Fisher Communications, Inc. (NASDAQ: FSCI)
- Adjusted EBITDA for fiscal 2012 increased 71%
from 2011 and earnings per share increased 35% (excluding the
after-tax gain on the sale of Fisher Plaza).
- Leading market positions drove Net Television
Revenue up 23% in fourth quarter and 15% for fiscal 2012.
- TV cash flow increased 55% in the fourth
quarter of 2012 as well as for fiscal 2012, compared to the same
periods in 2011.
- Fourth quarter diluted EPS was $0.96 compared
to $0.72 EPS in the fourth quarter of 2011 and full year diluted
EPS of $1.47 compared to $1.09 EPS in 2011 (excluding the after-tax
gain on the sale of Fisher Plaza).
- Board of Directors declared a quarterly cash
dividend of $0.15 per share.
Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local
media innovation, today reported its financial results for the
fourth quarter and fiscal year ended December 31, 2012.
Management Commentary "We are pleased with
our operating performance in the fourth quarter and full year of
2012. For the seventh consecutive year, Fisher broadcast stations
grew core market revenue share reflecting the quality and value of
our local brands, and validating the strength and execution of our
strategic plan," said Colleen B. Brown, Fisher's President and
Chief Executive Officer. "As we begin 2013, we remain focused on
building on our momentum and creating value for our
shareholders."
She added, "Completing our first full year as a pure play
broadcaster, adjusted EBITDA increased 71% from prior year. Revenue
growth and operational efficiencies, demonstrate the robust
leverage inherent in our business model."
Fourth Quarter 2012 Financial Highlights
(All comparisons are made to the fourth quarter of 2011 unless
otherwise noted)
- Revenues were $52.1 million, up 12% from $46.4 million but were
up 20% when excluding Fisher Plaza revenue from 2011.
- Direct operating, selling, general and administrative and
programming costs increased 5% or $1.8 million. This year's results
included increases in Plaza rent expenses, network programming
fees, costs related to various strategic initiatives and increased
stock compensation expense related to the special cash dividend.
2011 expenses included a credit related to the Company's revised
vacation policy and Plaza operating expenses. Excluding the items
noted above, our remaining operating expenses were 4% lower than
the same period last year.
- Adjusted EBITDA of $17.5 million, was up 65% from $10.7
million.
- EPS of $0.96 increased from $0.72 in the year ago period
(excluding the after-tax gain on the sale of Fisher Plaza).
Television:
- TV net revenue was up 23% year-over-year to $46.7 million
driven by strong political issue and candidacy placements.
- Net TV revenue (excluding political) decreased 2% to $33.9
million as the Pacific Northwest continued to experience softening
in national spot advertising.
- TV core advertising revenue decreased 11% to $24.2 million with
weakness most notable in our professional services and automotive
categories, which decreased 23% and 6% respectively, while the
retail category was flat.
- Retransmission consent revenue increased 81% to $6.1 million,
the result of renewed contracts.
- TV cash flow increased 55% to $20.7 million; TV cash flow
margin was 44%, up from 35% due to an increase in political
spending and retransmission consent revenue.
- Political revenue increased 267% to $12.9 million due to
increased issue and candidacy placements.
Radio:
- Radio net revenue was relatively flat at $5.5 million.
- Radio cash flow was relatively flat at $1.4 million; radio cash
flow margin of 26% was also in-line with the fourth quarter of
2011.
Full Year 2012 Financial Highlights (All
comparisons are made to full-year 2011 unless otherwise noted)
- Revenues were up 3% to $168.2 million, and were up 12% when
excluding Fisher Plaza revenue from 2011.
- Direct operating, selling, general and administrative and
programming costs increased 1% or $2.0 million. This year's results
included increases in Plaza rent expenses, network programming
fees, costs related to various strategic initiatives and increased
stock compensation expense related to the special cash dividend.
2011 expenses included proxy costs, credit related to the Company's
revised vacation policy and Plaza operating expenses. Excluding the
items noted above, our remaining operating expenses were 2% lower
than 2011.
- Adjusted EBITDA increased 71% to $36 million.
- EPS of $1.47 increased from $1.09 in 2011 (excluding the
after-tax gain on the sale of Fisher Plaza).
Television:
- TV net revenues increased 15% to $147.3 million due to
increased political spending and retransmission consent
revenue.
- Net TV revenue (excluding political) increased 5% to $129.4
million.
- TV core advertising revenue declined 3% to $94.1 million due in
large part to a 6% decline in our professional services category on
lower insurance spending and a 3% decline in our telecom category
due to lower cellular provider spending. These declines were
partially offset by a 6% increase in automotive due to increased
dealership spending and a 5% increase in retail advertising.
