Aug
13
2007

Barrington Reports Second Quarter Operating Results

August 13, 2007, 2006 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months ended June 30, 2007 and for the six months ended June 30, 2007.

Barrington’s consolidated financial results for the three and six months ended June 30, 2007 are presented below. The financial results for the comparative prior year periods are presented on a pro forma basis as if all acquisitions completed in 2006 were completed on January 1, 2006. Highlights are as follows:

  • Gross revenues for the quarter ended June 30, 2007 decreased 1.8% to $34.2 million from $34.8 million for the quarter ended June 30, 2006. The decrease was primarily due to decreases in national revenues as well as political revenues. National revenues decreased 6.3%, or $0.7 million, to $10.2 million. Political revenues decreased $1.2 million to $0.2 million for the quarter ended June 30, 2007. Local revenues increased $1.1 million, or 5.7%, to $21.2 million.
  • Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended June 30, 2007 decreased 2.4% to $29.1 million from $29.8 million for the quarter ended June 30, 2006.
  • Operating expenses for the quarter ended June 30, 2007, not including depreciation and amortization, decreased 2.3%, to $20.2 million from $20.7 million for the quarter ended June 30, 2006.
  • Broadcast Cash Flow for the quarter ended June 30, 2007 was unchanged at $10.4 million from the quarter ended June 30, 2006.
  • Gross revenues for the six months ended June 30, 2007 decreased 2.1% to $64.7 million from $66.1 million for the six months ended June 30, 2006. The decrease was primarily due to decreases in national revenues as well as political revenues. National revenues decreased 7%, or $1.4 million, to $19.2 million. Political revenues decreased $2 million to $0.4 million for the six months ended June 30, 2007. Local revenues increased $2.1 million, or 5.6%, to $40.3 million.
  • Net revenues (gross revenues less agency commissions and other direct costs) for the six months ended June 30, 2007 decreased 2.5% to $55.1 million from $56.5 million for the six months ended June 30, 2006.
  • Operating expenses for the six months ended June 30, 2007, not including depreciation and amortization, decreased 1.2%, to $40.5 million from $41.1 million for the six months ended June 30, 2006.
  • Broadcast Cash Flow (as defined herein) for the six months ended June 30, 2007 decreased 2.8% to $17.3 million from $17.8 million for the six months ended June 30, 2006.

For more information regarding this financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the attachments to this press release.

Barrington’s actual consolidated financial results for the quarter and six months ended June 30, 2007 compared to Barrington’s actual consolidated financial results for the quarter and six months ended June 30, 2006, which 2006 results do not include substantially all stations acquired in 2006, are presented below. Highlights include:

  • Net revenues for the quarter ended June 30, 2007 increased to $29.1 million from $10.7 million for the quarter ended June 30, 2006. Operating expenses, not including depreciation and amortization, increased to $20.2 million from $7.7 million for the second quarter of 2006. The increases were primarily due to the stations acquired from Raycom Media, Inc. in August 2006. The results of those stations are not included in the results for the quarter ended June 30, 2006.
  • Net revenues for the six months ended June 30, 2007 increased to $55.1 million from $19.3 million for the six months ended June 30, 2006. Operating expenses, not including depreciation and amortization, increased to $40.6 million from $14.5 million for the six months ended June 30, 2006. The increases were primarily due to the stations acquired from Raycom Media, Inc. in August 2006. The results of those stations are not included in the results for the six months ended June 30, 2006.

K. James Yager, Chief Executive Officer, commented that “while I am generally pleased with growth in our local revenues for the first six months of the year, as well as our cost containment, the national spot revenue environment remains difficult in certain of our markets.”

Conference Call

As previously announced, Barrington will host a conference call to discuss its second quarter results at 11:00 AM (EDT) on Tuesday, August 14, 2007. The dial-in information for the earnings call is as follows: 1-800-366-3964. A telephonic replay of the earnings call will be available beginning on August 14, 2007 at 1:00 PM (EDT) 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 11095323#.

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.

The information in this press release should be read in conjunction with the financial statements and footnotes contained in Barrington’s quarterly report to be filed with the Securities and Exchange Commission.

