Barrington Reports Third Quarter Operating Results.HOFFMAN ESTATES Hoffman Estates A village of northeast Illinois, a suburb of Chicago. Population: 49,700. , Ill. -- Barrington Broadcasting Barrington Broadcasting Company, LLC (best known as Barrington Broadcasting), headquartered in Hoffman Estates, Illinois is an entity wholly focused on broadcast television. The company's assets mainly consist of television stations in middle and small sized markets. Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Barrington Barrington, town (1990 pop. 15,849), Bristol co., E R.I., on the Barrington River; settled c.1670, included in Massachusetts until 1746, inc. 1770. It is a residential and resort area. Barrington College is there. ") announced today its financial results for the three months ended September September: see month. 30, 2006 and for the nine months ended September 30, 2006. Highlights of Barrington's proforma Proforma A financial projection based on assumptions. combined financial results for the third quarter include: * proforma gross revenues for the quarter ended September 30, 2006 increased 11.3% to $33.1 million from $29.7 million for the quarter ended September 30, 2005. The increase was primarily due to an increase in political revenues for the quarter of $3.1 million. Political revenues for the quarter ended September 30, 2006 were approximately $3.3 million. Local revenues increased 2.2% to $17.8 million and national revenues increased 1.4% to $9.6 million for the quarter ended September 30, 2006 * proforma net revenues (gross revenues less agency commissions and other direct costs) for the quarter increased 9.8% to $28.1 million from $25.6 million for the quarter ended September 30, 2005. * proforma operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter, not including depreciation and amortization, increased $1.0 million, or 5.6%, to $19.8 million. The increase was primarily due to an increase in utilities, outside news expenses, sales salaries and commissions, and repairs and maintenance. * proforma Broadcast Cash Flow (as defined herein) for the quarter increased 16.1% to $9.0 million from $7.8 million for the quarter ended September 30, 2005. * proforma gross revenues for the nine months ended September 30, 2006 increased 9.9% to $99.1 million from $90.2 million for the quarter ended September 30, 2005. The increase was due to an increase in political revenues for the period of $5.1 million as well as an increase in local revenues of $4.1 million, or 7.9%, to $56.0 million. National revenues increased 2.9% for the nine month period to $30.3 million. Political revenues for the nine months ended September 30, 2006 were approximately $5.8 million. * proforma net revenues for the nine months ended September 30, 2006 increased 9.3% to $84.6 million from $77.4 million for the quarter ended September 30, 2005. * proforma operating expenses for the nine months ended September 30, 2006, not including depreciation and amortization, increased $3.1 million, or 5.6%. The increase was primarily due to increases in utilities, outside news expenses, sales salaries and commissions, and scheduled payroll increases. * proforma Broadcast Cash Flow for the nine months ended September 30, 2006 increased 15.9% to $28.2 million from $24.3 million for the nine months ended September 30, 2005. For more information regarding this pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the attachments to this press release. Highlights of Barrington's actual combined financial results for the third quarter include: * For the quarter ended September 30, 2006, gross revenues increased to $24.3 million from $8.1 million for the quarter ended September 30, 2005. Net revenues for the quarter increased to $20.6 million from $6.9 million for the quarter ended September 30, 2005. Operating expenses, not including depreciation and amortization, increased for the quarter to $14.7 million from $5.1 million for the quarter ended September 30, 2005. Broadcast Cash Flow increased for the quarter to $7.5 million from $2.1 million for the quarter ended September 30, 2005. The increases were primarily due to acquisitions completed in the latter part of 2005 and the first quarter of 2006, and the Raycom stations acquisition in August 2006. * For the nine months ended September 30, 2006, gross revenues increased to $47.3 million from $20.4 million for the nine months ended September 30, 2005. Net revenues for the nine months ended September 30, 2006 increased to $39.9 million from $17.3 million for the nine months ended September 30, 2005. Operating expenses, not including depreciation and amortization, increased to $29.2 million for the nine months ended September 30, 2006 from $13.7 million for the nine months ended September 30, 2005. The increases were primarily due to acquisitions completed in the latter part of 2005 and the first quarter of 2006, and the Raycom stations acquisition in August 2006. K. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Yager Ya´ger n. 1. (Mil.) In the German army, one belonging to a body of light infantry armed with rifles, resembling the chasseur of the French army. , Chief Executive Officer, commented that "our combined station results were as we expected for the nine month period. The political spending occurred later than we expected, but we expect our 4th quarter and year to finish strong as political revenues through the election cycle exceeded our expectations". Conference Call As previously announced, Barrington will host a conference call to discuss its third quarter results at 11:00 AM (EST EST electroshock therapy. EST abbr. electroshock therapy ) on Tuesday, November 14, 2006. The dial-in information for the earnings call is as follows: 1-800-218-8862. A telephonic replay of the earnings call will be available beginning on November 14, 2006 at 1:00 PM (EST) and remain available for 30 days. To access the replay, call 1-800-405-2236 (domestic callers) or 1-303-590-3000 (international callers) and enter access code 11075188#. During the conference call, representatives of Barrington may discuss and answer one or more questions concerning Barrington's business and financial matters. The responses to these questions, as well as other matters discussed during the call, may contain information that has not been previously disclosed. Quarterly Report The information in this press release should be read in conjunction with the financial statements and footnotes contained in Barrington's quarterly report for the quarter ended September 30, 2006 which will be posted on the company website (www.barringtontv.com) on November 14, 2006. Non-GAAP Financial Measures Broadcast Cash Flow, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become and Adjusted EBITDA (each as defined in the attachments to this press release) are non-GAAP financial measures (i.e., they are not measures of financial performance under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . Broadcast Cash Flow, EBITDA and Adjusted EBITDA, as used herein, are not necessarily comparable to similarly titled measures of other companies. For definitions of and additional information regarding Broadcast Cash Flow, EBITDA and Adjusted EBITDA and a reconciliation of such measures to the most comparable measures calculated in accordance with GAAP, please see the attachments to this press release. Broadcast Cash Flow, EBITDA and Adjusted EBITDA are measures commonly used by financial analysts in evaluating performance of companies, including broadcast companies. Accordingly, Barrington believes that Broadcast Cash Flow, EBITDA and Adjusted EBITDA may be useful in assessing Barrington's operating performance and its ability to meet its debt service requirements. Barrington also believes that these measures allow a standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. comparison between companies in the broadcast industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies. About Barrington Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Barrington currently owns and operates twenty network affiliated televisions stations and operates a twenty first station under a local marketing agreement. Barrington is owned and controlled by Pilot Group, with management as its partner. Pilot Group is a non-traditional private investment firm founded in 2003 by a group of operating executives who actively help its management partners achieve their goals. Forward Looking Statements The statements in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. These risks and uncertainties include, but are not limited to, uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our significant amount of debt, our ability to maintain our network affiliations, our ability to generate advertising revenues, cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. or other trends in advertising spending, the regulatory environment for our industry, competition in our markets and our ability to integrate the acquisition of television stations from Raycom Media Raycom Media is a broadcasting company based in Montgomery, Alabama. History Although Raycom dates its birth to 1996, the core of the company was formed in 1992 when Atlanta native Bert Ellis formed Ellis Communications. , Inc. and certain of its subsidiaries and achieve certain cost savings. Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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