LIN TV Corp. (NYSE: TVL) today reported results for the fourth
quarter 2008 and full year ended December 31, 2008.
Results for the full year
ended December 31, 2008
- Net revenues increased 1% to
$399.8 million, compared to $395.9 million in 2007.
- Political revenues were $47.0
million, compared to $6.1 million in 2007. The Company achieved a
40% increase in political revenues over the 2004 presidential
election cycle on a pro forma same station basis.
- Digital revenues, which include
Internet advertising revenues and retransmission consent fees,
increased 95% to $29.1 million, compared to $14.9 million in
2007.
- The strength in political and
digital revenues was offset in part by an 11% decrease in local and
national advertising sales, which declined from $415.9 million in
2007 to $368.6 million in 2008.
- General operating expenses were
$278.1 million, compared to $277.7 million in 2007.
- Operating loss was $952.4
million, including non-cash impairment charges of $1.0 billion and
a restructuring charge of $12.9 million, compared to operating
income of $110.4 million in 2007.
- Loss from continuing operations
was $830.4 million, including special items of $857.0 million
after-tax, compared to income from continuing operations of $28.5
million in 2007.
- Net loss per diluted share was
$16.33, compared to net income per diluted share of $1.01 in
2007.
Results for the fourth quarter
ended December 31, 2008
- Net revenues decreased 4% to
$104.2 million, compared to $108.6 million for the same quarter in
2007, primarily due to the decline in television advertising in LIN
TV�s markets.
- Political revenues were $24.4
million, compared to $3.2 million for the same quarter in
2007.
- Digital revenues increased 96%
to $9.3 million, compared to $4.8 million for the same quarter in
2007.
- General operating expenses
decreased 1% or $0.6 million to $71.7 million, compared to $72.3
million for the same quarter in 2007.
- Operating loss was $722.6
million, including a non-cash impairment charge of $732.2 million
and a restructuring charge of $12.9 million, compared to operating
income of $54.6 million in 2007.
- Loss from continuing operations
was $625.7 million, including special items of $638.6 million
after-tax, compared to income from continuing operations of $23.5
million in 2007.
- Net loss per diluted share was
$12.24, compared to net income per diluted share of $0.53 for the
same quarter in 2007.
Commenting on the fourth quarter 2008 and full year 2008
results, LIN TV�s President and Chief Executive Officer Vincent L.
Sadusky said: �We are operating in a severe recessive economy and
the financial distress on automakers, as well as the significant
declines in consumer and business spending, are negatively
impacting television advertising sales. In response, we have taken
significant actions to improve our efficiency, as well as our
balance sheet. Our plans to adjust our cost structure, re-engineer
workflow throughout our TV stations, and execute an aggressive
program to reduce our debt should positively impact our operating
performance and financial condition.�
�Our leading news stations are focused on maximizing
multi-platform advertising spending, new business development and
digital revenue growth. Digital revenues continue to differentiate
our company and were a major factor in our ability to increase net
revenues by 1% in 2008. Compared to our peers, LIN TV delivered one
of our industry�s strongest results.�
�Despite the negative outlook on the economy, we remain
positive. We are confident in the fundamentals of the TV broadcast
business and our ability to expand digitally. We expect to operate
a very healthy and cost efficient business now and well into the
future.�
Special Items
During the fourth quarter and year ended December 31, 2008, the
Company recorded special items netting to an operating charge of
$745.1 million and $1.0 billion, respectively, and recorded special
items netting to an after-tax charge of $638.6 million and $857.0
million, respectively.
