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
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