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 and operates twenty network affiliated television stations and operates a twenty first station under a local marketing agreement. Barrington is owned and controlled by Pilot Group LP, with management as its partner. Pilot Group LP 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. These risks and uncertainties include, but are not limited to, uncertainties relating to Barrington’s significant amount of debt, Barrington’s ability to maintain its network affiliations, Barrington’s ability to generate advertising revenues, cyclical or other trends in advertising spending, the regulatory environment for Barrington’s industry, competition in Barrington’s markets and Barrington’s ability to integrate the acquisition of television stations from Raycom Media, 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. Barrington’s results for the quarter ended June 30, 2007 are subject to the completion and filing with the Securities and Exchange Commission of its Quarterly Report on Form 10-Q for such period.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Aug
6
2007

Barrington Broadcasting Group LLC to release 2007 Second Quarter earnings and issue its quarterly report, including quarterly consolidated financial information

August 6, 2007, 2006 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the quarter ended June 30, 2007 on August 13, 2007. Barrington will hold its earnings conference call at 11:00 AM (EDT) on Tuesday, August 14, 2007.

The dial-in information for the earnings call is as follows: 1-800-366-3964. A telephonic replay of the earnings call will be available beginning on August 14, 2007 at 1:00 PM (EDT) and remain available for 30 days. To access the replay please dial: domestically, #800-405-2236, and internationally, #303-590-3000. The access code is 11095323#.

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.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently owns and operates twenty network affiliated television 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.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

May
7
2007

Barrington reports first quarter operating results

May 7, 2007 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months ended March 31, 2007.

Barrington’s combined financial results for the first quarter presented below are actual results and Barrington’s combined financial results for the quarter ended March 31, 2006 presented below are presented on a pro forma basis as if all acquisitions completed in 2006 were completed on January 1, 2006. Highlights are as follows:

  • Gross revenues for the quarter ended March 31, 2007 decreased 2.6% to $30.5 million from $31.3 million for the quarter ended March 31, 2006. The decrease was primarily due to decreases in national revenues as well as political revenues. National revenues decreased 7.6%, or $0.7 million, to $9.1 million. Political revenues decreased $0.8 million to $.0.3 million for the quarter ended March 31, 2007. Local revenues increased $1.0 million, or 5.6%, to $19.1 million.
  • Net revenues (gross revenues less agency commissions and other direct costs) for the quarter ended March 31, 2007 decreased 2.5% to $26.0 million from $26.7 million for the quarter ended March 31, 2006.
  • Operating expenses for the quarter ended March 31, 2007, not including depreciation and amortization, remained unchanged at $20.3 million from the quarter ended March 31, 2006.
  • Broadcast Cash Flow (as defined herein) for the quarter ended March 31, 2007 decreased 7.0% to $6.9 million from $7.4 million for the quarter ended March 31, 2006.

For more information regarding this financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the full PDF of this press release .
Barrington’s actual combined financial results for the quarter ended March 31, 2007 compared to Barrington’s actual combined financial results for the quarter ended March 31, 2006, which 2006 results do not include substantially all stations acquired in 2006, are presented below. Highlights include:

  • Net revenues for the quarter ended March 31, 2007 increased to $26.0 million from $8.6 million for the quarter ended March 31, 2006. Operating expenses, not including depreciation and amortization, increased to $20.3 million from $6.9 million for the first quarter of 2006. The increases were primarily due to the stations acquired from Raycom Media, Inc. in August 2006. The results of those stations are not included in the results for the quarter ended March 31, 2006.

K. James Yager, Chief Executive Officer, commented that “2006 1st quarter results included national revenues from the Winter Olympics on our NBC stations as well political revenues realized in the 1st quarter of 2006. However, I am pleased with the growth in our local revenues for the past quarter as well as our cost containment year over year”.

Conference Call

As previously announced, Barrington will host a conference call to discuss its first quarter results at 11:00 AM (EDT) on Tuesday, May 8, 2007. The dial-in information for the earnings call is as follows: 1-800-218-0530. A telephonic replay of the earnings call will be available beginning on May 8, 2007 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 11089274#.

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, 2007 which will be posted on the company website (www.barringtontv.com) on May 8, 2007.