� Three Months Ended � Year Ended December 31, 2008 December 31,
2008
OperatingLoss
�
Loss fromContinuingOperations
OperatingLoss
�
Loss fromContinuingOperations
� Impairment of goodwill, broadcast licenses and broadcast
equipment $ 732.2 $ 565.8 $ 1,029.2 $ 781.4 Impairment of equity
investment in NBCU joint venture 34.4 34.4 Restructuring charge
12.9 7.9 12.9 7.9 Income on extinguishment of debt (8.5 ) (5.7 )
Deferred tax asset valuation allowance � � 39.0 � � � 39.0 � $
745.1 $ 638.6 � $ 1,042.1 $ 857.0 �
Fourth Quarter 2008 Impairment
Charges
As required by FAS 142, �Goodwill and Other Intangible Assets�,
we performed our annual test for impairment of indefinite-lived
intangible assets, including broadcast licenses and goodwill, as of
December 31, 2008. As a result of this annual test, we recorded a
charge in the fourth quarter of 2008 of $732.2 million ($565.8
million after-tax), which included an impairment charge of $413.9
million related to our broadcast licenses, a goodwill impairment
charge of $309.6 million and a charge of $8.7 million for obsolete
broadcast equipment. The impairments to our intangible assets were
due to the economic downturn during 2008 and the current credit
crisis, which has challenged advertising revenue and negatively
impacted valuations throughout the broadcast industry. Further,
during the fourth quarter of 2008, as a result of a continued
decline in operating profits at the two stations in our joint
venture with NBC Universal, we recorded a charge of $53.6 million
($34.4 million after-tax) to fully impair the value of this equity
investment. In addition, as a result of these impairment charges
and our history of operating losses, we recorded a deferred tax
asset valuation allowance of $39.0 million related primarily to our
2000 to 2002 net operating losses.
Fourth Quarter Restructuring
Charge
During the fourth quarter of 2008, we completed a restructuring
plan that included a workforce reduction of 144 employees and the
cancellation of certain syndicated television program contracts.
The total charge for the plan was $12.9 million ($7.9 million
after-tax), including $4.3 million for workforce reduction and $8.6
million for the cancellation of the contracts.
Fourth Quarter Gain from
Extinguishment of Debt
During the fourth quarter of 2008, we commenced a plan, under
Rule 10b5-1 under the Securities Exchange Act of 1934, to purchase
our 6�% Senior Subordinated Notes and 6�% Senior Subordinated Notes
� Class B (the �Senior Subordinated Notes�) at market prices using
available balances under our revolving credit facility and
available cash balances. During the fourth quarter, we purchased a
notional amount of $26.1 million of our Senior Subordinated Notes
under this plan. The total purchase price for both classes was
$12.3 million, resulting in a gain on early extinguishment of debt
of $13.0 million ($8.5 million after-tax), net of a write-off of
related deferred financing fees.
Operating
Highlights
TV Station Ratings and Revenue
- Following the expiration of the
Company�s contract with Time Warner Cable, Inc. (�Time Warner�), 15
of LIN TV�s stations were removed from Time Warner systems in 11
markets for nearly one month in the fourth quarter of 2008. Despite
this disruption in carriage, 56% of LIN TV stations gained audience
share with adults 18-49 and 25-54 in the Morning News daypart time
period, the fastest-growing time of the day in terms of viewers and
advertising revenue1, compared to the same time period in 2007. The
Nielsen data also showed that the Company�s stations outperformed
the national networks in the category of household share by an
average of 30%. For the year ended December 31, 2008, LIN TV
operated the #1 or #2 local news station in 81% of its markets.2 On
average LIN TV�s stations grew 25% across all local news dayparts
in Household Ratings year-to-year.
- Core local and national
advertising sales combined, which excludes political advertising
sales, decreased 26% to $82.4 million in the fourth quarter 2008,
compared to $111.6 million for the same period in 2007. Core local
and national advertising sales for the year ended December 31, 2008
decreased 11% to $368.6 million, compared to $415.9 million for the
same period in 2007.
- Advertising categories for which
revenues decreased for the fourth quarter of 2008, compared to the
same quarter last year, were automotive, retail, restaurants,
media/telecommunications, services, financial services and
entertainment. Advertising categories for which revenues increased
for the fourth quarter of 2008 included political, home improvement
and travel and leisure. The automotive category, which represented
22% of the Company�s core advertising sales for the fourth quarter
of 2008, decreased 40% compared to the same quarter last year. The
retail category, which also represented 22% of Company�s core
advertising sales for the fourth quarter of 2008, decreased 12%
compared to the same quarter last year.
- The Company�s political
advertising sales were $24.4 million and $47.0 million for the
quarter and year ended December 31, 2008, respectively, compared to
$3.2 million and $6.1 million in the same periods last year.
Political advertising sales represented 23% and 11% of total
advertising sales for the quarter and year ended December 31, 2008,
respectively.
Digital and Interactive Initiatives
- Retransmission consent fees
increased 128% in the fourth quarter of 2008 and 114% for the year
ended December 31, 2008, compared to the same periods in 2007.
