Barrington Reports Third Quarter Operating Results

HOFFMAN ESTATES, IL, Nov 09 (MARKET WIRE) --
Barrington Broadcasting Group LLC ("Barrington") announced today its
financial results for the three months and nine months ended September
30, 2009. Highlights are as follows:

-- Gross revenues for the quarter ended September 30, 2009 decreased 21.6%
to $28.2 million from $35.9 million for the quarter ended September 30,
2008. The decrease was primarily due to a decrease in political revenues
of $3.5 million, or 86.0%, to $0.6 million and a decrease in local revenues
of $3.3 million, or 16.0%, to $17.1 million. National revenues decreased
$2.8 million, or 31.4%, to $6.0 million. Other revenues increased $1.7
million, or 63.3%, to $4.4 million for the quarter ended September 30,
2009.

-- Net revenues (gross revenues less agency commissions and other direct
costs) for the quarter ended September 30, 2009 decreased 21.0%, or $6.4
million, to $24.2 million from $30.6 million for the quarter ended
September 30, 2008.

-- Operating expenses for the quarter ended September 30, 2009, not
including depreciation and amortization, decreased 10.5%, or $2.2 million,
to $18.4 million from $20.6 million for the quarter ended September 30,
2008. The decrease was primarily due to workforce reductions, expenses at
Barrington's Peoria station WHOI-TV relating to a joint sales and shared
services agreement with Granite Broadcasting, and renegotiation of certain
contractual obligations.

-- Broadcast Cash Flow (as defined herein) for the quarter ended September
30, 2009 decreased 31.9% to $7.7 million from $11.4 million for the quarter
ended September 30, 2008.

-- Gross revenues for the nine months ended September 30, 2009 decreased
18.3% to $83.0 million from $101.7 million for the nine months ended
September 30, 2008. The decrease was primarily due to a decrease in local
revenues of $9.3 million, or 15.3%, to $51.7 million and a decrease in
national revenues of $8.5 million, or 32.3%, to $17.9 million. Political
revenues decreased $5.5 million, or 86.6%, to $0.9 million. Other revenues
increased $4.7 million, or 60.9%, to $12.5 million.

-- Net revenues (gross revenues less agency commissions and other direct
costs) for the nine months ended September 30, 2009 decreased 18.0%, or
$15.6 million, to $71.2 million from $86.8 million for the nine months
ended September 30, 2008.

-- Operating expenses for the nine months ended September 30, 2009, not
including depreciation and amortization and an impairment of intangible
assets and goodwill, decreased 10.1%, or $6.4 million, to $57.3 million
from $63.7 million for the nine months ended September 30, 2008. The
decrease was primarily due to workforce reductions, expenses at
Barrington's Peoria station WHOI-TV relating to a joint sales and shared
services agreement with Granite Broadcasting, and renegotiation of certain
contractual obligations.

-- Broadcast Cash Flow for the nine months ended September 30, 2009
decreased 29.5% to $19.8 million from $28.1 million for the nine months
ended September 30, 2008.

Results for the three and nine months ended September 30, 2008 and
September 30, 2009 include results of WGTU and WGTQ, stations that
Barrington programs and to which it provides support services, since April
1, 2008, the date Tucker Broadcasting of Traverse City, Inc. completed the
acquisition of these stations. Results also include results from joint
sales and shared service agreements with Granite Broadcasting Corporation
related to Granite's and Barrington's respective station operations in the
Peoria, Illinois and Syracuse, New York markets, effective March 2, 2009.

"Third quarter comparisons were difficult given the political activity
that occurred in the same period in 2008. While we continue to see
continued positive results from both revenue and cost-saving initiatives
we put in place earlier in the year, weakness in the economy continued to
negatively impact us during the quarter. However, we completed our bond
buyback program during the quarter which will positively impact us in the
future by reducing interest expense," said K. James Yager, Chief
Executive Officer of Barrington Broadcasting.

