Fisher Communications Reports Second Quarter 2012
Net Television Revenue Increased 19%; TV Cash Flow Increased 82%
(firmenpresse) - SEATTLE, WA -- (Marketwire) -- 08/07/12 -- Fisher Communications, Inc. (NASDAQ: FSCI), a leader in local media innovation, today reported its financial results for the second quarter ended June 30, 2012. For the quarter, earnings per diluted share were $0.48, compared to $0.41 for the second quarter of 2011, and television cash flow increased 82%, or $5.7 million, to $12.6 million.
The Company's second quarter was highlighted by 19% growth in net television revenue compared to the same period in 2011. Net television revenue, excluding political revenue, increased 17% for the same period. The continued strength and market leading positions of Fisher's television stations drove performance in the quarter. Fisher was able to capture a larger share of advertising and earn a significant increase in retransmission revenue during the quarter.
"Fisher's solid performance is a result of playing to our strength," said Colleen B. Brown, Fisher's President and Chief Executive Officer. "The combination of leading broadcast stations and innovative digital solutions, leverages the strength of our local media assets. Through our multiplatform approach, Fisher is deepening its relationship with consumers and providing advertisers with advanced local multiplatform solutions to reach their customers -- these are distinct advantages that benefit all of our stakeholders."
Fisher's consolidated revenue was $42.3 million, up 5% from the second quarter of 2011. Excluding Fisher Plaza revenues from the second quarter of 2011, Fisher's consolidated revenue increased 16% compared to the second quarter of 2011.
The Company's retransmission revenue increased 89% from the second quarter of 2011, reflecting renewals of retransmission consent agreements for the 2012-2014 cycle. Accordingly, the Company's second quarter financial results include approximately $700,000 of retransmission fees attributable to those contracts for the first quarter of 2012. Excluding the $700,000 of retransmission revenue attributable to the first quarter of 2012, total retransmission revenue increased $2.3 million, or 68%, from the second quarter of 2011.
Broadcast cash flow increased 69% to $14.4 million, which reflects the increase in broadcast revenue and the Company's continued focus on expense management.
Direct operating, selling, general and administrative and programming expenses for the second quarter of 2012 were flat compared to the second quarter of 2011. However, last year's second quarter results included expenses related to the Company's 2011 proxy contest and savings related to the Company's revised vacation policy.
EBITDA was $8.9 million in the second quarter of 2012, an increase of 15%, or $1.1 million, from the same period in 2011. Adjusted EBITDA (excluding Plaza rent expense in 2012 and Plaza EBITDA in 2011) was $10.2 million in the second quarter of 2012, an increase of 91%, or $4.9 million, from the same period in 2011. Second quarter 2012 EBITDA included $1.3 million of Fisher Plaza rent expense and last year's second quarter EBITDA included $2.5 million of Plaza EBITDA.
(All financial comparisons are made to the second quarter of 2011 unless otherwise noted.)
Core TV revenue increased 8% to $25.9 million.
Net TV revenue, excluding political revenue, increased 17% to $35.8 million.
Retransmission consent revenue increased 89% to $6.3 million.
Advertising increased in key categories, including Automotive, Professional Services and Retail, which grew 20%, 14%, and 10%, respectively.
Political revenue (net) increased 255% to $943,000.
TV cash flow increased 82%, or $5.7 million, to $12.6 million; TV cash flow margin was 34.1%, up from 22.3%.
Internet revenue declined $74,000 to $1.3 million. Total Developing Media revenue, including multiplatform internet related revenue (which is reported in TV core advertising revenue) was 8% of TV core revenue for both the second quarter of 2012 and 2011.
Developing Media page views were up 52% and unique visitors were up 81% in June 2012 compared to June 2011.
Radio net revenue decreased 2% to $5.6 million.
Radio cash flow grew 12% or $198,000 to $1.8 million and Radio cash flow margin improved to 33.2% from 29.1%.
Cash, short-term and long term-investments were $91.9 million at quarter-end, compared to $176.5 million at the end of 2011. Cash used in operating activities for the year of $15.8 million consists of $9.2 million of cash generated from operations offset by $21.7 million in estimated 2011 tax payments, net of refunds received, $1.5 million of debt extinguishment costs and $1.8 million of interest payments on the Company's retired senior notes. All of the Company's short-term and long-term investments are in U.S. Treasuries.
The Company remained debt-free, after using its strong cash position to redeem the remaining $61.8 million of outstanding principal for the Company's senior notes in the first quarter of 2012.
Fisher television stations ranked either #1 or #2 in the key Adult 25-54 demographic in early evening local news in five out of its six markets during the May 2012 ratings period. Additionally, Fisher television stations ranked #1 or #2 among adults 25-54 in total day share in all its markets.
For the second quarter 2012 period, Fisher Radio in Seattle had two of the Top 10 stations in the market during Morning Drive for Adults age 25-54 in average share. KPLZ had the highest rating and share among women 25-54 and KOMO News Radio had the highest rating and share among men age 35+.
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 1-877-261-8992; confirmation code 33025365#. A live audio webcast of the call will be accessible to the public on Fisher's website, . A recording of the webcast will subsequently be archived on the website and available for replay for one week following the call. An audio replay of the call can be accessed for one week by dialing 1-888-843-7419 and entering confirmation code 33025365#.
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, 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 (loss) 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.
EBITDA is calculated as income (loss) 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 Fisher Plaza rent expense in the second quarter of 2012 and Plaza EBITDA in the second quarter of 2011. Plaza EBITDA is calculated as Plaza segment income (loss) 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 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.
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 .
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, 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, 2011, which we have filed with the Securities and Exchange Commission.
Contacts:
Sard Verbinnen & Co
Paul Kranhold, Ron Low or David Isaacs
(415) 618-8750
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Datum: 07.08.2012 - 06:00 Uhr
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