Dec
30
2011

FOR IMMEDIATE RELEASE

BARRINGTON BROADCASTING ANNOUNCES COMPLETION OF TENDER OFFER FOR ITS 10 1/2% SENIOR SUBORDINATED NOTES DUE 2014

Schaumburg, IL, December 30, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today the completion of its previously announced cash tender offer for all of its outstanding 10 ½% Senior Subordinated Notes due 2014 (the “Notes”) and related consent solicitation with respect to certain proposed amendments to the indenture (the “Indenture”) governing the Notes (the “Proposed Amendments”). The tender offer and the related consent solicitation (the “Offer”) expired at 11:59 p.m., New York City time, on December 29, 2011 (the “Expiration Date”).

As previously announced, Barrington received tenders and consents for the Proposed Amendments from the holders of approximately $50,890,000 (approximately 92.63%) aggregate principal amount of the outstanding Notes prior to the early tender deadline of 5:00 p.m., New York City time, on December 13, 2011 (the “Early Tender Deadline”). On the first settlement date, December 14, 2011, Barrington accepted and paid $1,030 per $1,000 principal amount for all such Notes tendered prior to the Early Tender Deadline plus interest on such Notes through but excluding the first settlement date, and on such date, a supplement to the Indenture giving effect to the Proposed Amendments became effective. After the Early Tender Deadline, but prior to the Expiration Date, no additional Notes were tendered. Barrington expects to redeem any and all Notes that remain outstanding after the Expiration Date.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer was made pursuant to the Offer to Purchase and Consent Solicitation Statement, dated November 30, 2011, as amended by that certain press release of Barrington entitled “Barrington Broadcasting Amends Tender Offer for Its 10 ½% Senior Subordinated Notes due 2014” and a related Consent and Letter of Transmittal, copies of which were delivered to all noteholders. Persons with questions regarding the Offer should contact the Dealer Manager and Solicitation Agent, BofA Merrill Lynch, at (888) 292-0070 (toll-free) or (646) 855-3401 (collect), or the Information Agent, D.F. King & Co., Inc., at (212) 269-5550 for banks, and brokers and all other calls at toll-free: (800) 488-8095.

About Barrington

arrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Dec
13
2011

FOR IMMEDIATE RELEASE

 

Barrington Announces Execution of Supplemental Indenture in Connection with its Tender Offer and Consent Solicitation for its 10 1/2% Senior Subordinated Notes Due 2014 

Schaumburg, IL, December 13, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today that, as of 5:00 p.m., New York City time, on December 13, 2011, approximately $50,890,000 in aggregate principal amount of its 10 1/2% Senior Subordinated Notes due 2014 (CUSIP No. 06851T AB 9) (the “Notes”) (or approximately 92.63% of the outstanding Notes) had been tendered in connection with its previously announced tender offer and consent solicitation for all of the Notes (the “Offer”).

Barrington also announced that it has executed a supplemental indenture effecting certain amendments to the indenture under which the Notes were issued (the “Indenture”), which amendments, among other things, eliminate most of the restrictive covenants and amend certain other provisions contained in the Indenture, in each case, as such covenants and other provisions apply to the Notes (collectively, the “Proposed Amendments”).  The Proposed Amendments will not become operative unless and until all Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (as defined below) are accepted for purchase by Barrington.

In addition, pursuant to the terms of the Offer, as of 5:00 p.m., New York City time, on December 13, 2011, the (i) withdrawals of tendered Notes and revocation of related consents to the Proposed Amendments are no longer permitted and (ii) the early tender deadline expired, which was the date by which tenders of Notes and related consents to the Proposed Amendments had to be made in order to receive the early consent premium/consent payment of $30 per $1,000 principal amount of the Notes pursuant to the Offer (the “Early Tender Deadline”).  

Assuming that the conditions to the Offer are satisfied or waived, payment for the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline is expected to occur on December 14, 2011. 

The Offer will expire at 11:59 p.m., New York City time, on December 29, 2011, unless extended. The purchase price for Notes that are validly tendered after the Early Tender Deadline but at or prior to the Expiration Date will be equal to $1,000 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the applicable payment date.  Payment for the Notes validly tendered after the Early Tender Deadline but at or prior to the Expiration Date will occur promptly after the Expiration Date.

