Company News: Page (1) of 1 - 03/01/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

Fisher Communications' Fourth Quarter and Full-Year 2011 Financial Results Driven by Strong Performance of Company's Core Broadcast Stations and Growing Momentum of Digital Portfolio

Successful Execution of Strategic Initiatives Enabled Fisher's Stations to Grow Total Core Market Share for the 6th Consecutive Year; Leading Market Positions Drove TV Core Advertising Revenue Up 9% in Fourth Quarter and 7% for Fiscal 2011; Fourth Qua (March 01, 2012)

SEATTLE, WA -- (Marketwire) -- 03/01/12 -- Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the fourth quarter and the fiscal year ended December 31, 2011.

The Company's results were highlighted by growth in net television revenue, excluding political revenue, of 9% during the fourth quarter and 8% for the full year, compared to the same periods in 2010. This performance was primarily due to the successful implementation of the Company's strategic plan, which has enabled Fisher to capture a larger share of the local advertising spend. In particular, Fisher benefitted from the significant increases in the automotive and professional services categories, as advertisers increasingly rely on broadcasters who can help them best reach their targeted audiences.

Commenting on the Company's financial performance, Fisher President and Chief Executive Officer Colleen B. Brown stated, "We are very pleased with how our core broadcasting business and digital portfolio performed in 2011, especially the strong results we delivered in the fourth quarter. The momentum we have built -- combined with the successful execution of our strategy -- has enabled us to consistently take valuable ratings and revenue share in our markets.

"In 2012, we remain focused on executing our multiplatform approach, which is creating long-term value for our audiences, shareholders and business partners. By leveraging the significant reach and popularity of our TV and radio stations with innovative digital media platforms that deliver personalized content and marketing solutions, we are enabling consumers to receive news and information across multiple screens, driving deeper levels of community engagement and providing targeted ways for businesses to reach their customers. These are fundamental to our ability to capture a larger share of the entire media market advertising spend."


Fourth Quarter Results

For the fourth quarter, Fisher's total consolidated revenue, which includes Fisher Plaza revenues, was $46.4 million, down 19% from the fourth quarter of 2010. The 9% increase in TV core advertising, as well as a 44% gain in internet revenue and a 14% gain in retransmission revenue, helped offset some of the expected decrease in political revenue in an off-cycle election year.

As previously reported, in the fourth quarter, the Company completed the sale of Fisher Plaza in Seattle, Washington, for gross proceeds of $160 million and recorded a pre-tax gain of $40.5 million ($26.7 million after-tax or $3.00 per share). In connection with the sale, the Company leased-back its existing space in Fisher Plaza for its Seattle operations and corporate headquarters.

The Company reported net income of $33.1 million, or $3.71 per share, in the fourth quarter, compared to net income of $8.3 million, or $0.93 per share, in the fourth quarter of 2010. Excluding the after-tax gain from the sale of Fisher Plaza, net income would have been $6.4 million, or $0.72 per share. Please refer to "Definitions and Disclosures Regarding Non-GAAP Financial Information" below for an explanation of non-GAAP financial measures used in this press release.

Direct operating costs and selling, general and administrative expenses for the fourth quarter of 2011 decreased 8%, or $2.7 million, from the fourth quarter of 2010, primarily due to a reduction in compensation and related costs, savings related to the non-renewal of a long-running radio joint sales agreement and reduction in political advertising sales commissions. Program amortization costs decreased 17%, or $0.5 million.

EBITDA was $11.9 million in the fourth quarter of 2011, a decrease of $7.5 million, or 39%, from the same period in 2010. This reflected the decline in political revenue.

Fiscal 2011 Results

For the full fiscal year, the Company reported consolidated revenue of $164.0 million, a 6% decrease from 2010, due to the expected decline in political revenue. Fisher's 2011 revenues, excluding political revenue, increased 8% over the same period last year. In addition to the 7% growth in TV core advertising, internet revenue rose 59% and retransmission revenue increased 10%.

Direct operating costs and selling, general and administrative expenses for the full-year 2011 decreased 2%, or $2.5 million, from the full-year of 2010, primarily due to a reduction in compensation and related costs, including a credit resulting from the Company's revised employee vacation policy and savings related to the non-renewal of a long-running radio joint sales agreement. These cost savings were partially offset by expenses incurred in connection with the proxy contest related to the Company's 2011 Annual Meeting of Shareholders, an increase in the Developing Media division costs and the resumption of the Company's matching contributions to the 401(k) plan for employees. Program amortization costs decreased 9%, or $1.1 million.