During the fourth quarter of 2008, the Company reached a new
retransmission consent agreement for both its analog and
high-definition channels with Time Warner.
- Internet advertising and other
interactive revenues increased 38% for the fourth quarter of 2008
and 61% for the year ended December 31, 2008, compared to the same
periods in 2007. Total page views for the Company�s web sites were
563.6 million for the year ended December 31, 2008, compared to
427.1 million in 2007, representing a 32% increase. Unique visitors
for the Company�s web sites were 65.3 million for the year ended
December 31, 2008, compared to 47.8 million for 2007, representing
a 37% increase. Time on site was 13 minutes, 37 seconds for the
year ended December 31, 2008, compared to 7 minutes, 14 seconds for
2007, an increase of 88%. According to January 2009 data released
by Hitwise, a leading online competitive intelligence service for
Internet measurement, LIN TV has the #1 or #2 local media web site
in all of its 17 markets based on �visit time�. In addition, LIN TV
achieved nearly 2 billion advertising impressions in 2008.
Key Balance Sheet and Cash
Flow Items
Total debt outstanding at December 31, 2008 was $743.4 million.
Cash and cash equivalent balances at December 31, 2008 were $20.1
million. The Company paid $42.0 million and $77.0 million of
principal on its term loan balances during the quarter and year
ended December 31, 2008, respectively. The Company�s outstanding
revolving credit facility balance was $135.0 million at December
31, 2008, with $90.0 million available for borrowing under that
facility. Consolidated leverage, as defined in the Company�s credit
agreement, was approximately 5.7x as of December 31, 2008 compared
to 6.5x as of December 31, 2007. Other components of cash flow for
the fourth quarter of 2008 were cash capital expenditures of $12.2
million and cash payments for programming of $6.9 million.
Subsequent to December 31, 2008, the Company, under its Rule
10b5-1 plan, which expired on February 24, 2009, purchased a
further notional amount of $121.7 million of its Senior
Subordinated Notes using available balances under its revolving
credit facility and available cash balances. Cumulatively, under
the 10b5-1 plan, the Company purchased $147.8 million or 26% of its
outstanding Senior Subordinated Notes at an average discount of
45.4% off their stated par value and thereby extinguished $67.1
million of net debt. We estimate that this action will reduce the
Company�s interest expense by approximately $7 million over the
next 12 months.
Business
Outlook
The results presented in this release, including all of the
amounts discussed in this Business Outlook section, reflect the
classification of the operations of Banks Broadcasting, Inc. and
the Puerto Rico operations as discontinued operations for all
periods presented. The Company has provided historical quarterly
financial information for its continuing operations on its web
site. Interested parties should go to www.lintv.com and in
the �Investor Relations� section, click on �Financial Reports &
Releases,� then �Quarterly and Other Reports� and then
�Supplemental Financial Data.�
Based on current sales order pacings, which reflect the
challenging economic environment and market decline for both local
and national advertising spending and the decline in political
advertising expected this year, the Company currently expects that
first quarter 2009 net revenues will decrease in the range of 20.0%
to 25.0% (or $18.3 million to $23.3 million), compared to reported
net revenues of $93.1 million for the first quarter of 2008.
In addition, due to sales variable costs and cost reduction
actions, the Company expects that its station direct operating and
SG&A expenses will decrease in the range of 8.8% to 12.2% (or
$5.1 million to $7.1 million) for the first quarter of 2009
compared to reported expenses of $58.6 million for the first
quarter of 2008. For the full year, we expect station direct
operating and SG&A expenses will decrease in the range of 7.4%
to 10.5% (or $17.3 million to $24.6 million) compared to reported
expenses of $233.8 million for 2008. Furthermore, given the state
of the economy and the level of uncertainity in predicting
advertising revenue, the Company has defined a series of further
cost reduction actions that the Company could enact and largely
realize during the remainder of 2009. The Company�s current outlook
for revenues, expenses and cash flow items for the first quarter
and full year 2009, excluding special items, are anticipated to be
in the following ranges:
� �
First Quarter 2009 �
Full Year 2009 Net
advertising revenues � $59 to $63 million � � Net digital revenues
� $8 to $9 million � � Network comp/Barter/Other revenues � $2 to
$3 million � � Total net revenues � $69 to $75 million � � Direct
operating and SG&A expenses(1) � $51.5 to $53.5 million �
$209.2 to $216.5 million Station non-cash stock-based compensation
expense � $0.3 to $1.0 million � $1.0 to $4.0 million Amortization
of program rights � $6.0 to $6.5 million � $23.5 to $25.5 million
Cash payments for programming � $6.5 to $7.0 million � $25.8 to
$27.7 million Corporate expense(1) � $5.0 to $5.3 million � $20.0
to $21.5 million Corporate non-cash stock-based compensation
expense � $0.5 to $1.1 million � $2.0 to $4.4 million Depreciation
and amortization of intangibles � $7.5 to $8.5 million � $30.0 to
$32.0 million Cash capital expenditures � $4.0 to $6.0 million �
$12.0 to $14.0 million Cash interest expense � $8.0 to $9.0 million
� $36.0 to $38.0 million Principal amortization of the term loans �
$4.0 million � $15.9 million Cash taxes � $0.0 to $0.1 million �
$0.4 to $1.0 million Effective tax rate � 38% to 42% � 38% to 42%
Distributions from equity investments � $0.0 million � $0.0 million
(1) Includes non-cash stock-based compensation expense.
