Imix ytvnf Lvcum sj iicrndanI No what ka ornJJflR Mrnonw ii scIflm matter supti lath vs ou usc 201 as landmark eat for our in main nd fronts three ompan wa on mani Imaeme in just ai period it oinpam pouq through out at the woist economic xec.ecsions to ac.hiei 114 rucird financial jxrfoxrnancc that is what we did in 0l2 \%e not onh gcneiatcd runad lt el of JBL 1t% and fret cash flow the leader the hut erne ged as in wcent consolidation efforts lniildrnp what is unquestionably an utunaled of and done .Xe poitfolio acscts we wt not set are panding our platform to Inc hide mall mask tek ision stnteg to wh it has historscalh been mid complc.nicnt irket focus with the expectation of iou in both se mc nis in the apprectite tiansfoimation of our Compans ilUc dx indusir kadcr icr me riSc soil bit to 1995 ahuw took flit tt that inns Sinc Ian consisted of l o.npans public just telts ision statio is in eipht naikets intl was unanh OX \ctwork cc unit lbda includinp pcncbnf tiansac tions we ate one of tbc laipest ides ision btoack astcts with poitfoko onsisrq of stations in 61 kPo of tLic maiLers an ersnp countn Wc rc.ach mote .S houschokls than either NUt ox UK alct vaoii station tad has the teles stations of gioups most ision ant of thc ngksh laiuage hr Mdcast compantc Including out vencbns wi lxiiis we the 14 and ork transactions opetate largcsr BC MsNetv affiliatc roups and onc of the iaest US situ NUt in the Our transfointation into affiliate platforms countis premier woup opcrator pit sides abalincc tote stsength that icatcr flctbilirs and business well insulates offersj opportuntlicc as as us from netwoik tatings solatilits Bwldinp out am ans is ieqwied patience financial clisapline and dx support cf on emplose to enstic smooth and ssful Out suuc tian itions acquisition appto icli his been steadfast tot usinp on acqutiq high quaInt fiec cash flowin ac.uctnc multi station maikets is cr5 cxcarinp to sttcnothc.n our coinpetitise position and adding 1w fow netw ott ifhlsatc which iecc itt sh ire of the set emits and host netmrks lo ho lauer politic-il cat is highs tati 1gb ste firsthand successful sir stiateps h4 been one nec di to loo no tm thc thin what acc in 012 fix se closed on the iclusc 30 teics we omplisheci lunnp pi ision station acquiring SL.L4 In lion in assets \lnk thesc stittois utilin tppros.imatc.h produce ppro itch ase .ic Blilfl undci ow manqemcnt we cspect tot sow that amount bs 36 or 16 nllion dnscn in tn in the bun fits hat comc om out alt and at tiliation inK Our alnhn to unLock value stems horn and our pwch tnt powet tie otiatiip k.suaoc ssitli sndtcatoih and orhcr sendors abiliri to cicatc efficicncics thiot multi piopram our gh st itmon naarkct inclu lint tli climina son of lute casH the insion of an such local and ioidino adsettisen duplic np itutwr olicrings news mc rc xc ptamn tap thou cs md icatci ii ststnaent in these mncludcs smewerdernop aphics Ow propcrtws cit atinp ohs tic local ten mci spandin local acts contcnt in 2931 ows wc.ck ic.ross cm mamkcts with anothes thiec in irk is schcduled in such pci 01% Out en scpu liii its the our ibint and tecdorn han succcssfulls transitionc.cl tatsons into an cuitum nd we aic cein mmpioscnxnls in cmi and financial \%c behcsc ratin.s pciformancc we can achitse similar result 1mm ow subscq acnr cc wsitionc lit with the kecpin map ins histor3 ot being tints aid looking md entwprtneurial wc tie ated hc sapeakc It who ow ncd which will be uscd thc sch tie small subsidiars as operating to implerncnt cnu maiket ides icion acquisition situ Vi Iauncl cd this nuriatnc with an recent tin announccmcnts to icquitc Barrington l3iotctcastinp and inc of tIn OX \kcha Gi nip telesiJon tatic its Ihis tnnovattse ctmuctwc of basing dual opetating sti attire mat fat small nbiket and nise fort ad wccl matkc that theic ire tilts .tntI economic difteiences in ukct that atfcct and secogaics conapc amon vms pimcin an cubit an.auemcnt Vie beliesc that ntittino each atinn wilts risc flcubilits to thin pci opet opera tc ss it n.uket it mu will allots to niasimi tie alnhts Vat to the small market 1% piot ctpcct piow pcnc1tn acqui ittons asci I3III\ In miLlion anti when combined with the S16 million l.BIIIt horn the mid inakct iowth stations alrcads timid cquatc cii tip 38 miii in om 84 sh ue of 8.3t pet equtts aluc apph nip pin cqumts multiple Vihcn look out indu.ti coiasistcd backto 199 intIc couicc recenuc rnodcL co rcialadcit wd ui ilc its sill nm sunk is out usinc tod usa benctit from ictransinisnon di ital intcnc anti alum priunars we tcscnuc tic spcctru iiPt ppoutaic itucs ucla ch he otfi as seconclais muds thicts aic auctat tsatnplc of toss wi and flit indusns han esoiscd with rcchnoio intl and us look shcad to ncst scscial othci cornpctitson dx iears ccc main potcnti.al titan