Barrington expects to redeem any and all Notes that remain outstanding following consummation of the Offer. 

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes.  The Offer is being made pursuant to the Offer to Purchase and Consent Solicitation Statement and related materials, copies of which will be delivered to all noteholders.  Persons with questions regarding the Offer should contact the Dealer Manager and Solicitation Agent, BofA Merrill Lynch, at (888) 292-0070 (toll-free) or (646) 855-3401 (collect), or the Information Agent, D.F. King & Co., Inc., at (212) 269-5550 for banks, and brokers and all other calls at toll-free: (800) 488-8095.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Dec
7
2011

BARRINGTON BROADCASTING AMENDS TENDER OFFER FOR ITS 10 1/2% SENIOR SUBORDINATED NOTES DUE 2014

Schaumburg, IL, December 7, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today that it has amended its previously announced cash tender offer for all of its outstanding 10 ½% Senior Subordinated Notes due 2014 (the “Notes”) (CUSIP No. 06851T AB 9) and related consent solicitation with respect to certain proposed amendments to the indenture (the “Indenture”) governing the Notes (the “Proposed Amendments’).  The tender offer and consent solicitation (the “Offer”) were made pursuant to an Offer to Purchase and Consent Solicitation Statement (“the Offer to Purchase”) and a related Consent and Letter of Transmittal, each dated as of November 30, 2011. 

Pursuant to the Indenture and the terms of the Offer, Barrington must receive consents from holders of at least a majority in aggregate principal amount of outstanding Notes to amend and supplement the Indenture to give effect to the Proposed Amendments (the “Required Consents”).  Promptly following the receipt of the Required Consents, a supplemental indenture to the Indenture would be executed (the “Second Supplemental Indenture”) to give effect to the Proposed Amendments. However, the terms of the Offer currently provide that the Proposed Amendments would not become operative unless and until validly tendered Notes are purchased pursuant to the Offer. The Offer and the Offer to Purchase are hereby amended to provide that, and the Second Supplemental Indenture will provide that, the Proposed Amendments will not become operative unless and until all Notes that were validly tendered and not validly withdrawn prior to the Early Tender Deadline (as defined in the Offer to Purchase) are accepted for purchase by Barrington. 

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes.  The Offer is being made pursuant to the Offer to Purchase and related materials, copies of which will be delivered to all noteholders.  Persons with questions regarding the Offer should contact the Dealer Manager and Solicitation Agent, BofA Merrill Lynch, at (888) 292-0070 (toll-free) or (646) 855-3401 (collect), or the Information Agent, D.F. King & Co., Inc., at (212) 269-5550 for banks, and brokers and all other calls at toll-free: (800) 488-8095.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Nov
30
2011

BARRINGTON BROADCASTING ANNOUNCES TENDER OFFER FOR ITS 10 1/2% SENIOR SUBORDINATED NOTES DUE 2014

Schaumburg, IL, November 30, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today the commencement of a cash tender offer for all of its outstanding 10 ½% Senior Subordinated Notes due 2014 (the “Notes”) (CUSIP No. 06851T AB 9).  In conjunction with the tender offer, Barrington is soliciting consents from holders of the Notes to effect certain proposed amendments to the indenture governing the Notes.  The tender offer and consent solicitation (the “Offer”) are being made pursuant to an Offer to Purchase and Consent Solicitation Statement and a related Consent and Letter of Transmittal, each dated as of November 30, 2011.  The Offer will expire at 11:59 p.m., New York City time, on December 29, 2011, unless extended (the “Expiration Date”).

Holders who validly tender their Notes and provide their consents to the proposed amendments to the indenture governing the Notes prior to the early tender deadline of 5:00 p.m., New York City time, on December 13, 2011, unless extended (the “Early Tender Deadline”), shall receive total consideration equal to $1,030 per $1,000 principal amount of the Notes, which includes an early tender premium/consent payment of $30 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the applicable payment date. 

The purchase price for Notes that are validly tendered after the Early Tender Deadline but on or prior to the Expiration Date will be equal to $1,000 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the applicable payment date.  Holders of Notes tendered after the Early Tender Deadline will not receive the early tender premium/consent payment.