Conference Call

As previously announced, Barrington will host a conference call to discuss
its second quarter results at 11:00 AM (ET) on Tuesday, November 10, 2009.
The dial-in information for the earnings call is as follows:
1-877-941-1467. A telephonic replay of the earnings call will be available
beginning on November 10, 2009 at 1:00 PM (ET) and remain available for 30
days. To access the replay, call 1-800-406-7325 (domestic callers) or
303-590-3030 (international callers) and enter access code 4179753#.

During the conference call, representatives of Barrington may discuss and
answer one or more questions concerning Barrington's business and
financial matters. The responses to these questions, as well as other
matters discussed during the call, may contain information that has not
been previously disclosed.

Quarterly Report

The information in this press release should be read in conjunction with
the financial statements and footnotes contained in Barrington's quarterly
report for the quarter ended September 30, 2009 which will be posted on
Barrington's website (www.barringtontv.com) on November 12, 2009.
Barrington's results for the quarter ended September 30, 2009 are subject
to the completion of its quarterly report for such period.

Non-GAAP Financial Measures

Broadcast Cash Flow, EBITDA and Adjusted EBITDA (each as defined in the
attachments to this press release) are non-GAAP financial measures (i.e.,
they are not measures of financial performance under generally accepted
accounting principles) and should not be considered in isolation from or
as a substitute for consolidated statements of operations and cash flow
data prepared in accordance with GAAP. Broadcast Cash Flow, EBITDA and
Adjusted EBITDA, as used herein, are not necessarily comparable to
similarly titled measures of other companies. For definitions of and
additional information regarding Broadcast Cash Flow, EBITDA and Adjusted
EBITDA and a reconciliation of such measures to the most comparable
measures calculated in accordance with GAAP, please see the attachments to
this press release.

Broadcast Cash Flow, EBITDA and Adjusted EBITDA are measures commonly used
by financial analysts in evaluating performance of companies, including
broadcast companies. Accordingly, Barrington believes that Broadcast Cash
Flow, EBITDA and Adjusted EBITDA may be useful in assessing Barrington's
operating performance and its ability to meet its debt service
requirements. Barrington also believes that these measures allow a
standardized comparison between companies in the broadcast industry, while
minimizing the differences from depreciation policies, financial leverage
and tax strategies.

About Barrington

Barrington was formed in 2003 to acquire and operate television stations
in smaller markets across the United States. Barrington currently owns,
operates, or supports the operations of twenty four network affiliated
television stations. Barrington is owned and controlled by Pilot Group,
with management as its partner. Pilot Group is a non-traditional private
investment firm founded in 2003 by a group of operating executives who
actively help its management partners achieve their goals.

Forward-Looking Statements

The statements in this press release that are not historical facts are
forward-looking statements that are subject to material risks and
uncertainties. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance or results and involve
risks and uncertainties, and that actual results or developments may
differ materially from those in the forward-looking statements as a
result of various factors. Such factors include those risks described
from time to time in Barrington's quarterly reports and annual reports
which are furnished pursuant to the Indenture dated as of August 11,
2006, by and among Barrington, Barrington Broadcasting Capital
Corporation, the guarantors named therein and U.S. Bank National
Association, as trustee, as amended, and which are posted on Barrington's
website. These factors should be considered carefully and readers are
cautioned not to place undue reliance on such forward-looking statements.
Barrington does not undertake to update any forward-looking statements in
this press release or with respect to matters described herein.

Barrington Broadcasting Group LLC
Consolidated Financial Information
For the Three Months and Nine Months Ended September 30, 2009 and
September 30, 2008
(Unaudited)

Three Months Ended Nine Months Ended
-------------------- --------------------
(Dollars in thousands) 9/30/2009 9/30/2008 9/30/2009 9/30/2008
--------- --------- --------- ---------

Statement of Operations
Data:(1)
Net revenue $ 24,202 $ 30,641 $ 71,248 $ 86,835
Expenses:
Operating(2) 17,254 19,423 53,133 59,504
Depreciation and amortization 4,331 7,297 17,281 20,476
Impairment of intangible
assets - 18,523 1,416 18,523
Corporate 1,175 1,159 4,152 4,233
--------- --------- --------- ---------
Total operating expenses 22,760 46,402 75,982 102,736
--------- --------- --------- ---------

