Fisher Communications First-Quarter Revenue Down
May 3, 2012 at 6:15 AM (PT)
FISHER COMMUNICATIONS, INC. first-quarter consolidated revenue fell 10% to $33.9 million, but excluding the revenues last year from the now-sold FISHER PLAZA building in SEATTLE, revenues were flat. Radio revenue fell 3% to $4.7 million. The decline in broadcast revenue was blamed on lower national ad spending in pharmaceutical, financial services and tourism, as well as the non-renewal of the company's joint sales agreement with Classical KING-F/SEATTLE. Developing Media revenue grew 9% to $1.3 million. Net loss rose slightly from $1.7 million to $1.9 million (20 to 21 cents/share).
Pres./CEO COLLEEN B. BROWN said, "Through the strength of our broadcast stations and innovative digital platforms, FISHER is able to expand its demographic reach and deliver its valuable news, information and content to multiple screens. We believe FISHER remains well positioned for strong station performance and audience share growth. These are the fundamentals that differentiate Fisher from its competitors and will continue to make the Company a leader in redefining the future of local media.
"Our first quarter results reflect a soft national marketplace. Despite this, our stations continued to outperform the market in both audience share and revenue growth during the quarter, which are especially important as political spending begins its expected acceleration as we get closer to the fall elections. We believe the quality of our programming, the popularity of our award winning journalism teams and the growth of our developing media program provides FISHER a solid foundation to deliver long-term growth."