Upon receipt of the consent of the holders of a majority in aggregate principal amount of the outstanding Notes, Barrington will execute a supplemental indenture effecting the proposed amendments to the indenture governing the notes.  Except in certain circumstances, Notes tendered and consents delivered may not be withdrawn or revoked after execution of the supplemental indenture.

Among other things, the proposed amendments to the indenture governing the Notes would eliminate most of the indenture’s restrictive covenants and would amend certain other provisions contained in the indenture, in each case, as such covenants and other provisions apply to the Notes.  Holders who tender their Notes will be required to consent to the proposed amendments and holders may not deliver consents to the proposed amendments without tendering their Notes in the Offer. 

The Offer is being made in connection with a proposed refinancing of indebtedness of, or guaranteed by, Barrington as follows (collectively, the “Financing Transactions): (i) Barrington entering into a new $195 million senior secured Barrington credit facility, (ii) SagamoreHill of Carolina, LLC and SagamoreHill of Carolina Licenses, LLC (collectively, “SagamoreHill”), which owns station WWMB and the Federal Communications Commission (“FCC”) license associated therewith, a station Barrington programs, entering into a new approximate $2.3 million senior secured SagamoreHill credit facility, which will be guaranteed on a senior secured basis by Barrington; (iii) Tucker Broadcasting of Traverse City, Inc. (“Tucker”), which owns stations WGTU and WGTQ and the FCC licenses associated therewith, which are stations that Barrington programs, entering into a new approximate $6.8 million senior secured Tucker credit facility, which will be guaranteed on a senior secured basis by Barrington; and (iv) Barrington, SagamoreHill and Tucker repaying all outstanding obligations under their existing credit facilities and terminating each such facility. 

The Offer is subject to several conditions, including, among other things: the completion of the Financing Transactions and receipt of the requisite consents and execution of the supplemental indenture.  Barrington may amend, extend or terminate the Offer in its sole discretion.

Any Notes purchased pursuant to the Offer will be cancelled, and those Notes will cease to be outstanding. Assuming that the conditions to the Offer are satisfied or waived, payment for the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline is expected to be during the week of December 19, 2011.  Payment for the Notes validly tendered and not validly withdrawn at or prior to the Expiration Date will occur promptly after the Expiration Date.

Barrington expects to redeem any and all Notes that remain outstanding following consummation of the Offer. 

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes.  The Offer is being made pursuant to the Offer to Purchase and Consent Solicitation Statement and related materials, copies of which will be delivered to all noteholders.  Persons with questions regarding the Offer should contact the Dealer Managers and Solicitation Agents, Banc of America Securities LLC, at (888) 292-0070 (toll-free) or (646) 855-3401 (collect), or the Information Agent, D.F. King & Co., Inc., at (212) 269-5550 for banks and brokers and all other calls at toll-free: (800) 488-8095.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Nov
28
2011

BARRINGTON BROADCASTING ANNOUNCES AVAILABILITY OF CURRENT REPORT ON ITS WEBSITE

Schaumburg, IL (November 28, 2011) – Barrington Broadcasting Group LLC (“Barrington”) and Barrington Broadcasting Capital Corporation (“Capital Corp.” and, together with Barrington, the “Issuers”) announced today that a current report has been posted on the company website (www.barringtontv.com).  The current report is being furnished pursuant to the Indenture governing the Issuers’ 10½% Senior Subordinated Notes due 2014 (the “Notes”).

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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.

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Nov
7
2011

BARRINGTON REPORTS THIRD QUARTER OPERATING RESULTS

Schaumburg, IL, November 7, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months and nine months ended September 30, 2011.  Highlights are as follows: 

  • Gross revenues for the quarter ended September 30, 2011 decreased 5.6% to $31.9 million from $33.8 million for the quarter ended September 30, 2010.  The decrease was primarily due to a decrease in political revenues of $3.5 million to $0.3 million.  Local revenues increased $1.2 million, or 7.0%, to $18.9 million, and national revenues increased $0.5 million, or 6.8%, to $7.1 million.  Retransmission revenues increased $0.3 million, or 16.1%, to $2.5 million.  Other revenues decreased $0.5 million, or 12.7%, to $3.1 million.  

