Fisher Communications Fourth-Quarter Revenue Drops
March 1, 2012 at 8:03 AM (PT)
FISHER COMMUNICATIONS fourth-quarter total consolidated revenue fell 19% to $46.4 million, with increases in TV advertising and Internet revenue partially offsetting the loss of political advertising. Net income rose from $8.3 million to $33.1 million (93 cents to $3.71/share), including the proceeds from the sale of the company's FISHER PLAZA headquarters; without the sale, net income would have fallen to $6.4 million (72 cents/share). EBITDA fell 39% to $11.9 million, blamed on loss of political revenue.
Radio net revenue fell 18% to $5.5 million, with cash flow rising slightly to $1.4 million.
Pres./CEO COLLEEN B. BROWN said, "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 multi-platform 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."