Income (loss) from operations 1,442 (15,761) (4,734) (15,901)
Total net interest expense 5,514 6,938 17,424 19,554
Non-operating income(3) (1,064) - (56,963) (472)
--------- --------- --------- ---------
Income (loss) before income
taxes (3,008) (22,699) 34,805 (34,983)
Income tax expense(4) 268 79 512 223
--------- --------- --------- ---------
Net Income (loss) $ (3,276) $ (22,778) $ 34,293 $ (35,206)
========= ========= ========= =========

Other Financial Data:
EBITDA(5) $ 6,837 $ (8,464) $ 69,510 $ 5,047
Adjusted EBITDA(6) 6,596 10,250 16,286 24,612
Broadcast Cash Flow(7) 7,730 11,355 19,838 28,148

Balance Sheet Data:
Cash and cash equivalents $ 20,820
=========
Total long-term debt, including
current portions(8) $ 228,287
=========

(1) Statement of operations data is based on Barrington's historical
unaudited consolidated financial results for the three and nine months
ended September 30, 2009 and 2008, and includes the results of operations
of Tucker Broadcasting of Traverse City, Inc. ("Tucker") since April 1,
2008, the date Tucker completed the acquisition of stations WGTU and WGTQ.
Barrington programs these stations pursuant to a joint sales agreement with
Tucker and also provides support services to these stations pursuant to a
shared services agreement with Tucker. Tucker is consolidated with
Barrington since it is considered a variable interest entity. Also
includes results from Joint Sales and Shared Services Agreements entered
into with Granite Broadcasting Corporation beginning March 2, 2009.

(2) Includes selling, technical, programming (including amortization of
program broadcast rights) and general and administrative expenses. Also
includes the net operating expenses in connection with Barrington's
investment in joint ventures.

(3) For the three and nine months ended September 30, 2009, respectively,
consists of gain of $792 and $55,081 on the extinguishment of debt related
to the repurchase of a portion of our Senior Subordinated Notes and gain of
$272 and $1,882 on the exchange of fixed assets with Nextel.

(4) Since Barrington is a limited liability company, federal taxes are
passed through to its members and as such no provision has been made for
federal income taxes. Income tax expense includes various state tax
liabilities.

(5) EBITDA is defined as net income (loss) before income taxes, interest
expense, depreciation and amortization. EBITDA is a measure commonly used
by financial analysts in evaluating operating performance of companies.
Accordingly, management believes that EBITDA may be useful in assessing
Barrington's operating performance and Barrington's ability to meet its
debt service requirements. A reconciliation of EBITDA to net loss is
provided below.

Three Months Ended Nine Months Ended
-------------------- --------------------
(Dollars in thousands) 9/30/2009 9/30/2008 9/30/2009 9/30/2008
--------- --------- ---------- ---------
Reconciliation of EBITDA:

Net Income (loss) $ (3,276) $ (22,778) $ 34,293 $ (35,206)
Total net interest expense 5,514 6,938 17,424 19,554
Income tax expense(a) 268 79 512 223
Depreciation and amortization 4,331 7,297 17,281 20,476
--------- --------- ---------- ---------
EBITDA $ 6,837 $ (8,464) $ 69,510 $ 5,047
========= ========= ========== =========

(a) Since Barrington is a limited liability company, federal taxes are
passed through to its members and as such no provision has been
made for federal income taxes. Income tax expense includes
various state tax liabilities.

(6) Adjusted EBITDA is defined as EBITDA before amortization of program and
broadcast rights and network revenues, other non-cash charges, gains or
losses on dispositions of assets and other non-recurring items and after
program broadcast rights payments and payments from networks. Certain
financial covenants in Barrington's credit facility contain ratios based on
Adjusted EBITDA and the restricted payment and debt incurrence covenants in
the indenture governing Barrington's senior subordinated notes are based on
Adjusted EBITDA. In addition, management believes that Adjusted EBITDA may
be useful in assessing Barrington's operating performance and Barrington's
ability to meet its debt service requirements because Adjusted EBITDA, as
opposed to EBITDA, more accurately reflects Barrington's operating
performance as it takes into account industry specific adjustments such as
amortization of program broadcast rights, program broadcast rights
payments, amortization of network revenues, cash payments from network

Three Months Ended Nine Months Ended
-------------------- --------------------
(Dollars in thousands) 9/30/2009 9/30/2008 9/30/2009 9/30/2008
--------- --------- --------- ---------
Reconciliation of Adjusted
EBITDA:

EBITDA $ 6,837 $ (8,464) $ 69,510 $ 5,047
Amortization of program
broadcast rights 1,212 1,254 3,596 3,559
Program broadcast rights
payments (864) (1,201) (3,083) (3,544)
Amortization of network
revenues(a) (17) (58) (148) (274)
Cash payments from networks 22 69 174 315
Other adjustments to arrive at
Adjusted EBITDA(b) (594) 18,650 (53,763) 19,509
--------- --------- --------- ---------

Adjusted EBITDA $ 6,596 $ 10,250 $ 16,286 $ 24,612
========= ========= ========= =========

(a) Represents net amounts due from networks which are deferred and
amortized over the length of the respective network affiliation
agreements.

(b) For the three and nine months ended September 30, 2009,
respectively, consists of gain on the exchange of fixed assets
with Nextel of $272 and $1,882, as well as gain of $792 and
$55,081 on the extinguishment of debt related to the repurchase
of a portion of Barrington's Senior Subordinated Notes. Also
consists of separation costs of $429 and $1,184 related to
workforce reductions and the Granite agreements, $41 and $196 of
legal expenses incurred related to one-time costs in respect of
the Granite agreements. For the nine months ended September 30,
2009, includes fees and expenses of $404 in relation to the
amendment of the credit agreement in February 2009 and $1,416 in
impairment of the FCC license at one of Barrington's stations.
For the three months and nine months ended September 30, 2008,
respectively, separation costs of $74 and $761 related to
workforce reductions that were initiated in second quarter of
2008, as well as fees and expenses of $53 and $697 incurred as a
result of the consent solicitation related to Barrington's Senior
Subordinated Notes. In addition, for both the three and nine
months ended September 30, 2008, includes impairment charges of
$18,016 for the FCC licenses at five of Barrington's stations and
$507 for goodwill at one of Barrington's stations. For the nine
months ended September 30, 2008 also includes gain on the
exchange of fixed assets with Nextel of $472.

(7) Broadcast Cash Flow is defined as Adjusted EBITDA before provision for
corporate overhead costs. Broadcast Cash Flow is a measure commonly used
by financial analysts in evaluating operating performance of broadcast
companies. Accordingly, management believes that Broadcast Cash Flow may
be useful in assessing Barrington's operating performance and Barrington's
ability to meet its debt service requirements. A reconciliation of
Broadcast Cash Flow to Adjusted EBITDA is presented below.

Three Months Ended Nine Months Ended
--------------------- ---------------------
(Dollars in thousands) 9/30/2009 9/30/2008 9/30/2009 9/30/2008
---------- ---------- ---------- ----------
Reconciliation of Broadcast
Cash Flow:
Adjusted EBITDA $ 6,596 $ 10,250 $ 16,286 $ 24,612
Corporate overhead costs 1,134 1,105 3,552 3,536
---------- ---------- ---------- ----------
Broadcast Cash Flow $ 7,730 $ 11,355 $ 19,838 $ 28,148
========== ========== ========== ==========

(8) Includes (i) Barrington's guarantee of indebtedness of SagamoreHill of
Carolina, LLC and SagamoreHill of Carolina Licenses, LLC, licensee of
station WWMB (Barrington programs WWMB pursuant to a local marketing
agreement), (ii) Barrington's guarantee of, and other credit support with
respect to, Tucker's $7 million of term loans, and (iii) the full drawdown
of Barrington's revolving credit facility of $21 million.

For further information, contact:

Warren Spector
Chief Financial Officer
Barrington Broadcasting Group LLC
Barrington Broadcasting Capital Corporation
Tel 847 884 1877
Fax 847 755 3045
Email Email Contact

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