  

  • Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended September 30, 2011 decreased 4.8%, or $1.4 million, to $27.4 million from $28.8 million for the quarter ended September 30, 2010. 

 

  • Operating expenses for the quarter ended September 30, 2011, not including depreciation and amortization, increased $1.0 million, or 5.3%, to $19.6 million from $18.6 million for the quarter ended September 30, 2010.   The increase was primarily due to increased sales commissions and programming fees.

 

  • Broadcast Cash Flow (as defined herein) for the quarter ended September 30, 2011 decreased 20.5% to $9.1 million from $11.5 million for the quarter ended September 30, 2010. 

 

  • Gross revenues for the nine months ended September 30, 2011 increased 0.5% to $98.0 million from $97.5 million for the nine months ended September 30, 2010.  The increase was primarily due to an increase in local revenues of $3.1 million, or 5.7%, to $58.0 million, and an increase in national revenues of $1.2 million, or 6.1%, to $21.4 million.  Political revenues decreased $4.7 million to $1.1 million.  Retransmission revenues increased $1.2 million, or 19.7%, to $7.4 million, and other revenues decreased $0.3 million, or 3.3%, to $10.1 million.

 

  • Net revenues (gross revenues less agency commissions and other direct costs) for the nine months ended September 30, 2011 increased 0.9%, or $0.8 million, to $84.3 million from $83.5 million for the nine months ended September 30, 2010. 

 

  • Operating expenses for the nine months ended September 30, 2011, not including depreciation and amortization, increased $0.9 million, or 1.6%, to $58.1 million from $57.2 million for the quarter ended September 30, 2010.   

 

  • Broadcast Cash Flow for the nine months ended September 30, 2011 decreased 4.0% to $29.8 million from $31.1 million for the nine months ended September 30, 2010

 

“Our continued focus on local sales combined with national and retransmission revenue growth produced positive results this quarter.  We continue to be committed to the Company’s three key priorities of re-engineering of our station-level operations, development of direct local sales strategies, and the growth of the stations’ local digital platforms”, said K. James Yager, Chief Executive Officer of Barrington Broadcasting.

Conference Call

 As previously announced, Barrington will host a conference call to discuss its third quarter results at 3:00 PM (ET) on Monday, November 7, 2011.  The dial-in information for the earnings call is as follows: 1-877-941-1467. A telephonic replay of the earnings call will be available beginning on November 7, 2011 at 5:00 PM (ET) and remain available for 30 days. To access the replay, call 1-800-406-7325 (domestic callers) or 303-590-3030 (international callers) and enter access code 4480216#.

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, 2011 which will be posted on Barrington’s website (www.barringtontv.com) on November 11, 2011.  Barrington’s results for the quarter ended September 30, 2011 are subject to the completion of its quarterly report for such period.

Non-GAAP Financial Measures

Broadcast Cash Flow, EBITDA 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) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with 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 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.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of November 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

 Click here for financial information

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Oct
28
2011

BARRINGTON BROADCASTING GROUP LLC TO RELEASE 2011 THIRD QUARTER RESULTS

Hoffman Estates, IL, October 28, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the quarter ended September 30, 2011 on November 7, 2011.  Barrington will hold its earnings conference call at 3:00 PM (ET) on Monday, November 7, 2011. 

The dial-in information for the earnings call is as follows: 1-877-941-1467.  A telephonic replay of the earnings call will be available beginning on November 7, 2011 at 5:00 PM (ET) and remain available for 30 days. To access the replay please dial 800-406-7325 (domestic callers) or 303-590-3030 (international callers). The access code is 4480216#.

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.

Barrington will post its quarterly report for the quarter ended September 30, 2011 on the company website (www.barringtontv.com) on November 11, 2011.  The quarterly report is being furnished pursuant to the Indenture governing the 10½% Senior Subordinated Notes due 2014 (the “Notes”) co-issued by Barrington and Barrington Broadcasting Capital Corporation.  Barrington will post a current report containing the earnings release and a transcript of the earnings call on the company website on November 9, 2011.

About Barrington:

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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.