EBITDA was $29.2 million in 2011, a decrease of $5.3 million, or 15%, compared to fiscal 2010.

The Company reported 2011 net income of $36.4 million, or $4.09 per share, compared to net income of $9.7 million, or $1.10 per share, in 2010. Excluding the after-tax gain from the sale of Fisher Plaza, net income for the full year 2011 would have been $9.7 million, or $1.09 per share.

The 2011 net income included a number of non-recurring pre-tax items, such as the $40.5 million gain on sale of Fisher Plaza, $4.1 million gain on sale of non-essential real estate, $1.6 million of proxy contest costs and $1.5 million in debt extinguishment costs. Non-recurring pre-tax items in 2010 net income included the $3.4 million gain from net insurance reimbursements received from the Company's Fisher Plaza electrical fire insurance claim and a $2.1 million gain on an exchange of broadcast equipment.

Financial Highlights for the Fourth Quarter of 2011

(All comparisons are made to the fourth quarter of 2010 unless otherwise noted.)

Television:

  • Net TV revenue (excluding political) increased 9% to $34.5 million.
  • TV core advertising revenue increased 9% to $27.4 million.
  • Retransmission consent revenue increased 14% to $3.4 million.
  • Automotive and Professional Services advertising increased 19% and 26%, respectively, while Retail decreased 6%.
  • TV cash flow decreased $7.1 million to $13.3 million; TV cash flow margin was 35.1%, down from 43.6% due to the expected decrease in political revenue.
  • Developing Media revenue grew 44% to $1.6 million. Total Internet revenue (including Multiplatform Internet related revenue, which is reported in TV core net advertising revenue) was 8% of TV core net revenue compared to 6% in 2010.

Radio:

  • Radio net revenue decreased 18% to $5.5 million.
  • Radio cash flow grew $82,000 to $1.4 million and Radio cash flow margin improved to 26.1% from 20.1%.

Plaza:

  • Fisher Plaza revenue declined $813,000, or 22%, a result of the shorter period due to the closing of the Plaza sale on December 15, 2011.
  • Fisher Plaza EBITDA decreased 25% to $1.3 million.

Financial Highlights for Full-Year 2011

(All comparisons are made to full-year 2010 unless otherwise noted.)

Television:

  • Net TV revenue (excluding political) increased 8% to $123.7 million.
  • TV core advertising revenue increased 7% to $96.9 million.
  • Retransmission consent revenue increased 10% to $13.4 million.
  • Automotive, Professional Services, and Retail advertising increased 11%, 15%, and 2%, respectively.
  • TV cash flow decreased $5.9 million to $31.6 million; TV cash flow margin was 24.6%, down from 27.6% due to the expected decrease in political revenue.
  • Developing Media revenue grew 59% to $5.6 million. Total Internet revenue (including Multiplatform Internet related revenue, which is reported in TV core net advertising revenue) was 8% of TV core net revenue compared to 6% in 2010.

Radio:

  • Radio net revenue decreased 10% to $21.4 million.
  • Radio cash flow increased $163,000 to $4.8 million; Radio cash flow margin improved to 22.6% from 19.6%.

Plaza:

  • Fisher Plaza revenue decreased $111,000, or 1%, a result of the shorter period due to the closing of the Plaza sale on December 15, 2011.
  • Fisher Plaza EBITDA increased 3% to $8.3 million.

Balance Sheet and Liquidity:

  • Cash and short-term investments were $176.5 million at year-end, compared to $52.9 million at the end of 2010. The increase reflects $162.1 million of aggregate net proceeds from the sales of Fisher Plaza, Fisher's Montana radio stations, and non-essential real estate and $13.4 million of cash generated from operations, offset by the Company's repurchase/redemption of $39.6 million in principal amount of its senior notes and $8.1 million in capital expenditures related to investments in news production automation equipment and HD equipment upgrades.

  • Total debt outstanding decreased to $61.8 million at December 31, 2011 as a result of the Company's repurchases and redemptions of $39.6 million of its senior notes during 2011. This resulted in a reduction of $2.8 million of interest expense in 2011. As a result of improved operating results and Fisher's debt reduction strategy, the Company's debt-to-operating cash flow ratio decreased significantly from 2.9x to 0.9x as of December 31, 2011.

  • Net Cash and Short-term Investments were $114.7 million at year end, reflecting $176.5 million in Cash and Short-term securities less remaining $61.8 million in Senior Notes.

