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LIN TV Corp. Message Board

  • value_invstr value_invstr Apr 27, 2011 10:54 AM Flag

    Conference Call

    Actually some pretty decent stuff on the call. 2Q looks good. The ACME Acquisition will close, will cost $10.5m. More importantly management acknowledged that their balance sheet is getting to a point where they will look to be equity friendly soon. That is what I wanted to hear. FYI, this is the lowest debt balance the company has had in at least the last 7 years. They have 3 weeks until the 6 1/2 of 13 are callable at Par. They could announce a bond deal before that because it takes time for the transaction to settle. They admitted that they should have bank debt in the capital structure. Translation: They will take out all of their 2013 debt with a combination of bank debt and new bonds. This will lower their interest rate (but not by that much), and they should have the flexibility to start paying a dividend once this is done. I would imagine this will all take place in 2Q. They also talked about wireless mobile a little bit and how that is coming along. They expect a business to be launched by the end of the year.

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    • On the Divy question from the ever asking Bishop they basically said wink, wink. He said everything in his voice that I needed to hear. There is little doubt in my mind that we will see a dividend announcement on the next quarterly call.

      • 2 Replies to martelxo92
      • Do not count on a dividend from the HM boys. They sold this company to the public 9 years ago and managed to keep absolute control of the company with their exclusive use of class B and C shares. They will use excess cash to retire the debt that was acquired in 2009 to prevent bankruptcy (remember 45 cents a share?) and rid themselves of the attached covenants. When the covenants are gone they will be in an acquisition mode. If a great station deal comes around they will do it, but more likely, deals similar to RMM. If they can show superior digital growth the stock price will rise and they can finally sell and achieve what they started to do in 2007.

      • I wouldn't bank on a Divy for the next quarter. My biggest fear is that HM Capital takes it completely private. I hope they do the Divy, but I'm skeptical. I think in the end they will want all the cash flow for themselves. Hope I'm wrong.

 

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