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 and operates twenty network affiliated television 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 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 Barrington’s significant amount of debt, Barrington’s ability to maintain its network affiliations, Barrington’s ability to generate advertising revenues, cyclical or other trends in advertising spending, the regulatory environment for Barrington’s industry, competition in Barrington’s markets and Barrington’s ability to integrate the acquisition of television stations from Raycom Media, 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.
Download the full press release, including pro forma information.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Mar
26
2007

Barrington reports fourth quarter operating results

March 26, 2007 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today the financial results for the quarter ended Dec. 31, 2006 and for the year ended Dec. 31, 2006.

Highlights of Barrington’s pro forma combined financial results for the fourth quarter and year include:

  • Pro forma gross revenues for the quarter ended December 31, 2006 increased 27.3% to $42.9 million from $33.7 million for the quarter ended December 31, 2005. The increase was primarily due to an increase in political revenues for the quarter of $10.3 million. Political revenues for the quarter ended December 31, 2006 were approximately $11 million. Local revenues decreased .7% to $18.9 million and national revenues decreased 2.7% to $10.3 million for the quarter ended December 31, 2006. The decreases were due to displacement of advertising spots caused by the increase in political advertising.
  • Pro forma net revenues (gross revenues less agency commissions and other direct costs) for the quarter increased 27.0% to $36.2 million from $28.5 million for the quarter ended December 31, 2005.
  • Pro forma operating expenses for the quarter, not including depreciation and amortization, increased $580,000 or 2.9%, to $20.3 million. The increase was primarily due to increases in utilities, outside news expenses, sales salaries and commissions and advertising and promotion.
  • Pro forma Broadcast Cash Flow (as defined herein) for the quarter increased 61.8% to $17.5 million from $10.8 million for the quarter ended December 31, 2005.
  • Pro forma gross revenues for the year ended December 31, 2006 increased 14.7% to $142.1 million from $123.9 million for the year ended December 31, 2005. The increase was due to an increase in political revenues for the period of $15.4 million as well as an increase in local revenues of $3.9 million, or 5.5%, to $74.9 million. National revenues increased 1.4% for the year to $40.6 million from $40.0 million the prior year. Network Compensation for the year decreased $1.7 million from the prior year. Political revenues for the year were approximately $16.7 million.
  • Pro forma net revenues (gross revenues less agency commissions and other direct costs) for the year ended December 31, 2006 increased 14.0% to $120.8 million from $105.9 million for the year ended December 31, 2005.
  • Pro forma operating expenses for the year ended December 31, 2006, not including depreciation and amortization, increased $3.8 million, or 5.0%, to $79.7 million. The increase was primarily due to increases in utilities, outside news expenses, sales salaries and commissions, advertising and promotion, and scheduled payroll increases.
  • Pro forma Broadcast Cash Flow for the year ended December 31, 2006 increased 29.6% to $45.5 million from $35.1 million for the year ended December 31, 2005.

For more information regarding this pro forma financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the full PDF of this press release.

Highlights of Barrington’s actual combined financial results for the fourth quarter and year include:

  • Net revenues for the quarter ended December 31, 2006 increased to $36.2 million from $8.0 million for the quarter ended December 31, 2005. Operating expenses, not including depreciation and amortization, increased to $20.8 million from $5.8 million for the fourth quarter of 2005. The increases were primarily due to acquisitions of stations completed in the first quarter of 2006 and the stations acquired from Raycom in August 2006. The results of those stations are not included in the 2005 results.
  • For the year ended December 31, 2006, net revenues increased to $76.1 million from $25.3 million for the year ended December 31, 2005. Operating expenses, not including depreciation and amortization, increased to $50.8 million for the year ended December 31, 2006 from $19.5 million for the year ended December 31, 2005. The increases were primarily due to acquisitions of stations completed in the latter part of 2005, the first quarter of 2006, and the stations acquired from Raycom in August 2006. The results of the majority of those stations are not included in the 2005 results.

K. James Yager, Chief Executive Officer, commented that “we are very pleased with the results for the year and with the pace of integration of the acquired stations. We continue to believe that smaller market television broadcasting provides the greatest opportunity to grow local ad dollar expenditures from other less effective media using the power of local programming.”

Outlook

For the three months ended March 31, 2007, Barrington expects its Gross Revenues, on a pro forma basis, to be down approximately 2.0-2.5% from the same period in 2006. Gross Revenues for the first quarter of 2006, on a pro forma basis, included $1.1 million of political revenues versus an estimated $260,000 of political revenues expected for the 1st quarter of 2007. In addition, Gross Revenues on a pro forma basis for the first quarter of 2006 included revenues generated from the Winter Olympics on Barrington’s five NBC affiliated stations.