LIN TV advises that all of the information and factors set forth
above are subject to risks, uncertainties and assumptions (see the
�Forward Looking Statements� heading below), which could
individually or collectively cause actual results to differ
materially from those projected above.
Conference Call
LIN TV will hold a conference call to discuss its fourth quarter
and full year results today, March 12, 2009, at 8:30 AM Eastern
Time. To participate in the call, please dial 1-888-211-4432 for
U.S. callers and 1-913-312-0832 for international callers. The
call-in pass code is 7245526. Callers who intend to participate in
the call should dial-in 10 minutes before the start of the call to
ensure access. The conference call will also be webcast
simultaneously from LIN TV Corp.�s website, www.lintv.com, and can
be accessed there through a link on the home page (under the Latest
News section). For those unavailable to participate in the live
teleconference, a replay can be accessed via the Investor Relations
section of www.lintv.com or by dialing 1-888-203-1112 and
entering the same passcode as above. The telephone replay will be
available through March 26, 2009.
Access to Non-GAAP Financial
Measures and Other Supplemental Financial Data
The Company reports and discusses its operating results using
financial measures consistent with generally accepted accounting
principles (GAAP) and believes this should be the primary basis for
evaluating its performance. The preceding discussion of our results
includes a discussion of loss from continuing operations, including
special items, and includes a section detailing these items. Loss
from continuing operations, including special items, is a non-GAAP
financial measure and is not intended to replace loss from
continuing operations, a directly comparable GAAP financial
measure. Special items are items that are significant, and unusual
or infrequent and provide more comparable information about the
Company�s operating performance. Additionally, non-GAAP financial
measures such as Broadcast Cash Flow (BCF), Adjusted Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA) and
Free Cash Flow (FCF) should not be viewed as alternatives or
substitutes for GAAP reporting. However, BCF, Adjusted EBITDA and
FCF are common supplemental measures of performance used by
investors, lenders, rating agencies and financial analysts. As a
result, these non-GAAP measures can provide certain additional
insight about the market value of the Company and its stations; the
Company�s ability to fund acquisitions, investments and working
capital needs; the Company�s ability to service its debt; the
Company�s performance versus other peer companies in its industry;
and other operating performance trends for its business. The
Company makes available reconciliations of its operating income
(loss), a GAAP reporting measure, to BCF, Adjusted EBITDA and FCF
on the Company�s web site. In addition, the Company provides
additional information on its web site, at the same location,
regarding historical revenue by source, pro forma income statement
information and certain other components of cash flow. Interested
parties should go to www.lintv.com and in the �Investor
Relations� section, click on �Financial Reports & Releases�,
then �Quarterly and Other Reports� and then �Supplemental Financial
Data�.