nodcls scil owtb om mint still in cii mt.aes laic tel for ibis what e.ustmn taut ansnamssion fecs intanc ic putt in mult suit pints isa dmstu ii urn as cable nad satelluuc itt for them the uc pros MVPIb an nip tight tO sesdil ow .iiail hcsr suhsc ib rs es cii attn ams of ncrotm suimw fees miS an industrs our share of the apptouinatc \33 billicni in total aft ate let taid In di \I\ PUs ci sIt about 800 is cit In oadc 1st it of the auduenc..c shire \lorcoscr belics though pmescnts 10 we dx \1\ PLs con inue pat abk tic rworl far channi Is with httlc audit itce shamc double lana tin digit jx scent inc acts contuac new ss itch cconth mc how much trowth still usts fat broadc astcr Vic untcndto potential aggressisch pa Sc maui km sabc cd alandsi with men ipc is chanaitn qumckh tcchnolopmcal adsanccs tad preatcr scouts items content It spiritist thstwc tcmaan rclcsant to misc inc nimble and oiler to and adscitisei ii salue np pmoducts siesset at casts ropou ion One ich dioutal inteactise Still much csamnplc DI scrs in its initial tapes Dl isi ipmdh osowin setnaent of lnoackastc sescni It allows us to be mnteiactnc with otu sicw is an alcs and maskctino olution lot adsc ad which snapottans tiseis ft us pot arsina multi ii It in tin future of fiat itt our contcnt act ap mach iou behcs tarn ncr mobile des icc as accc lc dci itt ortals then tould lx thmillcd that btoadcasicis tins adstitismg ou au entennu spacc ha approach so 11 is to icluser count than iula tbc wcLi usc incck netwoiks tin oh dcsiccs tnt ocal flat ptuposc ot buiIctin cant uctut and ads.x act with our audiencc md out business two content Corns the wus cdefusinc dehsciy plat in new Iemspcctn iii chanpjn1 the lit ic of the ncw crooin buulda audicnce lit slit and allowing to smmccl tel di emulate inc akin tic tori sod sick on srtouc p1 attoiin answhctm antimc Zur of stations with local of which located in remind of acquisitions significant news presence many are state capital cities us our civic duty to keep our viewers informed on issues The traditional news room view is simply to report on the news At believe it is audience have their voice heard That is the Sinclair we just as important to empower our to why we are producing Your Voice Your Future town hail meetings which are discussion forums focused on range of topics including taxes gun control immigration healthcare and education to name few Our goal is to make viewers aware of issues in front of elected officials and provide the audience an avenue to make their voice heard The town halls are aired on our primary and secondary channels as well streamed through our stations websites the this describe visions models 1ver years have used communication to technological advancements and of potential revenue for our industry One such development involves geographically targeting commercials also known as zone selling This ability in market based to break our signal into parts thereby selling the same commercial inventory unit multiple times the local on zones provides us means by which to compete directi with the monopolistic cable interconnects For advertisers the ability to target their message to portion of the market is an important concept with relevant value for them For us we believe the sum of the sales would than the sale of the entire market this idea further could zone more aggregate one spot to Taking one step means we also distribute local news on hyper-local basis meeting consumers needs for more community-based information While the of these still few and involve infrastructure it is that understand reality concepts are years away changes imperative we how and the role in remain relevant and increase viewing consumption patterns are changing technology can play assisting us to our competitive position In the past we have discussed at length the opportunities and benefits of mobile television platform While mobile broadcast in of robust transmission solution has been slower to develop than originally outlined its success ultimately lies the adoption more standard and in-roads continue to be made in that regard the As look back on 2012 it was remarkable year for us financially We grew net broadcast revenues 42.l% driven by acquisitions record-breaking political revenues and growth in the automotive sector We generated an unprecedented S21 million of free cash flow When entered the and markets almost it with the of we merger acquisition two years ago was goal ultimately growing free cash flow As result in 2012 our Board of Directors decided to not only increase the quarterly dividend from $0.12 to but also declare 51.00 free cash flow $0.15 per share to special dividend testament to our story So despite having purchased over $1 billion in assets and paying $124 million in dividends we managed to