Conference Call

As previously announced, Barrington will host a conference call to discuss its third quarter results at 11:00 AM (EST) on Tuesday, March 27, 2007. The dial-in information for the earnings call is as follows: 1-800-257-1836. A telephonic replay of the earnings call will be available beginning on March 27, 2007 at 1:30 PM (EST) and remain available until April 28, 2007. To access the replay, call 1-800-405-2236 (domestic callers) or 1-303-590-3000 (international callers) and enter access code 11086790#.

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.

Annual Report

The information in this press release should be read in conjunction with the financial statements and footnotes contained in Barrington’s annual report for the year ended December 31, 2006 which will be posted on the company website (www.barringtontv.com) on March 28, 2007.

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 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 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 Barrington’s significant amount of debt, Barrington’s ability to maintain its network affiliations, Barrington’s ability to generate advertising revenues, cyclical or other trends in advertising spending, the regulatory environment for Barrington’s industry, competition in Barrington’s markets and Barrington’s ability to integrate the acquisition of television stations from Raycom Media, 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. Barrington’s results for the year ended December 31, 2006 are subject to the completion of its annual report for such period.
Download the full press release as a PDF, including pro forma information.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Mar
20
2007

Barrington Broadcasting Group LLC to release 2006 fourth quarter earnings

March 20, 2007 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the year and quarter ended December 31, 2006 on March 26, 2007. Barrington will hold its earnings conference call at 11:00 AM (EDT) on Tuesday, March 27, 2007.

The dial-in information for the earnings call is as follows: 1-800-257-1836. A telephonic replay of the earnings call will be available beginning on March 27, 2007 at 1:30 PM (EDT) and remain available until April 28, 2007. To access the replay please dial: domestically, #800-405-2236, and internationally, #303-590-3000. The access code is 11086790#.

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 annual report for the year ended December 31, 2006 on the company website on March 28, 2007. The annual 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. The annual report will also be distributed to holders of the Notes. Barrington also intends to post a current report containing a transcript of the earnings call on the company website on March 30, 2007.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. 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.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Nov
14
2006

Barrington reports third quarter operating results

Nov. 14, 2006 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today its financial results for the three months ended Sept. 30, 2006 and for the nine months ended Sept. 30, 2006.

Highlights of Barrington’s proforma 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 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 financial information, including certain adjustments and assumptions, and a definition of Broadcast Cash Flow, see the full PDF of this press release.
Highlights of Barrington Corporation’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 Yager, 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) 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 BarringtonÕs 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 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 BarringtonÕs 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 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 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 our significant amount of debt, our ability to maintain our network affiliations, our ability to generate advertising revenues, cyclical 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, 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.
Download the full press release, including pro forma information.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Nov
3
2006

Barrington Broadcasting Group LLC to release 2006 third quarter earnings and issue its quarterly report, including quarterly consolidated financial information

Nov. 3, 2006 — Hoffman Estates, IL

Download Word Version

Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the quarter ended September 30, 2006 on November 13, 2006. Barrington will hold its earnings conference call at 11:00 AM (EST) 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 please dial: domestically, #800-405-2236, and internationally, #303-590-3000. The access code is 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.

Barrington will post its quarterly report for the quarter ended September 30, 2006 on the company website (www.barringtontv.com) on November 14, 2006. The quarterly report is being furnished pursuant to the Indenture governing the 10_% Senior Subordinated Notes due 2014 (the “Notes”) co-issued by Barrington and Barrington Broadcasting Capital Corporation. The quarterly report will also be distributed to holders of the Notes. Barrington also intends to post a current report containing a transcript of the earnings call on the company website on November 17, 2006.

About Barrington:

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently 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.
For further information contact:

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

Sep
28
2006

Barrington reports second quarter operating results

Sept. 28, 2006 — Hoffman Estates, IL

Download PDF Version

Barrington Broadcasting Group LLC (“Barrington”) announced today the financial results of its predecessor entity, Barrington Broadcasting Corporation (“Barrington Corporation”), for the three months ended June 30, 2006 and for the six months ended June 30, 2006.