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel      847 884 1877
Fax     847 755 3045
Email   wspector@barringtontv.com
Web    www.barringtontv.com

Aug
8
2011

BARRINGTON REPORTS SECOND QUARTER OPERATING RESULTS

Barrington Broadcasting 2nd Quarter Results

Hoffman Estates, IL, August 8, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months and six months ended June 30, 2011.  Highlights are as follows: 

  • Gross revenues for the quarter ended June 30, 2011 increased 4.3% to $34.2 million from $32.7 million for the quarter ended June 30, 2010.  The increase was primarily due to an increase in local revenues of $1.5 million, or 8.0%, to $20.5 million.  National revenues were unchanged at $7.0 million for the quarter, and political revenues decreased $0.6 million to $0.4 million.  Retransmission revenues increased $0.5 million, or 23.0%, to $2.5 million.  Other revenues increased $0.1 million, or 1.7%, to $3.7 million.    

 

  •  Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended June 30, 2011 increased 4.7%, or $1.3 million, to $29.4 million from $28.1 million for the quarter ended June 30, 2010. 

 

  • Operating expenses for the quarter ended June 30, 2011, not including depreciation and amortization, increased 0.4%, or $0.1 million, to $19.1 million from $19.0 million for the quarter ended June 30, 2010.   

 

  • Broadcast Cash Flow (as defined herein) for the quarter ended June 30, 2011 increased 5.6% to $11.4 million from $10.8 million for the quarter ended June 30, 2010. 

 

  • Gross revenues for the six months ended June 30, 2011 increased 3.7% to $66.1 million from $63.7 million for the six months ended June 30, 2010.  The increase was primarily due to an increase in local revenues of $1.9 million, or 5.0%, to $39.1 million and an increase in national revenues of $0.8 million, or 5.8%, to $14.3 million.  Political revenues decreased $1.3 million to $0.8 million.  Retransmission revenues increased $0.9 million, or 21.6%, to $5.0 million, and other revenues increased $0.1 million, or 1.7%, to $7.0 million.

 

  • Net revenues (gross revenues less agency commissions and other direct costs) for the six months ended June 30, 2011 increased 4.0%, or $2.2 million, to $56.8 million from $54.7 million for the six months ended June 30, 2010. 

 

  • Operating expenses for the six months ended June 30, 2011, not including depreciation and amortization, were unchanged at $38.5 million.   

 

  • Broadcast Cash Flow for the six months ended June 30, 2011 increased 5.7% to $20.7 million from $19.6 million for the six months ended June 30, 2010

 “Our continued focus on local sales produced sales that more than offset the slowdown in national sales during the quarter as well as the decrease in political revenues from 2010.  We remain committed to the Company’s three key priorities of re-engineering of our station-level operations, development of direct local sales strategies, and the growth of the stations’ local digital platforms.  Our focus on these areas contributed to record second quarter Broadcast Cash Flow results,” said K. James Yager, Chief Executive Officer of Barrington Broadcasting. 

Conference Call

As previously announced, Barrington will host a conference call to discuss its second quarter results at 3:00 PM (ET) on Tuesday, August 9, 2011.  The dial-in information for the earnings call is as follows: 1-877-941-1467.  A telephonic replay of the earnings call will be available beginning on August 9, 2011 at 5:00 PM (ET) and remain available for 30 days. To access the replay, call 1-800-406-7325 (domestic callers) or 303-590-3030 (international callers) and enter access code 4459735#.

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 June 30, 2011 which will be posted on Barrington’s website (www.barringtontv.com) on August 12, 2011.  Barrington’s results for the quarter ended June 30, 2011 are subject to the completion of its quarterly report for such period. 

Non-GAAP Financial Measures 

Broadcast Cash Flow, EBITDA 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) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with 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 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.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of August 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website.  These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com

Jul
29
2011

BARRINGTON BROADCASTING GROUP LLC TO RELEASE 2011 SECOND QUARTER RESULTS

Hoffman Estates, IL, July 29, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the quarter ended June 30, 2011 on August 8, 2011.  Barrington will hold its earnings conference call at 3:00 PM (ET) on Tuesday, August 9, 2011. 