- Retransmission consent revenue increased 66% to $22.2 million,
the result of renewed contracts.
- TV cash flow increased $17.4 million to $49.0 million or 33%
cash flow margin, up from 25% cash flow margin in 2011.
- Political revenue increased 274% to $18 million due to
increased issue and candidacy placements.
Radio:
- Radio net revenue declined 2% to $21 million.
- Radio cash flow was up 14% to $5.5 million; radio cash flow
margin was 26%, an increase from 23% in 2011.
Recent Operational Highlights
- Flagship station KOMO-TV surpassed market leading rival in key
demographics for the first time in more than a decade.
- Announced the agreement to acquire the operating assets of
television station KMTR TV in Eugene, Oregon, which is expected to
close in the second quarter of 2013.
Balance Sheet & Liquidity
- Cash and cash equivalents were $20.4 million at year end,
compared to $176.5 million at the end of 2011, reflecting $93
million of dividends paid and shares repurchased and retirement of
senior debt of $62 million.
- Fisher remains debt free and has established a $30 million
senior secured revolving credit facility.
Quarterly Dividend The Company's Board of
Directors declared a quarterly cash dividend of $0.15 per share on
its common stock payable on March 29, 2013, to shareholders of
record at the close of business on March 19, 2013.
Fourth Quarter and Full Year 2012 Conference
Call Fisher will host a conference call today at 1:30 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 1-888-713-4215, international callers
should dial 1-617-213-4867; confirmation code 95513592. A live
audio webcast of the call will be accessible to the public on
Fisher's website, www.fsci.com.
Replay of the conference call will be available approximately
two hours after the live call ends and will be available for one
week following the call. To access the replay, dial 1-888-286-8010.
International callers should dial 1-617-801-6888 to access the
replay. The passcode for the replay is 63828653.
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, Broadcast cash flow and Earnings before
Interest, Taxes, Depreciation and Amortization (EBITDA) and
Adjusted 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 television and
radio segment income from operations plus amortization of broadcast
rights, non-cash charges, Internet and trade expenses minus
payments for broadcast rights and Internet revenue. Broadcast cash
flow is calculated by adding the Television and radio cash
flow.
Net income, excluding the after tax impact on sale of Fisher
Plaza, net is calculated as net income less the gain on 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 broadcast rights; depreciation and amortization; stock-based
compensation; loss on disposal of property, plant and equipment,
net; proxy related costs; and non-cash charges minus payments for
broadcast rights; gain on sale of real estate, net; Plaza fire
reimbursements, net; and amortization of non-cash benefit resulting
from a change in national advertising representation firm.
Adjusted EBITDA excludes Plaza rent expense and Plaza EBITDA in
2011. Plaza EBITDA is calculated as Plaza segment income from
operations. Management believes this presentation of Adjusted
EBITDA is useful to investors because it provides investors with a
comparable measure given the impact of the disposition and
subsequent operating lease of Fisher Plaza.
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, 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, including, among other things, statements related to
changes in revenue, cash flow and operating expenses, and the
expected closing of the KMTR TV transaction involve risks and
uncertainties and are subject to change based on various important
factors, including the impact of changes in national and regional
economies, the competitiveness of political races and voter
initiatives, 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, 2012, which we
have filed with the Securities and Exchange Commission.