Forward-Looking
Statements
The information discussed in this press release, particularly in
the section with the heading Business Outlook, includes
forward-looking statements about the Company�s future operating
results within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. The
Company based these forward-looking statements on its current
assumptions, knowledge, estimates and projections about factors
that could affect its future operations. Although LIN TV believes
that its assumptions made in connection with the forward-looking
statements are reasonable, no assurances can be given that those
assumptions and expectations will prove to be correct. Statements
in this press release that are forward-looking include, but are not
limited to, statements regarding quarter and full year station time
sales order pacings; local, national and political advertising
growth; digital, network compensation, barter and other revenue
growth; direct operating, SG&A, barter, amortization of program
rights and corporate expense growth; and cash programming, cash
capital expenditures, cash interest expense and principal
amortization, cash tax payments and effective tax rates and
distributions from equity investments. These forward-looking
statements are subject to various risks, uncertainties and
assumptions which may cause these expectations and assumptions not
to occur or to differ materially from those outcomes projected in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the potential continuing
deterioration of national and/or local economies; global or local
events that could disrupt TV broadcasting; continuing softening of
the domestic advertising market; further consolidation of national
and local advertisers, and the national sales representation
market; potential liabilities related to the Company�s guarantee of
the debt obligations of its joint venture with NBC Universal; risks
associated with acquisitions, including integration of acquired
businesses; changes in TV viewing patterns, ratings and commercial
viewing measurement; increases in news and syndicated programming
costs, and capital expenditures; changes in television network
affiliation agreements; changes in government regulation;
competition; seasonality; restrictions on the Company�s operations
as a result of the Company�s indebtedness; effects of complying
with accounting standards; effects of the Company�s control
relationships, including the control of HM Capital Partners LLC and
its affiliates, and other risks discussed in the Company�s Annual
Report on Form 10-K and other filings made with the Securities and
Exchange Commission (which are available on the Company�s web site,
www.lintv.com, in the Investor Relations section), or at
www.sec.gov, which discussions are incorporated in this
release by reference. LIN TV undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless
otherwise required to by applicable law.
About LIN TV
LIN TV Corp., along with its subsidiaries, is a local television
and digital media company, owning and/or operating 27 television
stations in 17 U.S. markets, all of which are affiliated with a
national broadcast network. LIN TV�s highly-rated stations deliver
important local news and community stories, along with top-rated
sports and entertainment programming, to 9% of U.S. television
homes, reaching an average of 10 million households per week.
LIN TV is also a leader in the convergence of local broadcast
television and the Internet through its television station web
sites and a growing number of local online innovations that reach
15% of U.S. broadband households. LIN TV is traded on the New York
Stock Exchange under the symbol �TVL�. Financial information about
the company is available at www.lintv.com.
� financial tables follow �
LIN TV Corp. Condensed Consolidated Statements of
Operations (unaudited) � � � � �
Three Months Ended
December 31, Year ended December 31, 2008
2007 2008 2007 (in thousands, except per
share data) Net revenues $ 104,243 $ 108,613 $ 399,814 $
395,910 � Operating costs and expenses: Direct operating 29,817
30,258 118,483 116,611 Selling, general and administrative 30,130
30,553 115,287 114,741 Amortization of program rights 6,326 6,122
23,946 24,646 Corporate � 5,418 � � 5,333 � � 20,340 � � 21,706 �
General operating expenses 71,691 72,266 278,056 277,704 �
Depreciation, amortization and other operating charges (benefits):
Depreciation 7,588 7,760 29,713 30,847 Amortization of intangible
