Fisher Communications, Inc. Reports Second Quarter 2011 Financial Results
Net Television Revenue, Excluding Political, Increased 4%; EBITDA Increased 27%
(firmenpresse) - SEATTLE, WA -- (Marketwire) -- 07/28/11 -- Fisher Communications, Inc. (NASDAQ: FSCI) today
reported its financial results for the second quarter ended June 30, 2011.
Fisher's second quarter net television revenue, excluding political
revenue, increased 4% over the same period last year. Fisher's total
consolidated revenue for the quarter, which includes Fisher Plaza, was
$40.4 million, equal to the second quarter of 2010. Increases in TV core
advertising, retransmission revenue and internet revenue offset the
expected decrease in political revenue. During the quarter, internet
revenue increased 66% to $1.4 million and TV core revenue increased 3%.
The Company reported net income of $3.6 million in the quarter, compared to
$328,000 in the second quarter of 2010. The quarter's net income included a
$4.1 million pre-tax gain on the sale of non-essential real estate in
Seattle. The 2010 results included a pre-tax gain on the exchange of
broadcast equipment of $0.8 million and a $0.3 million gain from net
insurance reimbursements relating to the 2009 Fisher Plaza fire insurance
claim. Earnings per share were $0.41, compared to $0.04 for the second
quarter of 2010.
Direct operating costs and selling, general and administrative expenses for
the quarter decreased $1.2 million, or 4%, from the second quarter of 2010.
The decrease in operating costs for the second quarter included $0.8
million of additional costs related to the proxy contest conducted by
FrontFour Capital Group in connection with the Company's 2011 Annual
Meeting of Shareholders. This cost was fully offset by a $1.1 million
credit resulting from the Company's revised employee vacation policy that
was announced in 2010 and became effective January 1, 2011. In addition,
the Company had $0.5 million in compensation cost savings and $0.3 million
in Local Marketing Agreement fee savings related to the wind down of the
Company's KING-FM Joint Sales Agreement, which expired in the second
quarter. During the first half of 2011, the Company incurred $1.6 million
of costs related to the proxy contest.
Excluding the impact of proxy contest costs, ongoing operating costs would
have decreased by 6%, or $2.0 million, compared to the second quarter of
2010.
EBITDA increased $1.5 million, or 27%, to $6.9 million in the second
quarter of 2011.
Fisher President and Chief Executive Officer Colleen B. Brown commented,
"Fisher performed well in the second quarter, with a steady increase in net
television revenue and robust EBITDA growth. The Company's results reflect
our broadcast properties' increasing popularity and growth from our digital
platform, combined with our on-going multiplatform success. Through the
successful execution of our strategic plan, we have increased station
market share, developed innovative digital distribution channels to better
serve an increasingly mobile audience, strengthened our brand and deepened
our community ties, all of which enables Fisher to capture a larger share
of the local advertising spend."
Financial Highlights for the Second Quarter of 2011
(All comparisons are made to the second quarter of 2010 unless otherwise
noted.)
Television:
Radio:
Plaza:
Balance Sheet:
Key Operating and Strategic Highlights
Second Quarter Conference Call
Fisher will host a conference call today at 1:00 p.m. (PDT). Senior
management will discuss the financial results and host a question and
answer session. The dial-in number for the audio conference call is
1-866-203-2528; confirmation code 22814503. A live audio webcast of the
call will be accessible to the public on Fisher's Web site, . 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 89436540.
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, Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Plaza
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 income (loss) from
operations plus amortization of program rights, depreciation and
amortization, non-cash charges, Internet and corporate expenses minus gain
on asset exchange, net, payments for broadcast rights, amortization of
non-cash benefit resulting from a change in national advertising
representation firm and non-convergence Internet revenue.
Plaza EBITDA is calculated as Plaza income (loss) from operations plus
depreciation, Plaza fire expenses (reimbursements), net, minus Plaza
operating expenses allocated to the TV and Radio segments.
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; 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 (FSCI) is an innovative local media company with
television, radio, internet and mobile operations throughout the western
United States. Fisher operates 18 television stations, which include
network affiliations with ABC, CBS, FOX, Univision and CW that reach 3.5%
of U.S. television households, and three radio stations targeting a full
range of audience demographics. Fisher Interactive produces more than 120
local and hyper-local websites and delivers comprehensive multiplatform
advertising solutions to local businesses. The Company is headquartered at
Fisher Plaza, a 300,000 square foot media, telecommunications and data
center facility in Seattle, WA. More information about Fisher
Communications, Inc. is available at .
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, 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, 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.
The following table provides a reconciliation of income from continuing
operations (GAAP) to EBITDA (non-GAAP) in each of the periods presented:
The following table provides a reconciliation of television income from
continuing operations (GAAP) to television cash flow (non-GAAP) in each of
the periods presented:
The following table provides a reconciliation of radio income from
continuing operations (GAAP) to radio cash flow (non-GAAP) in each of the
periods presented:
The following table provides a reconciliation of Plaza income from
continuing operations (GAAP) to Plaza EBITDA (non-GAAP) in each of the
periods presented:
The following table provides television net revenue comparisons in each of
the periods presented:
The following table provides radio net revenue comparisons in each of the
periods presented:
Contacts:
Sard Verbinnen & Co
Paul Kranhold or Ron Low
(415) 618-8750
Robin Weinberg
(212) 687-8080
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2011 - 06:30 Uhr
Sprache: Deutsch
News-ID 1025387
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contact information:
Contact person:
Town:
SEATTLE, WA
Phone:
Kategorie:
Music & Radio
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