Television broadcasting company Sinclair Broadcast Group Inc. said Wednesday its third-quarter profit increased 47 percent, helped by lower taxes and expenses.
But revenue dropped as advertisers spent less at both the local and national levels.
Sinclair owns, operates or provides services to 58 television stations in 35 markets, reaching more than a fifth of U.S. television households.
“We have started to see signs that perhaps the worst of the recession is over,” said Sinclair’s chief financial officer, David Amy, in a statement. “Advertisers are beginning to buy with longer lead times and declines in the core business are getting smaller.”
Its shares fell 23 cents, or 5.7 percent, to $3.81 in afternoon trading.
Its earnings rose to $14.9 million, or 19 cents per share, in the three months ended Sept. 30 from $10.2 million, or 12 cents per share, a year ago.
Revenue fell 10 percent to $160.1 million from $178.2 million in the year-ago quarter. Local advertising revenue excluding political ad spending, which makes up the bulk of Sinclair’s revenue, fell 13 percent. More…