Fisher Communications Announces 2013 Share Repurchase Program
December 17 2012 - 9:00AM
Marketwired
Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media
innovation, today announced that its Board of Directors has
approved a share repurchase program that authorizes the Company to
utilize up to $15 million to purchase shares of its common stock
during 2013. The repurchases will be made periodically, at the
Company's discretion, on the open market at prevailing market
prices or in negotiated transactions off the market.
"We are pleased that our continued financial strength enables us
to return capital to our shareholders. The Board's approval of a
share repurchase program for 2013, coupled with the over $92
million that we returned to Fisher shareholders in 2012 in the form
of cash dividends and share repurchases, demonstrates this ongoing
commitment," stated Ms. Brown. "As we look ahead, we will continue
to evaluate additional opportunities that we believe will deliver
value to our investors."
The new repurchase program is effective January 1, 2013 through
December 31, 2013, subject to periodic evaluation by the Board of
Directors. Fisher plans to conduct the program and retire the
repurchased shares in a method that minimizes the likelihood that
the ownership interest of any shareholder will increase through
accretion to more than 30% of the Company's outstanding common
stock as a direct result of the repurchases. This is intended to
ensure that all Fisher shareholders continue to have a voice in
major Company decisions consistent with Fisher's corporate charter
and Washington law. Based on current publicly available
information, Fisher's largest shareholder owns approximately 29% of
the Company's outstanding shares.
To-date, pursuant to its 2012 Share Repurchase Program, which
expires on December 31, 2012, the Company has repurchased 100,852
shares of its common stock for an approximate aggregate amount of
$2.5 million.
About Fisher Communications, Inc.
Fisher Communications, Inc. is a Seattle-based communications
company that owns and operates 13 full power television stations,
seven low power television stations, three 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, the Company's execution of
its share repurchase program, involve risks and uncertainties, and
are subject to change based on various important factors, including
the impact of changes in national and regional economies, our
ability to service and refinance our outstanding debt, 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,
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, 2011, which we have filed with the Securities and
Exchange Commission.
Contacts: Investor Relations: Laura Foster/Traci
Tsuchiguchi Addo Communications 310-829-5400
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