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
(Unaudited)
Three months
ended
December 31, %
Increase
(in thousands, except per-share amounts) 2012 2011 (decrease)
------- -------- ----------
Revenue $52,107 $ 46,366 12%
------- -------- ----------
Operating expenses
Direct operating costs 17,492 17,679 (1%)
Selling, general and administrative
expenses 16,737 14,685 14%
Amortization of broadcast rights 2,463 2,484 (1%)
Depreciation and amortization 1,749 1,537 14%
Gain on sale of real estate, net - - n/a
Gain on sale of Fisher Plaza, net - (40,454) 100%
Plaza fire reimbursements, net - - n/a
Gain on asset exchange, net - (32) 100%
------- -------- ----------
Total operating expenses 38,441 (4,101) 1037%
------- -------- ----------
Income from continuing operations 13,666 50,467 (73%)
Loss on extinguishment of senior notes, net - (121)
Other income, net (118) 206
Interest expense (17) (1,498)
------- --------
Income from continuing operations before
income taxes 13,531 49,054
Provision for income taxes 4,955 16,529
------- --------
Income from continuing operations, net of
income taxes 8,576 32,525
Income from discontinued operations, net of
income taxes - 577
------- --------
Net income $ 8,576 $ 33,102
======= ========
Net income per share:
From continuing operations $ 0.97 $ 3.68
From discontinued operations - 0.07
------- --------
Net income per share $ 0.97 $ 3.75
======= ========
Net income per share assuming dilution:
From continuing operations $ 0.96 $ 3.65
From discontinued operations - 0.06
------- --------
Net income per share assuming dilution $ 0.96 $ 3.71
======= ========
Weighted average shares outstanding 8,842 8,838
------- --------
Weighted average shares outstanding
assuming dilution 8,928 8,914
------- --------
Dividends declared per share $ 0.15 $ -
======= ========
Year ended
December 31, %
Increase
(in thousands, except per-share amounts) 2012 2011 (decrease)
-------- -------- ----------
Revenue $168,204 $163,968 3%
-------- -------- ----------
Operating expenses
Direct operating costs 66,466 70,274 (5%)
Selling, general and administrative
expenses 62,311 55,494 12%
Amortization of broadcast rights 9,835 10,808 (9%)
Depreciation and amortization 6,990 9,564 (27%)
Gain on sale of real estate, net (164) (4,089) 96%
Gain on sale of Fisher Plaza, net - (40,454) 100%
Plaza fire reimbursements, net - (223) 100%
Gain on asset exchange, net - (32) 100%
-------- -------- ----------
Total operating expenses 145,438 101,342 44%
-------- -------- ----------
Income from continuing operations 22,766 62,626 (64%)
Loss on extinguishment of senior notes, net (1,482) (1,477)
Other income, net 25 420
Interest expense (309) (7,195)
-------- --------
Income from continuing operations before
income taxes 21,000 54,374
Provision for income taxes 7,806 18,507
-------- --------
Income from continuing operations, net of
income taxes 13,194 35,867
Income from discontinued operations, net of
income taxes - 568
-------- --------
Net income $ 13,194 $ 36,435
======== ========
Net income per share:
From continuing operations $ 1.49 $ 4.06
From discontinued operations - 0.07
-------- --------
Net income per share $ 1.49 $ 4.13
======== ========
Net income per share assuming dilution:
From continuing operations $ 1.47 $ 4.03
From discontinued operations - 0.06
-------- --------
Net income per share assuming dilution $ 1.47 $ 4.09
======== ========
Weighted average shares outstanding 8,860 8,829
-------- --------
Weighted average shares outstanding
assuming dilution 8,948 8,904
-------- --------
Dividends declared per share $ 10.15 $ -
======== ========
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
December 31, December 31,
(in thousands) 2012 2011
------------ ------------
ASSETS
Current assets
Cash and cash equivalents $ 20,403 $ 143,017
Short-term debt security investments - 33,481
Receivables, net 28,243 32,402
Income taxes receivable 834 117
Deferred income taxes, net 1,062 1,825
Prepaid expenses and other 3,629 3,062
Broadcast rights 6,690 6,789
------------ ------------
Total current assets 60,861 220,693
Restricted cash 3,624 3,594
Cash surrender value of life insurance and
annuity contracts 18,100 17,278
Goodwill, net 13,293 13,293
Intangible assets, net 40,072 40,307
Other assets 5,208 5,006
Deferred income taxes, net 711 3,367
Assets held for sale - 658
Property, plant and equipment, net 39,155 40,921
------------ ------------
Total assets $ 181,024 $ 345,117
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current maturities of long-term debt $ - $ 61,834
Accounts payable 1,496 3,754
Accrued payroll and related benefits 4,200 4,660
Interest payable - 1,556
Broadcast rights payable 6,488 6,541
Income taxes payable 3,060 21,468
Current portion of accrued retirement benefits 1,368 1,302
