   $ 0.10  
 

Weighted-average number of common shares outstanding  used in calculating basic income per common share

53,066 56,352 54,715 55,674
 
Diluted income per common share attributable to LIN TV Corp.:
Income from continuing operations attributable to LIN TV Corp. $ 0.36 $ 0.05 $ 0.73 $ 0.10
Loss from discontinued operations, net of tax - - (0.02 ) -
Gain on the sale of discontinued operations, net of tax   -     -     0.20     -  
Net income attributable to LIN TV Corp. $ 0.36   $ 0.05   $ 0.91   $ 0.10  
 

Weighted-average number of common shares outstanding  used in calculating diluted income per common share

54,353 57,431 55,989 56,985
 
 
         
LIN TV Corp.
Consolidated Balance Sheets
(unaudited)
 
 

September 30, 2012

 

December 31, 2011

(in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents $ 32,806 $ 18,057
Restricted cash - 255,159
Accounts receivable, less allowance for doubtful accounts (2012 - $2,879; 2011 - $2,310) 97,464 91,093
Deferred income tax assets 7,375 4,249
Assets held for sale - 3,253
Other current assets   6,604     6,090  
Total current assets 144,249 377,901
Property and equipment, net 143,553 145,429
Deferred financing costs 10,837 12,472
Goodwill 122,158 122,069
Broadcast licenses and other intangible assets, net 398,795 400,081
Assets held for sale - 12,505
Other assets   44,826     11,487  
Total assets $ 864,418   $ 1,081,944  
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current portion of long-term debt $ 7,547 $ 253,856
Accounts payable 7,242 10,972
Accrued expenses 52,698 38,578
Program obligations 9,536 9,892
Liabilities held for sale   -     3,719  
Total current liabilities 77,023 317,017
Long-term debt, excluding current portion 573,383 614,861
Deferred income tax liabilities 199,623 167,371
Program obligations 1,993 3,874
Liabilities held for sale - 1,308
Other liabilities   47,374     58,642  
Total liabilities   899,396     1,163,073  
 
 
Redeemable noncontrolling interest 3,303 3,503
 
Stockholders' deficit:

Class A common stock, $0.01 par value, 100,000,000 shares authorized,  Issued: 34,784,270 and 34,650,169 shares as of September 30, 2012 and December 31, 2011, respectively  Outstanding: 29,836,611 and 33,012,351 shares as of September 30, 2012 and December 31, 2011, respectively

311 309

Class B common stock, $0.01 par value, 50,000,000 shares authorized,  23,401,726 shares as of September 30, 2012 and December 31, 2011, issued and outstanding;  convertible into an equal number of shares 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 September 30, 2012 and December 31, 2011, issued and outstanding;  convertible into an equal number of shares of class A common stock

- -

Treasury stock, 4,947,659 and 1,637,818 shares of class A common stock as of  September 30, 2012 and December 31, 2011, respectively, at cost

(21,984 ) (10,598 )
Additional paid-in capital 1,127,497 1,121,589
Accumulated deficit (1,106,347 ) (1,157,390 )
Accumulated other comprehensive loss   (37,993 )   (38,777 )
Total stockholders' deficit   (38,281 )   (84,632 )
Total liabilities, redeemable noncontrolling interest and stockholders' deficit $ 864,418   $ 1,081,944  
 
LIN TV Corp.
Consolidated Statements of Cash Flows
(unaudited)
      Nine Months Ended September,
2012     2011
(in thousands)
OPERATING ACTIVITIES:
Net income $ 50,562 $ 5,768
Loss (income) from discontinued operations 1,018 (253 )
Gain on the sale of discontinued operations (11,389 ) -
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation 20,234 19,153
Amortization of intangible assets 1,462 781
Amortization of financing costs and note discounts 1,746 2,858
Amortization of program rights 16,212 16,192
Cash payments for programming (17,202 ) (18,782 )
Loss on extinguishment of debt 871 192
Gain on derivative instruments - (1,768 )
Share of loss in equity investments 4,309 4,238
Deferred income taxes, net 23,256 12,578
Stock-based compensation 5,308 4,856
(Gain) loss from asset dispositions (12 ) 409
Other, net 1,293 593
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (6,371 ) 2,459
Other assets (1,634 ) (271 )
Accounts payable (3,730 ) 586
Accrued interest expense 1,865 11,049
Other liabilities and accrued expenses   121     (5,734 )
Net cash provided by operating activities, continuing operations 87,919 54,904
Net cash used in operating activities, discontinued operations   (2,736 )   (237 )
Net cash provided by operating activities   85,183     54,667  
 
INVESTING ACTIVITIES:
Capital expenditures (19,337 ) (11,588 )
Change in restricted cash 255,159 -
Payments for business combinations, net of cash acquired (34,325 ) (5,244 )
Proceeds from the sale of assets 62 48
Payments on derivative instruments - (1,822 )
Shortfall loans to joint venture with NBCUniversal (2,292 ) (1,408 )
Other investments, net   -     (250 )
Net cash provided by (used in) investing activities, continuing operations 199,267 (20,264 )
Net cash provided by (used in) investing activities, discontinued operations   29,520     (94 )
Net cash provided by (used in) investing activities   228,787     (20,358 )
 
FINANCING ACTIVITIES:
Net proceeds from exercises of employee and director stock-based compensation 652 673
Proceeds from borrowings on long-term debt 20,000 920
Principal payments on long-term debt (308,128 ) (9,666 )
Payment of long-term debt issue costs (359 ) (310 )
Treasury stock purchased   (11,386 )   -  
Net cash used in financing activities   (299,221 )   (8,383 )
 
Net increase in cash and cash equivalents 14,749 25,926
Cash and cash equivalents at the beginning of the period   18,057     11,648  
Cash and cash equivalents at the end of the period $ 32,806   $ 37,574  
 




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