Press Releases

Barrington reports second quarter operating results

Sept. 28, 2006 — Hoffman Estates, IL

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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