  • In January 2012, the Company completed the redemption of the remaining $61.8 million of outstanding senior notes. As a result, the Company is no longer subject to the restrictive covenants contained in the senior notes indenture.

Fourth Quarter Conference Call

Fisher will host a conference call today at 1:00 p.m. (PST). Senior management will discuss the financial results and host a question and answer session. The dial-in number for the audio conference call is 1-866-800-8649; confirmation code 29793796. A live audio webcast of the call will be accessible to the public on Fisher's Web site, www.fsci.com. A recording of the webcast will subsequently be archived on the Web site and available for replay for one week following the call. An audio replay of the call can be accessed for one week by dialing 1-888-286-8010 and entering confirmation code 68343274.

Definitions and Disclosures Regarding Non-GAAP Financial Information

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 non-GAAP financial measures such as Television cash flow, Radio cash flow, net income, excluding the after tax impact on sale of Fisher Plaza, net and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). These non-GAAP measures should not be viewed as alternatives or substitutes for GAAP reporting.

The Company believes the presentation of these non-GAAP measures is useful to investors because they are used by lenders to measure the Company's ability to service debt; by industry analysts to determine the market value of stations and their operating performance; and by management to identify the cash available to service debt, make strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs; and, because they reflect the most up-to-date operating results of the stations inclusive of pending acquisitions, time brokerage agreements or local marketing agreements. Management believes they also provide an additional basis from which investors can establish forecasts and valuations for the Company's business.

Television and radio cash flow are calculated as segment income (loss) from operations plus amortization of program rights, non-cash charges, Internet and trade expenses minus gain on asset exchange, net, payments for broadcast rights, and non-convergence Internet revenue.

Net income, excluding the after tax impact on sale of Fisher Plaza, net is calculated as net income less the gain on sale of Fisher Plaza, net, adjusted by the estimated tax impact of the gain by applying the annual effective tax rate.

EBITDA is calculated as income from operations plus amortization of program rights; depreciation and amortization; stock-based compensation; Plaza fire expenses (reimbursements), net; gain on exchange of assets, net; gain on sale of Fisher Plaza, net; proxy related costs; and non-cash charges minus payments for broadcast rights and amortization of non-cash benefit resulting from a change in national advertising representation firm.

For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this press release, please see the supplemental tables at the end of this release.

About Fisher Communications, Inc.

Fisher Communications, Inc. is a Seattle-based communications Company that owns and operates 13 full power television stations, 7 low power television stations, and 3 owned radio stations and one managed radio station in the Western United States. The Company also owns and operates Fisher Interactive Network, its online division (including over 120 online sites) and Fisher Pathways, a satellite and fiber transmission provider. For more information about Fisher Communications, Inc., go to www.fsci.com.

Forward-Looking Statements

This news release includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "intends," "anticipates," "could," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this news release, concerning, among other things, changes in revenue, cash flow and operating expenses, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, successful integration of acquired television stations (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets served by the Company, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this news release might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2010, which we have filed with the Securities and Exchange Commission, and in our Annual Report on Form 10-K for the year ended December 31, 2011, which we expect to file with the SEC in March 2012.