Other current liabilities 7,260 8,708
------------ ------------
Total current liabilities 23,872 109,823
Deferred income 8,338 10,036
Accrued retirement benefits 22,574 20,525
Other liabilities 3,105 2,688
------------ ------------
Total liabilities 57,889 143,072
------------ ------------
Total stockholders' equity 123,135 202,045
------------ ------------
Total liabilities and stockholders' equity $ 181,024 $ 345,117
------------ ------------
Fisher Communications, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flow
(Unaudited)
Year ended December 31,
(in thousands) 2012 2011
----------- -----------
Operating activities
Net income $ 13,194 $ 36,435
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 6,990 9,564
Deferred income taxes, net 3,418 (3,960)
Loss on extinguishment of senior notes,
net 594 466
Loss in operations of equity investees 191 250
Loss on disposal of property, plant and
equipment 114 274
Gain on exchange of assets, net - (32)
Gain on sale of radio station, net - (1,062)
Gain on sale of real estate, net (164) (4,089)
Gain on sale of Fisher Plaza, net - (40,454)
Amortization of deferred financing fees 23 296
Amortization of deferred gain on sale of
Fisher Plaza (759) (30)
Amortization of debt security investment
premium 74 -
Amortization of non-cash contract
termination fee (1,461) (1,461)
Amortization of broadcast rights 9,835 10,808
Payments for broadcast rights (9,804) (11,069)
Stock-based compensation 2,458 1,580
Change in operating assets and liabilities, net
Receivables 4,159 (1,596)
Prepaid expenses and other 279 (198)
Cash surrender value of life insurance and
annuity contracts (821) 1,617
Other assets 164 1,605
Accounts payable, accrued payroll and
related benefits and other current
liabilities liabilities (56) (4,095)
Interest payable (1,556) (996)
Income taxes receivable and payable (19,124) 22,703
Accrued retirement benefits 736 654
Other liabilities 1,151 (3,770)
----------- -----------
Net cash provided by operating
activities 9,635 13,440
----------- -----------
Investing activities
Increase in restricted cash - (3,594)
Investment in equity investee (121) (147)
Purchase of held to maturity debt security
investments (82,733) (33,481)
Purchase of investment in a radio station (750) -
Purchase of option to acquire a radio station (615) (185)
Deposits paid for purchase of television
stations (850) -
Purchase of property, plant and equipment (8,903) (8,135)
Proceeds from sale of available for sale debt
security investments 66,328 -
Proceeds from maturity of available for sale
debt security investments 6,200 -
Proceeds from sale of held to maturity debt
security investments 7,628 -
Proceeds from maturity of held to maturity debt
security investments 35,967 -
Proceeds from sale of radio station - 1,807
Proceeds from sale of real estate 825 4,164
Proceeds from sale of Fisher Plaza - 156,111
----------- -----------
Net cash provided by investing
activities 22,976 116,540
Financing activities
Repurchase of senior notes (61,834) (39,606)
Repurchase of common stock (2,510) -
Shares settled upon vesting of stock rights (438) (292)
Payments on capital lease obligations (196) (181)
Proceeds from exercise of stock options 69 75
Excess tax benefit from exercise of stock awards 123 96
Cash dividends paid (90,439) -
----------- -----------
Net cash used in financing activities (155,225) (39,908)
----------- -----------
Net increase (decrease) in cash and cash
equivalents (122,614) 90,072
Cash and cash equivalents, beginning of period 143,017 52,945
----------- -----------
Cash and cash equivalents, end of period $ 20,403 $ 143,017
=========== ===========
Fisher Communications, Inc. and Subsidiaries
GAAP to Non-GAAP Reconciliations
(Unaudited, in thousands)
The following table provides a reconciliation of income from operations
(GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) in each of the
periods presented:
Three months ended Year ended
December 31, December 31,
-------------------- -----------------------
2012 2011 2012 2011
--------- --------- ----------- ----------
Income from continuing
operations $ 13,666 $ 50,467 $ 22,766 $ 62,626
Adjustments:
Amortization of broadcast
rights 2,463 2,484 9,835 10,808
Payments for broadcast
rights (2,383) (2,381) (9,804) (11,069)
Depreciation and
amortization 1,749 1,537 6,990 9,564
Stock-based compensation 1,174 406 2,458 1,580
Loss on disposal of
property, plant and
equipment, net 13 199 114 274
Gain on exchange of
assets, net - (32) - (32)
Gain on sale of real
estate, net - - (164) (4,089)
Gain on sale of Fisher
Plaza, net - (40,454) - (40,454)
Plaza fire reimbursements,
net - - - (223)
Proxy related costs - - 79 1,639
Amortization of non-cash
benefit resulting from
change in national
