BancBoston Robertson Stephens Suspends Estimates, Maintains Long-Term Attractive Rating on SBGI.

SAN FRANCISCO--(BUSINESS WIRE)--Sept. 22, 1999--

BancBoston Robertson Stephens broadcasting analyst William M. Meyers today suspended his estimates, while maintaining his Long-Term Attractive rating on Sinclair Broadcasting Group (NASDAQ:SBGI).

Sinclair is one of the largest independent television-broadcast groups in the country.

"We are suspending our estimates, while maintaining our Long-Term Attractive rating on Sinclair following the company's pre-announcement of disappointing third-quarter 1999 financial results," said Meyers. "With the company trading at 10.2 times recently lowered 2000 EBITDA estimates of $338 million and above the company's organic-growth-rate of 7 to 9 percent, we believe the shares are not an attractive investment opportunity at this time."

"While early in the planning process, the company appears comfortable with 2000 pro-forma revenue growth in the 8 percent vicinity (in-line with TVB estimates), however, an expansion in sales, management and incentive programs should moderate BCF growth to the mid-single digits," said Meyers.

"Given lackluster 1999 performance, a healthy economic outlook, political spending (national and local elections) and Olympic expenditures, we expected Sinclair to generate at least double-digit BCF growth in 2000," said Meyers. "As such, BCF margins are expected to contract to 47 to 48 percent in 2000 from just under 50 percent in 1999."

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