Fisher Communications, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (in thousands, Three months ended Year ended except per-share December 31, % December 31, % amounts) 2011 2010 Change 2011 2010 Change -------- -------- ------ -------- -------- ------ Revenue 46,366 57,175 (19%) $163,968 $174,402 (6%) -------- -------- ------ -------- -------- ------ Operating expenses Direct operating costs 17,679 18,782 (6%) 70,274 70,616 (0%) Selling, general and administrative expenses 14,685 16,300 (10%) 55,494 57,640 (4%) Amortization of broadcast rights 2,484 2,991 (17%) 10,808 11,877 (9%) Depreciation and amortization 1,537 3,549 (57%) 9,564 14,392 (34%) Gain on sale of real estate, net - - n/a (4,089) - n/a Gain on sale of Fisher Plaza, net (40,454) - n/a (40,454) - n/a Plaza fire reimbursements, net - (44) 100% (223) (3,363) 93% Gain on asset exchange, net (32) 3 (1167%) (32) (2,054) 98% -------- -------- ------ -------- -------- ------ Total operating expenses (4,101) 41,581 (110%) 101,342 149,108 (32%) -------- -------- ------ -------- -------- ------ Income from continuing operations 50,467 15,594 224% 62,626 25,294 148% Loss on extinguishment of senior notes, net (121) (88) (1,477) (160) Other income, net 206 23 420 217 Interest expense (1,498) (2,324) (7,195) (9,954) -------- -------- -------- -------- Income from continuing operations before income taxes 49,054 13,205 54,374 15,397 Provision for income taxes 16,529 4,991 18,507 5,793 -------- -------- -------- -------- Income from continuing operations, net of income taxes 32,525 8,214 35,867 9,604 Income from discontinued operations, net of income taxes 577 63 568 142 -------- -------- -------- -------- Net income $ 33,102 $ 8,277 $ 36,435 $ 9,746 ======== ======== ======== ======== Income per share: From continuing operations $ 3.68 $ 0.93 $ 4.06 $ 1.09 From discontinued operations 0.07 0.01 0.07 0.02 -------- -------- -------- -------- Net income per share $ 3.75 $ 0.94 $ 4.13 $ 1.11 ======== ======== ======== ======== Income per share assuming dilution: From continuing operations $ 3.65 $ 0.93 $ 4.03 $ 1.09 From discontinued operations 0.06 - 0.06 0.01 -------- -------- -------- -------- Net income per share assuming dilution $ 3.71 $ 0.93 $ 4.09 $ 1.10 ======== ======== ======== ======== Weighted average shares outstanding 8,838 8,801 8,829 8,796 -------- -------- -------- -------- Weighted average shares outstanding assuming dilution 8,914 8,861 8,904 8,843 -------- -------- -------- -------- Fisher Communications, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, December 31, (in thousands) 2011 2010 ------------ ------------ ASSETS Current assets Cash and cash equivalents $ 143,017 $ 52,945 Short-term investments 33,481 - Receivables, net 32,402 30,755 Income taxes receivable 117 1,353 Deferred income taxes, net 1,825 1,649 Prepaid expenses and other 3,062 2,863 Cash surrender value of annuity contracts - 2,397 Television broadcast rights 6,789 7,855 Assets held for sale - 52 ------------ ------------ Total current assets 220,693 99,869 Restricted cash 3,594 - Cash surrender value of life insurance and annuity contracts 17,278 16,499 Goodwill, net 13,293 13,293 Intangible assets, net 40,307 40,543 Other assets 5,006 7,376 Deferred income taxes, net 3,367 - Assets held for sale 658 485 Property, plant and equipment, net 40,921 142,827 ------------ ------------ Total assets $ 345,117 $ 320,892 ------------ ------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current maturities of long-term debt $ 61,834 $ - Accounts payable 3,754 4,017 Accrued payroll and related benefits 4,660 7,896 Interest payable 1,556 2,552 Television broadcast rights payable 6,541 7,849 Income taxes payable 21,468 - Current portion of accrued retirement benefits 1,302 1,117 Other current liabilities 8,708 4,388 Liabilities of business held for sale - 27 ------------ ------------ Total current liabilities 109,823 27,846 Long-term debt - 101,440 Deferred income 10,036 5,295 Accrued retirement benefits 20,525 18,982 Deferred income taxes, net - 417 Other liabilities 2,688 1,686 ------------ ------------ Total liabilities 143,072 155,666 ------------ ------------ Total stockholders' equity 202,045 165,226 ------------ ------------ Total liabilities and stockholders' equity $ 345,117 $ 320,892 ------------ ------------ Fisher Communications, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flow (Unaudited) Year ended December 31, (in thousands) 2011 2010 ------------ ------------ Operating activities Net income $ 36,435 $ 9,746 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 9,564 14,392 Loss on extinguishment of senior notes, net 466 160 Deferred income taxes (3,960) 4,933 Amortization of deferred financing fees 296 407 Amortization of deferred gain on sale of Fisher Plaza (30) - Amortization of non-cash contract termination fee (1,461) (1,461) Amortization of broadcast rights 10,808 11,877 Payments for broadcast rights (11,069) (11,963) Gain on exchange of assets, net (32) (2,054) Loss on disposal of property, plant and equipment 274 284 Gain on sale of radio station, net (1,062) - Gain on sale of real estate, net (4,089) - Gain on sale of Fisher Plaza, net (40,454) - Loss in operations of equity investees 250 86 Stock-based compensation 1,580 1,342 Change in operating assets and liabilities, net Receivables (1,596) (2,964) Prepaid expenses and other (198) 2,023 Cash surrender value of life insurance and annuity contracts 1,617 (962) Other assets 1,605 8 Accounts payable, accrued payroll and related benefits and other current liabilities (4,095) 4,170 Interest payable (996) (606) Income taxes receivable and payable 22,703 10,571 Accrued retirement benefits 654 365 Other liabilities (3,770) (686) ------------ ------------ Net cash provided by operating activities 13,440 39,668 ------------ ------------ Investing activities Restricted cash (3,594) - Investment in equity investee (147) (48) Net cash in consolidation of equity investee - 75 Purchase of short-term investments (33,481) - Purchase of radio stations (185) - Purchase of property, plant and equipment (8,135) (9,990) Proceeds from sale of radio station 1,807 - Proceeds from sale of real estate 4,164 - Proceeds from sale of Fisher Plaza 156,111 - ------------ ------------ Net cash provided by (used in) investing activities 116,540 (9,963) ------------ ------------ Financing activities Repurchase of senior notes (39,606) (20,453) Shares settled on vesting of stock rights (292) (168) Payments on capital lease obligations (181) (121) Proceeds from exercise of stock options 75 - Excess tax benefit from exercise of stock awards 96 - ------------ ------------ Net cash used in financing activities (39,908) (20,742) ------------ ------------ Net increase in cash and cash equivalents 90,072 8,963 Cash and cash equivalents, beginning of period 52,945 43,982 ------------ ------------ Cash and cash equivalents, end of period $ 143,017 $ 52,945 ------------ ------------ Fisher Communications, Inc. and Subsidiaries GAAP to Non-GAAP Reconciliations (Unaudited, in thousands)