The dial-in information for the earnings call is as follows: 1-877-941-1467.  A telephonic replay of the earnings call will be available beginning on August 9, 2011 at 5:00 PM (ET) and remain available for 30 days. To access the replay please dial 800-406-7325 (domestic callers) or 303-590-3030 (international callers). The access code is 4459735#.

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.

Barrington will post its quarterly report for the quarter ended June 30, 2011 on the company website (www.barringtontv.com) on August 12, 2011.  The quarterly report is being furnished pursuant to the Indenture governing the 10½% Senior Subordinated Notes due 2014 (the “Notes”) co-issued by Barrington and Barrington Broadcasting Capital Corporation.  Barrington will post a current report containing the earnings release and a transcript of the earnings call on the company website on August 11, 2011.

About Barrington:

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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.

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel      847 884 1877
Fax     847 755 3045
Email   wspector@barringtontv.com
Web    www.barringtontv.com

May
9
2011

BARRINGTON REPORTS FIRST QUARTER OPERATING RESULTS

Barrington Broadcasting 1st Qtr 2011 Results

Hoffman Estates, IL, May 9, 2011 – Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months ended March 31, 2011.  Highlights are as follows:  

  • Gross revenues for the quarter ended March 31, 2011 increased 3.1% to $31.9 million from $31.0 million for the quarter ended March 31, 2010.  The increase was primarily due to increases in national revenues which increased $0.8 million, or 12.4%, to $7.3 million, and local revenues which increased $0.4 million, or 1.9%, to $18.6 million.  Political revenues decreased $0.6 million, or 61.5%, to $0.4 million.   Retransmission revenues increased $0.4 million, or 20.3%, to $2.4 million, and other revenues increased $0.1 million, or 1.6%, to $3.3 million for the quarter.

 

  • Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended March 31, 2011 increased 3.2% to $27.4 million from $26.6 million for the quarter ended March 31, 2010.

 

  • Operating expenses for the quarter ended March 31, 2011, not including depreciation and amortization, decreased 0.9%, or $0.2 million, to $19.3 million from $19.5 million for the quarter ended March 31, 2010 primarily as a result of reduced severance paid out during the quarter as well as a reduction in outside and professional fees and bad debt expense.

 

  • Broadcast Cash Flow (as defined herein) for the quarter ended March 31, 2011 increased 5.8% to $9.3 million from $8.8 million for the quarter ended March 31, 2010.

 

“The strength and momentum in national sales more than offset the decrease in political revenues from 2010.  We continue to focus and remain committed to the Company’s three key priorities of re-engineering of our station-level operations, development of direct local sales strategies, and the growth of the stations’ local digital platforms.  Our focus on these areas contributed to record first quarter Broadcast Cash Flow results,” said K. James Yager, Chief Executive Officer of Barrington Broadcasting.

 

Conference Call

As previously announced, Barrington will host a conference call to discuss its first quarter results at 11:00 AM (ET) on Tuesday, May 10, 2011.  The dial-in information for the earnings call is as follows: 1-877-941-1467.  A telephonic replay of the earnings call will be available beginning on May 10, 2011 at 1:00 PM (ET) and remain available for 30 days. To access the replay, call 1-800-406-7325 (domestic callers) or 1-303-590-3030 (international callers) and enter access code 4436710#.

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 March 31, 2011 which will be posted on Barrington’s website (www.barringtontv.com) on May 13, 2011. Barrington’s results for the quarter ended March 31, 2011 are subject to the completion of its quarterly report for such period.

Non-GAAP Financial Measures

Broadcast Cash Flow, EBITDA 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) and should not be considered in isolation from or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with 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 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.  Barrington currently owns, operates, or supports the operations of twenty four network affiliated television stations.  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 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.  Such factors include those risks described from time to time in Barrington’s quarterly reports and annual reports which are furnished pursuant to the Indenture dated as of August 11, 2006, by and among Barrington, Barrington Broadcasting Capital Corporation, the guarantors named therein, and U.S. Bank National Association, as trustee, as amended, and which are posted on Barrington’s website. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements.  Barrington does not undertake to update any forward-looking statements in this press release or with respect to matters described herein. 

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel       847 884 1877
Fax      847 755 3045
Email   wspector@barringtontv.com