Highlights of Barrington Corporation’s proforma combined financial results for the second quarter include:

  • proforma net revenues for the quarter ended June 30, 2006 increased 7.2% to $29.7 million from $27.7 million for the quarter ended June 30, 2005. The increase was primarily due to an increase of $1.7 million, or 8.6%, in local revenues. Political revenues for the quarter ended June 30, 2006 approximated $1.3 million.
  • proforma operating expenses for the quarter, not including depreciation and amortization, increased $ 1.0 million, or 5.5%, to $19.6 million. The increase was primarily due to an increase in proforma corporate overhead ($.5 million) as well increases in utilities, outside news expenses, sales commissions, and repairs and maintenance.
  • proforma net revenues for the six months ended June 30, 2006 increased 8.8% to $56.4 million from $51.9 million for the six months ended June 30, 2005. The increase was primarily due to an increase of $3.6 million, or 10.6%, in local revenues. Political revenues for the six months ended June 30, 2006 approximated $2.4 million.
  • proforma operating expenses for the six months ended June 30, 2006, not including depreciation and amortization, increased $2.2 million, or 5.9%. The increase was primarily due to an increase in proforma corporate overhead ($1.0 million) as well as increases in utilities, outside news expenses, and sales commissions.

For more information regarding this pro forma financial information, including certain adjustments and assumptions, see the full PDF of this press release.
Highlights of Barrington Corporation’s actual combined financial results for the second quarter include:

  • Total revenues for the quarter ended June 30, 2006 increased to $12.7 million from $7.3 million for the quarter ended June 30, 2005. Operating expenses, not including depreciation and amortization, increased to $7.7 million from $4.5 million for the second quarter of 2005. The increases were primarily due to acquisitions completed in the latter part of 2005 and the first quarter of 2006 of which the majority of the results of those stations are not included in the 2005 results.
  • For the six months ended June 30, 2006 total revenues increased to $22.9 million from $12.3 million for the six months ended June 30, 2005. Operating expenses, not including depreciation and amortization, increased to $14.5 million for the six months ended June 30, 2006 from $8.6 million for the six months ended June 30, 2005. The increases were primarily due to acquisitions completed in the latter part of 2005 and the first quarter of 2006 of which the results of those stations are not entirely included in the 2005 results.

K. James Yager, Chief Executive Officer, commented that “our stations performed very well for the 1st half of the year, as did the stations we acquired. We are excited about the rest of the year and integrating the stations into our operations”.

Outlook

For the three months ended September 30, 2006, Barrington expects its net revenues, on a pro forma combined basis after giving effect to the events described in the attachments to this press release, to be at least 12% higher than for the same period in 2005.

Conference Call

As previously announced, Barrington will host a conference call to discuss its second quarter results at 11:00 AM (EDT) on Thursday, September 28, 2006. The dial-in information for the earnings call is as follows: 1-800-257-1836. A telephonic replay of the earnings call will be available beginning on September 28, 2006 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 11072169#. 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, 2006 which will be posted on the company website (www.barringtontv.com) on October 2, 2006.

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 and operates twenty network affiliated televisions stations and operates a twenty-first station under a local marketing agreement.

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. These risks and uncertainties include, but are not limited to, uncertainties relating to our significant amount of debt, our ability to maintain our network affiliations, our ability to generate advertising revenues, cyclical 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, 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.
Download the full press release, including pro forma information.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847-884-1877
wspector@barringtontv.com

Sep
22
2006

Barrington Broadcasting Group LLC to release 2006 second quarter earnings and issue its quarterly report, including quarterly consolidated financial information

Sept. 22, 2006 — Hoffman Estates, IL


Download Word Version

Barrington Broadcasting Group LLC (“Barrington”) announced today that it will release its financial results for the quarter ended June 30, 2006 on September 27, 2006. Barrington will hold its earnings conference call at 11:00 AM (EDT) on Thursday, September 28, 2006.

The dial-in information for the earnings call is as follows: 1-800-257-1836. A telephonic replay of the earnings call will be available beginning on September 28, 2006 and remain available for 30 days. To access the replay please dial: domestically, #800-405-2236, and internationally, #303-590-3000. The access code is 11072169#.

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, 2006 on the company website (www.barringtontv.com) on October 2, 2006. The quarterly report is being furnished pursuant to the Indenture governing the 10_% Senior Subordinated Notes due 2014 (the “Notes”) co-issued by Barrington and Barrington Broadcasting Capital Corporation. The quarterly report will also be distributed to holders of the Notes. Barrington also intends to post a current report containing a transcript of the earnings call on the company website on October 2, 2006.

About Barrington:

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Barrington currently owns and operates twenty network affiliated televisions stations and operates a twenty-first station under a local marketing agreement.
For further information contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
847 884 1877 wspector@barringtontv.com

Aug
11
2006

Barrington and Raycom Announce Completion of Transaction for 12 Television Stations

Aug 11, 2006 — Montgomery, AL; Hoffman Estates, IL; and New York, NY

Download Word Version

Barrington Broadcasting Group and Raycom Media, Inc announced today that they have completed a transaction for Barrington to acquire 12 Raycom television stations in nine markets for a combined purchase price of $262 million.

The stations acquired by Barrington include five NBC affiliates (WNWO-TV, Toledo, OH; WSTM-TV, Syracuse, NY; WPBN-TV and WTOM-TV, Traverse City-Cheboygan, MI; and WLUC-TV, Marquette, MI), three FOX affiliates (WACH-TV, Columbia, SC; KXRM-TV, Colorado Springs, CO; and WFXL-TV, Albany, GA), two UPN affiliates that will become CW affiliates in the fall (WSTQ, Syracuse, NY and KXTU, Colorado Springs, CO), one CBS affiliate (KGBT-TV, Harlingen, TX) and one ABC affiliate (KTVO-TV, Kirksville, MO).

In making the joint announcement, K. James Yager, Chief Executive Officer of Barrington stated, “This mix of strong local stations blended with stations poised for significant growth represents a great opportunity for Barrington. Today starts a new chapter in the history of our company. Our management team under the guidance of Chris Cornelius and Warren Spector have been looking forward to welcoming these new stations and their employees into our operations for quite some time, and we’re very excited that this day is here.”

Paul McTear, Raycom President and CEO, added that “these are wonderful stations in great markets. We are fortunate that we were able to find such a good partner in Barrington. We wish Barrington, our former employees, and our customers all the best in the future.”

In concert with the transaction, Barrington closed on a $172.5 million bank loan and $125 million bond offering to underwrite the cost of the acquisition and replace existing debt. The financing was arranged by Bank of America and Wachovia Securities.

Barrington was formed in 2003 to acquire and operate television stations in smaller markets across the United States. Its financial sponsor is the Pilot Group whose partners include Robert W. Pittman, Howard Lipson, Mayo Stuntz, and Robert B. Sherman. Since 2004, Barrington, with funding from the Pilot Group, has acquired eight other network affiliated televisions stations and a local marketing agreement for a ninth station. Concurrent with this announcement, Barrington stations will cover more than 3.4% of U.S. television households.

Raycom, an employee-owned company, is one of the nation’s largest broadcasters and currently owns and operates 49 television stations in 22 states. Raycom stations cover more than 12.7 % of U.S. television households and employ 4200 individuals in full and part-time positions.

In addition to television stations, Raycom owns Raycom Sports (a marketing, production and events management and distribution company in Charlotte, North Carolina); Raycom Post (a post production facility in Burbank, CA), Broadview Media (a post production/telecommunications company based in Montgomery, AL), and CableVantage (a cable advertising sales group based in Columbia, SC).
For further information contact:

K. James Yager
Barrington Broadcasting
President
847-884-1877

Paul McTear
Raycom Media, Inc.
President and CEO
334-206-1450



The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information contained herein or in any other written or oral statements made by, or on behalf of Raycom or Barrington, is or may be viewed as forward looking. The words “expect,” “believe,” “anticipate” or similar expressions identify forward-looking statements.

Although Raycom and Barrington have used appropriate care in developing any such forward-looking information, forward-looking information involves risks and uncertainties that could significantly impact actual results. These risks and uncertainties include, but are not limited to, the following: changes in national and local markets for television advertising; changes in general economic conditions, including the performance of financial markets and interest rates; competitive, regulatory, or tax changes that affect the cost of or demand for the Company’s products; delays in completion of the proposed sale due to delays in securing necessary consents and regulatory approvals, and adverse litigation results. Raycom and Barrington undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.