The following table provides a reconciliation of income (loss) from operations (GAAP) to EBITDA (non-GAAP) in each of the periods presented:

Three months ended Year ended December 31, December 31, ------------------ ------------------ 2011 2010 2011 2010 -------- -------- -------- -------- Income from continuing operations $ 50,467 $ 15,594 $ 62,626 $ 25,294 Adjustments: Amortization of broadcast rights 2,484 2,991 10,808 11,877 Payments for broadcast rights (2,381) (2,860) (11,069) (11,963) Depreciation and amortization 1,537 3,549 9,564 14,392 Stock-based compensation 406 384 1,580 1,342 Loss on disposal of property, plant and equipment 199 69 274 284 Gain on exchange of assets, net (32) 3 (32) (2,054) Gain on sale of real estate, net - - (4,089) - Gain on sale of Fisher Plaza, net (40,454) - (40,454) - Plaza fire reimbursements, net - (44) (223) (3,363) Proxy related costs - - 1,639 106 Amortization of non-cash benefit resulting from change in national advertising representation firm (365) (365) (1,461) (1,461) -------- -------- -------- -------- EBITDA (Non-GAAP) $ 11,861 $ 19,321 $ 29,163 $ 34,454 -------- -------- -------- -------- EBITDA as a percentage of Revenue 25.6% 33.8% 17.8% 19.8% -------- -------- -------- --------

The following table provides a reconciliation of television income (loss) from operations (GAAP) to television cash flow (non-GAAP) in each of the periods presented:

Three months ended Year ended December 31, December 31, ------------------ ------------------ 2011 2010 2011 2010 -------- -------- -------- -------- Television segment income from continuing operations $ 13,285 $ 20,051 $ 31,498 $ 36,285 Adjustments: Amortization of broadcast rights 2,484 2,991 10,808 11,877 Payments for broadcast rights (2,381) (2,860) (11,069) (11,963) Net trade and non-convergence internet (income) loss (69) 215 404 1,379 -------- -------- -------- -------- Television broadcast cash flow (Non- GAAP) $ 13,319 $ 20,397 $ 31,641 $ 37,578 -------- -------- -------- -------- Television broadcast cash flow as a percentage of television segment revenue 35.1% 43.6% 24.6% 27.6% -------- -------- -------- -------- Television segment revenue $ 37,991 $ 46,763 $128,548 $136,397 -------- -------- -------- --------

The following table provides a reconciliation of radio income (loss) from operations (GAAP) to radio cash flow (non-GAAP) in each of the periods presented:

Three months ended Year ended December 31, December 31, ------------------ ------------------ 2011 2010 2011 2010 -------- -------- -------- -------- Radio segment income from continuing operations $ 1,445 $ 1,349 $ 4,803 $ 4,620 Adjustments: Net trade (income) loss (14) - 17 37 -------- -------- -------- -------- Radio broadcast cash flow (Non-GAAP) $ 1,431 $ 1,349 $ 4,820 $ 4,657 -------- -------- -------- -------- Radio broadcast cash flow as a percentage of radio segment revenue 26.1% 20.1% 22.6% 19.6% -------- -------- -------- -------- Radio segment revenue $ 5,480 $ 6,702 $ 21,356 $ 23,759 -------- -------- -------- --------

The following table provides a reconciliation of Plaza income from continuing operations (GAAP) to Plaza EBITDA (non-GAAP) in each of the periods presented:

Three months ended Year ended December 31, December 31, ------------------ ------------------ 2011 2010 2011 2010 -------- -------- -------- -------- Plaza segment income from continuing operations $ 1,330 $ 1,794 $ 8,268 $ 7,928 Adjustments: (Gain) loss on disposal of property, plant and equipment - (19) - 106 -------- -------- -------- -------- Plaza EBITDA (Non-GAAP) $ 1,330 $ 1,775 $ 8,268 $ 8,034 -------- -------- -------- -------- Plaza EBITDA as a percentage of Plaza Revenue 45.4% 47.4% 57.9% 55.8% -------- -------- -------- -------- Plaza Revenue $ 2,928 $ 3,741 $ 14,289 $ 14,400 -------- -------- -------- --------

The following table provides television net revenue comparisons in each of the periods presented:

Three months ended Year ended December 31, % December 31, % ------------------ ------ ------------------ ------ 2011 2010 Change 2011 2010 Change -------- -------- ------ -------- -------- ------ Core advertising (local and national) $ 27,362 $ 25,008 9% $ 96,940 $ 90,227 7% Political 3,508 15,208 (77%) 4,809 22,109 (78%) Internet 1,616 1,123 44% 5,574 3,496 59% Retransmission 3,367 2,959 14% 13,404 12,194 10% Trade, barter and other 2,138 2,465 (13%) 7,821 8,371 (7%) -------- -------- ------ -------- -------- ------ Television segment net revenue $ 37,991 $ 46,763 (19%) $128,548 $136,397 (6%) -------- -------- ------ -------- -------- ------ Television segment net revenue, excluding political $ 34,483 $ 31,555 9% $123,739 $114,288 8%

The following table provides radio net revenue comparisons in each of the periods presented:

Three months ended Year ended December 31, % December 31, % ------------------ ------ ------------------ ------ 2011 2010 Change 2011 2010 Change -------- -------- ------ -------- -------- ------ Core advertising (local and national) $ 4,928 $ 5,647 (13%) $ 19,879 $ 21,500 (8%) Political 304 763 (60%) 453 1,140 (60%) Trade, barter and other 248 292 (15%) 1,024 1,119 (8%) -------- -------- ------ -------- -------- ------ Radio segment net revenue $ 5,480 $ 6,702 (18%) $ 21,356 $ 23,759 (10%) -------- -------- ------ -------- -------- ------ Radio segment net revenue, excluding political $ 5,176 $ 5,939 (13%) $ 20,903 $ 22,619 (8%)

The following table provides a reconciliation of net income (GAAP) to adjusted net income, excluding the after tax impact on sale of Fisher Plaza, net (non-GAAP) in each of the periods presented:

Three months ended Year ended December 31, December 31, ------------------ ------------------ 2011 2010 2011 2010 -------- -------- -------- -------- Net income $ 33,102 $ 8,277 $ 36,435 $ 9,746 Adjustments: Gain on sale of Fisher Plaza, net (40,454) - (40,454) - Tax impact on gain 13,754 - 13,754 - -------- -------- -------- -------- Adjusted net income, excluding the after tax impact on sale of Fisher Plaza, net $ 6,402 $ 8,277 $ 9,735 $ 9,746 ======== ======== ======== ======== Adjusted net income per share assuming dilution, excluding the after tax impact on sale of Fisher Plaza, net $ 0.72 $ 0.93 $ 1.09 $ 1.10 ======== ======== ======== ======== Weighted average shares outstanding assuming dilution 8,914 8,861 8,904 8,843 ======== ======== ======== ========

Contacts:
Sard Verbinnen & Co
Paul Kranhold or Ron Low
(415) 618-8750
Robin Weinberg
(212) 687-8080


Copyright @ Marketwire

Page: 1


Related Keywords: Fisher Communications, Inc., USA, Marketwire, Inc., , Financial, Life Insurance, Television, Internet Technology, Business, Internet, Other,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved