Delaware
|
001-31311
|
05-0501252
|
||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
LIN TV Corp. | |
Date: May 9, 2012
|
By: /s/ Nicholas N. Mohamed |
Name: Nicholas N. Mohamed
|
|
Title: Vice President Controller
|
|
Exhibit Index
|
Exhibit No.
|
Description
|
99.1
|
Press Release, dated May 9, 2012
|
For Immediate Release
Contacts: Courtney Guertin,
Corporate Communications Manager
401-457-9501
courtney.guertin@linmedia.com
Richard Schmaeling, Chief Financial Officer
401-457-9510
richard.schmaeling@linmedia.com
|
●
|
Net revenues increased 15% to $103.2 million, compared to $89.7 million in the first quarter of 2011.
|
●
|
Local revenues, which include net local advertising revenues, retransmission consent fees and TV station web site revenues, increased 16% to $67.7 million, compared to $58.3 million in the first quarter of 2011.
|
●
|
Net national revenues increased 4% to $23.1 million, compared to $22.3 million in the first quarter of 2011.
|
●
|
Net political revenues were $2.9 million, compared to $1 million in the first quarter of 2011.
|
●
|
Interactive revenues, which include revenues from RMM and Nami Media1, increased 41% to $7 million, compared to $5 million in the first quarter of 2011.
|
●
|
Operating income increased 31% to $20.5 million, compared to $15.7 million in the first quarter of 2011.
|
●
|
Net income per diluted share was $0.08, compared to $0.03 in the first quarter of 2011.
|
●
|
During the first quarter of 2012, 82% of the Company’s ABC, CBS, FOX and NBC stations were either the highest or second highest viewed television channels in their local markets.2
|
●
|
Core local and national time sales combined, which excludes political times sales, increased 6% in the first quarter of 2012, compared to the first quarter of 2011.
|
●
|
Six of the top ten advertising categories increased in the first quarter of 2012, compared to the first quarter of 2011.
|
●
|
The automotive category, which represented 26% of local and national advertising sales in the first quarter of 2012, increased 15% compared to the first quarter of 2011, during which the automotive category represented 23%.
|
●
|
The Company launched its 12th local lifestyle show and delivered approximately 300 more local programming hours in the first quarter of 2012, compared to the first quarter of 2011.
|
●
|
During the first quarter of 2012, the Company delivered 33.3 million total video impressions, engaged an average of 8.7 million monthly unique visitors on its stations’ web sites, and delivered 247 million user actions. Average time on site during the quarter was more than 20 minutes.
|
●
|
The Company’s commitment to continuous news coverage resulted in over 7.2 million minutes of live streaming during the first quarter of 2012.
|
●
|
During the first quarter of 2012, 100% of the Company’s markets ranked either number one or two for page views and overall engagement, and 14 out of 15 of the Company's markets ranked either number one or two for unique visitors, versus local broadcast competitors measured by comScore. In comparison to all local media competitors measured by comScore, 11 out of 15 of the Company's markets ranked either number one or two for overall engagement.3
|
●
|
Mobile page views, which include usage of the Company’s mobile web sites and smartphone and tablet applications, were approximately 119 million page views during the first quarter of 2012.
|
Second Quarter of 2012
|
|
Net broadcast advertising revenues
|
$101.5 to $104.0 million
|
Interactive revenues
|
$9.0 to $10.0 million
|
Network compensation/Barter/Other revenues
|
$2.5 to $3.0 million
|
Total net revenues
|
$113.0 to $117.0 million
|
Direct operating and selling, general and administrative expenses(4)
|
$65.5 to $66.5 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
|
$5.5 to $6.0 million
|
Corporate expense(4)
|
$7.0 to $7.5 million
|
Corporate non-cash stock-based compensation expense
|
$1.8 million
|
Depreciation and amortization of intangibles
|
$6.9 to $7.4 million
|
Cash capital expenditures
|
$7.0 to $9.0 million
|
Cash interest expense
|
$8.2 to $8.8 million
|
Principal amortization of term loans
|
$0.7 million
|
Cash taxes
|
$0.3 to $0.4 million
|
Effective tax rate
|
38% to 40%
|
(4) Includes non-cash stock-based compensation expense.
|
LIN TV Corp.
|
|||||||
Consolidated Statements of Operations
|
|||||||
(unaudited)
|
|||||||
Three Months Ended March 31,
|
|||||||
2012
|
2011
|
||||||
(in thousands, except per share data)
|
|||||||
Net revenues
|
$ | 103,200 | $ | 89,719 | |||
Operating expenses:
|
|||||||
Direct operating
|
35,157 | 29,933 | |||||
Selling, general and administrative
|
28,383 | 25,534 | |||||
Amortization of program rights
|
5,219 | 5,328 | |||||
Corporate
|
6,746 | 6,483 | |||||
General operating expenses
|
75,505 | 67,278 | |||||
Depreciation, amortization and other operating expenses (benefits):
|
|||||||
Depreciation
|
6,759 | 6,264 | |||||
Amortization of intangible assets
|
477 | 261 | |||||
(Gain) loss from asset dispositions
|
(1 | ) | 255 | ||||
Operating income
|
20,460 | 15,661 | |||||
Other expense:
|
|||||||
Interest expense, net
|
10,370 | 12,932 | |||||
Share of loss in equity investments
|
91 | 613 | |||||
Gain on derivative instruments
|
- | (620 | ) | ||||
Loss on extinguishment of debt
|
2,099 | 142 | |||||
Other (income) expense, net
|
(13 | ) | 1 | ||||
Total other expense, net
|
12,547 | 13,068 | |||||
Income before provision for income taxes
|
7,913 | 2,593 | |||||
Provision for income taxes
|
2,798 | 982 | |||||
Income from continuing operations
|
5,115 | 1,611 | |||||
Discontinued operations:
|
|||||||
Loss from discontinued operations, net of a loss from the sale of discontinued operations of $372 for the three months ended March 31, 2012 and a benefit from income taxes of $659 and $10 for the three months ended March 31, 2012 and 2011, respectively
|
(1,231 | ) | (25 | ) | |||
Net income
|
3,884 | 1,586 | |||||
Net loss attributable to noncontrolling interests
|
(382 | ) | - | ||||
Net income attributable to LIN TV Corp.
|
$ | 4,266 | $ | 1,586 | |||
Basic income per common share attributable to LIN TV Corp.:
|
|||||||
Income from continuing operations attributable to LIN TV Corp.
|
$ | 0.10 | $ | 0.03 | |||
Loss from discontinued operations, net of tax
|
(0.02 | ) | - | ||||
Net income attributable to LIN TV Corp.
|
$ | 0.08 | $ | 0.03 | |||
Weighted-average number of common shares outstanding used in calculating basic income per common share
|
56,184 | 54,983 | |||||
Diluted income per common share attributable to LIN TV Corp.:
|
|||||||
Income from continuing operations attributable to LIN TV Corp.
|
$ | 0.10 | $ | 0.03 | |||
Loss from discontinued operations, net of tax
|
(0.02 | ) | - | ||||
Net income attributable to LIN TV Corp.
|
$ | 0.08 | $ | 0.03 | |||
Weighted-average number of common shares outstanding used in calculating diluted income per common share
|
57,512 | 56,545 | |||||
LIN TV Corp.
|
|||||||
Consolidated Balance Sheets
|
|||||||
(unaudited)
|
|||||||
March 31,
|
December 31,
|
||||||
2012
|
2011
|
||||||
(in thousands, except share data)
|
|||||||
ASSETS
|
|||||||
Current assets:
|
|||||||
Cash and cash equivalents
|
$ | 12,652 | $ | 18,057 | |||
Restricted cash
|
- | 255,159 | |||||
Accounts receivable, less allowance for doubtful accounts (2012 - $2,539; 2011 - $2,310)
|
85,211 | 91,093 | |||||
Deferred income tax assets
|
6,563 | 4,249 | |||||
Assets held for sale
|
1,523 | 3,253 | |||||
Other current assets
|
6,666 | 6,090 | |||||
Total current assets
|
112,615 | 377,901 | |||||
Property and equipment, net
|
144,790 | 145,429 | |||||
Deferred financing costs
|
11,166 | 12,472 | |||||
Goodwill
|
122,312 | 122,069 | |||||
Broadcast licenses and other intangible assets, net
|
399,194 | 400,081 | |||||
Assets held for sale
|
3,735 | 12,505 | |||||
Other assets
|
10,923 | 11,487 | |||||
Total assets
|
$ | 804,735 | $ | 1,081,944 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' DEFICIT
|
|||||||
Current liabilities:
|
|||||||
Current portion of long-term debt
|
$ | 4,437 | $ | 253,856 | |||
Accounts payable
|
6,754 | 10,972 | |||||
Accrued expenses
|
42,875 | 38,578 | |||||
Program obligations
|
9,659 | 9,892 | |||||
Liabilities held for sale
|
1,516 | 3,719 | |||||
Total current liabilities
|
65,241 | 317,017 | |||||
Long-term debt, excluding current portion
|
587,692 | 614,861 | |||||
Deferred income tax liabilities
|
171,635 | 167,371 | |||||
Program obligations
|