assets 36 379 264 2,049 Impairment of goodwill, broadcast licenses
and broadcast equipment 732,266 - 1,029,238 - Restructuring charge
(benefit) 12,902 - 12,902 (74 ) Loss (gain) from asset dispositions
� 2,358 � � (26,354 ) � 2,062 � � (24,973 ) Operating (loss) income
(722,598 ) 54,562 (952,421 ) 110,357 � Other expense (income):
Interest expense, net 13,081 15,036 54,635 64,249 Share of loss
(income) in equity investments 53,564 (919 ) 52,703 (2,091 ) Loss
(gain) on derivative instruments 270 1,141 (105 ) 223 (Income) loss
on extinguishment of debt (13,017 ) 304 (8,822 ) 855 Other, net �
723 � � 471 � � 1,720 � � 366 � Total other expense, net 54,621
16,033 100,131 63,602 � (Loss) income from continuing operations
before (benefit from) provision for income taxes (777,219 ) 38,529
(1,052,552 ) 46,755 (Benefit from) provision for income taxes �
(151,499 ) � 15,057 � � (222,165 ) � 18,212 � � (Loss) income from
continuing operations (625,720 ) 23,472 (830,387 ) 28,543
Discontinued operations: Income (loss) from discontinued
operations, net of provision for (benefit from) income taxes of
$296, $(3,308) and $(1,955) for the year ended December 31, 2008,
2007 and 2006, respectively (161 ) 4,231 23 2,973 Gain from the
sale of discontinued operations, net of provision for income taxes
of $2,619 for the year ended December 31, 2007 � - � � - � � - � �
22,166 � Net (loss) income $ (625,881 ) $ 27,703 � $ (830,364 ) $
53,682 �
Basic (loss) income per common share: (Loss) income
from continuing operations $ (12.24 ) $ 0.47 $ (16.33 ) $ 0.57
Income (loss) from discontinued operations, net of tax - 0.08 -
0.06 Gain from the sale of discontinued operations, net of tax � -
� � - � � - � � 0.44 � Net (loss) income $ (12.24 ) $ 0.55 � $
(16.33 ) $ 1.07 � Weighted - average number of common shares
outstanding used in calculating basic (loss) income per common
share 51,106 50,529 50,865 50,468 �
Diluted (loss) income per
common share: (Loss) income from continuing operations $ (12.24
) $ 0.45 $ (16.33 ) $ 0.56 Income (loss) from discontinued
operations, net of tax - 0.08 - 0.05 Gain from the sale of
discontinued operations, net of tax � - � � - � � - � � 0.40 � Net
(loss) income $ (12.24 ) $ 0.53 � $ (16.33 ) $ 1.01 � � � Weighted
- average number of common shares outstanding used in calculating
diluted (loss) income per common share 51,106 55,097 50,865 55,370
LIN TV Corp. Condensed Consolidated Balance Sheets
(unaudited) �
December 31, �
December 31,
2008 2007 (in thousands, except share data) �
ASSETS Current assets: Cash and cash equivalents $ 20,106 $
40,031 Accounts receivable, less allowance for doubtful accounts
(2008 - $2,761; 2007 - $1,640) 68,277 87,301 Program rights 3,311
4,360 Assets held for sale 430 289 Other current assets � 5,045 � �
4,857 � Total current assets 97,169 136,838 Property and equipment,
net 180,679 191,250 Deferred financing costs 8,511 14,406 Equity
investments 128 55,480 Program rights 3,422 6,776 Goodwill 117,159
535,418 Broadcast licenses and other intangible assets, net 430,142
1,021,290 Assets held for sale 8,872 9,180 Other assets � 6,512 � �
11,330 � Total assets $ 852,594 � $ 1,981,968 � �
LIABILITIES,
PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities:
Current portion of long-term debt $ 15,900 $ 24,300 Accounts
payable 7,988 11,415 Accrued compensation 6,614 6,754 Accrued
interest expense 4,535 5,018 Accrued contract costs 7,108 6,934
Other accrued expenses 38,444 13,573 Program obligations 10,109
11,944 Liabilities held for sale � 429 � � 549 � Total current
liabilities 91,127 80,487 Long-term debt, excluding current portion
727,453 808,476 Deferred income taxes, net 141,702 374,548 Program
obligations 5,336 11,551 Liabilities held for sale 343 198 Other
liabilities � 68,883 � � 41,564 � Total liabilities � 1,034,844 � �
1,316,824 � � Preferred stock of Banks Broadcasting, Inc., $0.01
par value, 173,822 shares issued and outstanding at December 31,
2008 and 2007, respectively � 7,031 � � 9,046 � Stockholders'
(deficit) equity: Class A common stock, $0.01 par value,
100,000,000 shares authorized, 29,733,672 and 29,130,173 shares at
December 31, 2008 and 2007, respectively, issued and outstanding
294 292 Class B common stock, $0.01 par value, 50,000,000 shares
authorized, 23,502,059 shares at December 31, 2008 and December 31,
2007, issued and outstanding; convertible into an equal number of