advertising
representation firm (365) (365) (1,461) (1,461)
--------- --------- ----------- ----------
EBITDA (Non-GAAP) $ 16,317 $ 11,861 $ 30,813 $ 29,163
--------- --------- ----------- ----------
Fisher Plaza rent expense 1,227 133 5,160 133
Plaza EBITDA - (1,330) - (8,268)
--------- --------- ----------- ----------
Adjusted EBITDA (Non-GAAP) $ 17,544 $ 10,664 $ 35,973 $ 21,028
--------- --------- ----------- ----------
The following table provides a reconciliation of television income from
operations (GAAP) to television cash flow (non-GAAP) in each of the periods
presented:
Three months ended Year ended
December 31, December 31,
------------------ ------------------
2012 2011 2012 2011
-------- -------- -------- --------
Television segment income from
continuing operations $ 20,174 $ 13,285 $ 47,804 $ 31,498
Adjustments:
Amortization of broadcast rights 2,463 2,484 9,835 10,808
Payments for broadcast rights (2,383) (2,381) (9,804) (11,069)
Net trade and internet (income)
loss (1) 420 (69) 1,194 404
-------- -------- -------- --------
Television broadcast cash flow (Non-
GAAP) $ 20,674 $ 13,319 $ 49,029 $ 31,641
-------- -------- -------- --------
Television broadcast cash flow as a
percentage of television segment
revenue 44.2% 35.1% 33.3% 24.6%
-------- -------- -------- --------
Television segment revenue $ 46,744 $ 37,991 $147,344 $128,548
-------- -------- -------- --------
(1) Excludes multiplatform internet related revenue
The following table provides a reconciliation of radio income from
operations (GAAP) to television cash flow (non-GAAP) in each of the periods
presented:
Three months ended Year Ended
December 31, December 31,
-------------------- ------------------
2012 2011 2012 2011
--------- --------- -------- --------
Radio segment income from
continuing operations $ 1,380 $ 1,445 $ 5,400 $ 4,803
Adjustments:
Net trade loss 38 (14) 115 17
--------- --------- -------- --------
Radio broadcast cash flow (Non-
GAAP) $ 1,418 $ 1,431 $ 5,515 $ 4,820
--------- --------- -------- --------
Radio broadcast cash flow as a
percentage of radio segment
revenue 25.9% 26.1% 26.3% 22.6%
--------- --------- -------- --------
Radio segment revenue $ 5,469 $ 5,480 $ 20,993 $ 21,356
--------- --------- -------- --------
The following table provides television net revenue comparisons in each of
the periods presented:
Television
Three months ended Year ended
December 31, % December 31, %
------------------ ---------- ----------------- ----------
Increase Increase
2012 2011 (decrease) 2012 2011 (decrease)
-------- --------- ---------- -------- -------- ----------
Core
advertising
(local and
national) $ 24,221 $ 27,362 (11%) $ 94,138 $ 96,940 (3%)
Political 12,876 3,508 267% 17,986 4,809 274%
Internet (1) 1,129 1,616 (30%) 4,929 5,574 (12%)
Retrans-
mission 6,090 3,367 81% 22,207 13,404 66%
Trade,
barter and
other 2,428 2,138 14% 8,084 7,821 3%
-------- --------- ---------- -------- -------- ----------
Television
segment net
revenue $ 46,744 $ 37,991 23% $147,344 $128,548 15%
-------- --------- ---------- -------- -------- ----------
Television
segment net
revenue,
excluding
political $ 33,868 $ 34,483 (2%) $129,358 $123,739 5%
(1) Excludes multiplatform internet related revenue which is included within
core advertising
The following table provides radio net revenue comparisons in each of the
periods presented:
Radio
Three months ended Year ended
December 31, % December 31, %
------------------ ---------- ----------------- ----------
Increase Increase
2012 2011 (decrease) 2012 2011 (decrease)
-------- --------- ---------- -------- -------- ----------
Core
advertising
(local and
national) $ 4,844 $ 4,928 (2%) $ 19,435 $ 19,879 (2%)
Political 360 304 18% 540 453 19%
Trade,
barter and
other 265 248 7% 1,018 1,024 (1%)
-------- --------- ---------- -------- -------- ----------
Radio
segment net
revenue $ 5,469 $ 5,480 (0%) $ 20,993 $ 21,356 (2%)
-------- --------- ---------- -------- -------- ----------
Radio
segment net
revenue,
excluding
political $ 5,109 $ 5,176 (1%) $ 20,453 $ 20,903 (2%)
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,
------------------- -----------------
2012 2011 2012 2011
--------- --------- -------- --------
Net income $ 8,576 $ 33,102 $ 13,194 $ 36,435
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 $ 8,576 $ 6,402 $ 13,194 $ 9,735
========= ========= ======== ========
Adjusted net income per share
assuming dilution, excluding the
after tax impact on sale of Fisher
Plaza, net $ 0.96 $ 0.72 $ 1.47 $ 1.09
========= ========= ======== ========
Weighted average shares outstanding
assuming dilution 8,928 8,914 8,948 8,904
========= ========= ======== ========
Contacts: Addo Communications 310-829-5400
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