2,828 | 3,874 | |||||
Liabilities held for sale
|
75 | 1,308 | |||||
Other liabilities
|
52,925 | 58,642 | |||||
Total liabilities
|
880,396 | 1,163,073 | |||||
Redeemable noncontrolling interest
|
3,352 | 3,503 | |||||
Stockholders' deficit:
|
|||||||
Class A common stock, $0.01 par value, 100,000,000 shares authorized,
|
|||||||
Issued: 34,707,426 and 34,650,169 shares as of March 31, 2012 and December 31, 2011, respectively
|
|||||||
Outstanding: 32,913,989 and 33,012,351 shares as of March 31, 2012 and December 31, 2011, respectively
|
309 | 309 | |||||
Class B common stock, $0.01 par value, 50,000,000 shares authorized, 23,401,726 shares as of March 31, 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 March 31, 2012 and December 31, 2011, issued and outstanding; convertible into an equal number of shares of class A common stock
|
- | - | |||||
Treasury stock, 1,793,437 and 1,637,818 shares of class A common stock as of March 31, 2012 and December 31, 2011, respectively, at cost
|
(11,227 | ) | (10,598 | ) | |||
Additional paid-in capital
|
1,123,310 | 1,121,589 | |||||
Accumulated deficit
|
(1,153,124 | ) | (1,157,390 | ) | |||
Accumulated other comprehensive loss
|
(38,516 | ) | (38,777 | ) | |||
Total stockholders' deficit
|
(79,013 | ) | (84,632 | ) | |||
Total liabilities, redeemable noncontrolling interest and stockholders' deficit
|
$ | 804,735 | $ | 1,081,944 | |||
LIN TV Corp.
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(unaudited)
|
|||||||
Three Months Ended March 31,
|
|||||||
2012
|
2011
|
||||||
(in thousands)
|
|||||||
OPERATING ACTIVITIES:
|
|||||||
Net income
|
$ | 3,884 | $ | 1,586 | |||
Loss from discontinued operations
|
1,231 | 25 | |||||
Adjustment to reconcile net income to net cash provided by operating activities:
|
|||||||
Depreciation
|
6,759 | 6,264 | |||||
Amortization of intangible assets
|
477 | 261 | |||||
Amortization of financing costs and note discounts
|
561 | 1,029 | |||||
Amortization of program rights
|
5,219 | 5,328 | |||||
Program payments
|
(5,572 | ) | (6,200 | ) | |||
Loss on extinguishment of debt
|
871 | 142 | |||||
Gain on derivative instruments
|
- | (620 | ) | ||||
Share of loss in equity investments
|
91 | 613 | |||||
Deferred income taxes, net
|
2,606 | 850 | |||||
Stock-based compensation
|
1,548 | 1,557 | |||||
(Gain) loss from asset dispositions
|
(1 | ) | 255 | ||||
Other, net
|
436 | 198 | |||||
Changes in operating assets and liabilities:
|
|||||||
Accounts receivable
|
5,882 | 7,362 | |||||
Other assets
|
(1,250 | ) | (5,029 | ) | |||
Accounts payable
|
(4,218 | ) | (201 | ) | |||
Accrued interest expense
|
1,798 | 11,061 | |||||
Other liabilities and accrued expenses
|
(2,665 | ) | (2,211 | ) | |||
Net cash provided by operating activities, continuing operations
|
17,657 | 22,270 | |||||
Net cash used in operating activities, discontinued operations
|
(1,140 | ) | (176 | ) | |||
Net cash provided by operating activities
|
16,517 | 22,094 | |||||
INVESTING ACTIVITIES:
|
|||||||
Capital expenditures
|
(5,450 | ) | (2,607 | ) | |||
Change in restricted cash
|
255,159 | - | |||||
Proceeds from the sale of assets
|
- | 40 | |||||
Payments on derivative instruments
|
- | (644 | ) | ||||
Shortfall loans to joint venture with NBCUniversal
|
(595 | ) | - | ||||
Net cash provided by (used in) investing activities, continuing operations
|
249,114 | (3,211 | ) | ||||
Net cash provided by investing activities, discontinued operations
|
6,314 | - | |||||
Net cash provided by (used in) investing activities
|
255,428 | (3,211 | ) | ||||
FINANCING ACTIVITIES:
|
|||||||
Net proceeds on exercises of employee and director stock-based compensation
|
173 | 290 | |||||
Principal payments on long-term debt
|
(276,695 | ) | (3,978 | ) | |||
Payment of long-term debt issue costs
|
(199 | ) | (68 | ) | |||
Treasury stock purchased
|
(629 | ) | - | ||||
Net cash used in financing activities
|
(277,350 | ) | (3,756 | ) | |||
Net (decrease) increase in cash and cash equivalents
|
(5,405 | ) | 15,127 | ||||
Cash and cash equivalents at the beginning of the period
|
18,057 | 11,648 | |||||
Cash and cash equivalents at the end of the period
|
$ | 12,652 | $ | 26,775 | |||