shares of Class A or Class C common stock 235 235 Class C common
stock, $0.01 par value, 50,000,000 shares authorized, 2 shares at
December 31, 2008 and December 31, 2007, respectively, issued and
outstanding; convertible into an equal number of shares of - -
Class A common stock Treasury stock, 1,806,428 shares of Class A
common stock at December 31, 2008 and December 31, 2007, at cost
(18,005 ) (18,005 ) Additional paid-in capital 1,101,919 1,096,455
Accumulated deficit (1,239,090 ) (408,726 ) Accumulated other
comprehensive loss � (34,634 ) � (14,153 ) Total stockholders'
(deficit) equity � (189,281 ) � 656,098 � Total liabilities,
preferred stock and stockholders' (deficit) equity $ 852,594 � $
1,981,968 �
LIN TV Corp. Condensed Consolidated
Statements of Cash Flows (unaudited) � � �
Year Ended
December 31, 2008 2007 2006 (in
thousands) OPERATING ACTIVITIES: Net (loss) income $
(830,364 ) $ 53,682 $ (234,500 ) Loss (income) from discontinued
operations (23 ) (2,973 ) 6,145 Gain from sale of discontinued
operations - (22,166 ) - Adjustment to reconcile net (loss) income
to net cash provided by operating activities: Depreciation 29,713
30,847 32,433 Amortization of intangible assets 264 2,049 4,737
Impairment of goodwill, broadcast licenses and broadcast equipment
1,029,238 - 318,071 Amortization of financing costs and note
discounts 5,860 8,608 8,664 Amortization of program rights 23,946
24,646 24,890 Program payments (26,854 ) (27,604 ) (25,784 ) (Gain)
loss on extinguishment of debt (8,822 ) 855 - (Gain) loss on
derivative instruments (105 ) 223 (1,185 ) Share of loss (income)
in equity investments, including impairment of equity investment
52,703 (2,091 ) (3,708 ) Deferred income taxes, net (235,856 )
18,875 (74,864 ) Stock-based compensation 4,523 5,859 8,942 (Gain)
loss from asset dispositions 2,062 (24,973 ) 5,452 Other, net
(2,636 ) 1,282 (2,669 ) Changes in operating assets and
liabilities, net of acquisitions and disposals: Accounts receivable
21,304 1,927 (13,693 ) Other assets 4,405 1,842 298 Accounts
payable (3,427 ) 3,327 1,701 Accrued interest expense (483 ) (126 )
(1,409 ) Other accrued expenses � 19,587 � � (18,582 ) � 21,012 �
Net cash provided by operating activities, continuing
operations 85,035 55,507 74,533
Net cash (used in) provided
by operating activities, discontinued operations � (1,239 ) �
(12,791 ) � 5,064 �
Net cash provided by operating
activities � 83,796 � � 42,716 � � 79,597 � �
INVESTING
ACTIVITIES: Capital expenditures (28,537 ) (25,290 ) (22,294 )
Distributions from equity investments 2,649 3,113 4,890 Payments
for business combinations - (52,250 ) (5,754 ) Acquisition of
broadcast licenses - - 431 Proceeds from sale of 700 MHz licenses
and other operating assets - 39,250 - Other investments, net �
2,167 � � (620 ) � (1,624 )
Net cash used in investing
activities, continuing operations (23,721 ) (35,797 ) (24,351 )
Net cash (used in) provided by investing activities,
discontinued operations � (734 ) � 138,844 � � (644 )
Net
cash (used in) provided by investing activities � (24,455 ) �
103,047 � � (24,995 ) �
FINANCING ACTIVITIES: Net proceeds
on exercises of employee stock options and phantom stock units and
employee stock purchase plan issuances 1,301 2,064 944 Proceeds
from borrowings on long-term debt 165,000 60,000 - Principal
payments on long-term debt (244,335 ) (180,125 ) (41,000 ) Payment
of long-term debt financing costs (1,232 ) - (124 ) Treasury stock
purchased � - � � - � � (13,228 )
Net cash used in financing
activities, continuing operations � (79,266 ) � (118,061 ) �
(53,408 )
Net cash used in financing activities, discontinued
operations � - � � - � � - �
Net cash used in financing
activities � (79,266 ) � (118,061 ) � (53,408 ) � Net
(decrease) increase in cash and cash equivalents (19,925 ) 27,702
1,194 Cash and cash equivalents at the beginning of the period �
40,031 � � 12,329 � � 11,135 � Cash and cash equivalents at the end
of the period $ 20,106 � $ 40,031 � $ 12,329 � Less cash and cash
equivalents from discontinued operations, end of the period $ - � $
- � $ 6,244 � Cash and cash equivalents from continuing operations,
end of the period $ 20,106 � $ 40,031 � $ 6,085 �
1 Source: Nielsen November 2008 Morning News daypart audience
rank versus November 2007 Morning News daypart audience rank
2 Source: Nielsen May 2008 Late News M-F HH rank versus May 2004
Late News M-F HH rank (excluding Columbus)
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