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Nexstar Broadcasting Third Quarter Net Revenue Rises 39.8% To A Record $125.8 Million

-tables follow-

             
 

Nexstar Broadcasting Group, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts - unaudited)

 
 

Three Months Ended September 30,

Nine Months Ended September 30,

2013       2012 2013       2012
Net revenue $ 125,792   $ 89,952   $ 364,208   $ 262,458  
 
Operating expenses:

Station direct operating expenses, net of trade, depreciationand amortization

35,557

20,536 102,556 61,047

Selling, general, and administrative expenses net ofdepreciation and amortization

30,905 21,615 90,358 65,322
Trade and barter expense 7,636 4,661 22,601 14,697
Corporate expenses 6,682 5,891 20,294 16,424
Amortization of broadcast rights, excluding barter 3,265 2,316 9,545 6,489
Amortization of intangible assets 7,996 5,480 22,900 16,595
Depreciation   8,598     5,896     24,791     17,359  
Total operating expenses   100,639     66,395     293,045     197,933  
Income from operations 25,153 23,557 71,163 64,525
 
Interest expense, net (16,900 ) (12,438 ) (50,352 ) (37,921 )
Loss on extinguishment of debt (1,048 ) - (1,048 ) (497 )
Other Expense   (84 )   -     (252 )   -  
Income before income taxes 7,121 11,119 19,511 26,107
Income tax expense   (3,526 )   (1,558 )   (8,844 )   (4,712 )
 
Net income $ 3,595   $ 9,561   $ 10,667   $ 21,395  
 
 
Basic net income per share $ 0.12 $ 0.33 $ 0.36 $ 0.74
Basic weighted average number of common shares outstanding 30,048 28,960 29,706 28,881
 
Diluted net income per share $ 0.11 $ 0.31 $ 0.34 $ 0.70
Diluted weighted average number of common shares outstanding 31,509 30,703 31,297 30,561
 
 

-tables follow-

             
 

Nexstar Broadcasting Group, Inc.

Reconciliation of Broadcast Cash Flow and Adjusted EBITDA (Non-GAAP Measures)

(in thousands - unaudited)

 
 

Three Months Ended September 30,

Nine Months Ended September 30,

Broadcast Cash Flow and Adjusted EBITDA: 2013       2012 2013       2012
 
Income from operations: $ 25,153 $ 23,557 $ 71,163 $ 64,525
Add:
Depreciation 8,598 5,896 24,791 17,359
Amortization of intangible assets 7,996 5,480 22,900 16,595

Amortization of broadcast rights, excludingbarter

3,265

2,316

9,545

6,489

Loss (gain) on asset disposal, net 33 (4 ) 35 (25 )
Corporate expenses 6,682 5,891 20,294 16,424
 
Less:

Payments for broadcast rights

  3,652   2,168     11,031   6,681  
 
Broadcast cash flow 48,075 40,968 137,697 114,686
 
Less:
Corporate expenses   6,682   5,891     20,294   16,424  
 
Adjusted EBITDA $ 41,393 $ 35,077   $ 117,403 $ 98,262  
 
 
             
 

Nexstar Broadcasting Group, Inc.

Reconciliation of Free Cash Flow (Non-GAAP Measure)

(in thousands - unaudited)

 
 

Three Months Ended September 30,

Nine Months Ended September 30,

Free Cash Flow: 2013       2012 2013       2012
 
Income from operations: $ 25,153 $ 23,557 $ 71,163 $ 64,525
 
Add:
Depreciation 8,598 5,896 24,791 17,359
Amortization of intangible assets 7,996 5,480 22,900 16,595
Amortization of broadcast rights, excluding barter 3,265 2,316 9,545 6,489
Loss (gain) on asset disposal, net 33 (4 ) 35 (25 )
Non-cash stock option expense 586 297 1,580 725
 
Less:
Payments for broadcast rights 3,652 2,168 11,031 6,681
Cash interest expense 15,996 11,713 47,769 35,617

Capital expenditures

4,373 3,821 16,856 10,985
Cash income taxes, net of refunds   20   -     2,143   522  
 
Free cash flow $ 21,590 $ 19,840   $ 52,215 $ 51,863  
 
 




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