Fisher Communications Reports Q1 Net Loss
May 3, 2013 at 7:08 AM (PT)
FISHER COMMUNICATIONS has reported its financial results for the first quarter ended MARCH 31st, 2013. The Company reported a net loss of $0.8 million, or $0.09 per share, in the first quarter, compared to a net loss of $1.9 million, or $0.21 per share, in the first quarter of 2012. The first quarter's results include $1.2 million of pre-tax transaction-related expenses. Excluding the after-tax transaction-related expenses, the financial results for the first quarter would be breakeven.
Radio net revenue was down 9% year-over-year to $4.3 million "due to market softness," said the company. Radio cash flow was down $0.22 million to $0.65 million; radio cash flow margin of 15% was down from 18%.
"2013 is off to a strong start, led by the continued market share growth among our broadcast stations. This momentum reflects the quality and value of our local brands and is the direct result of solid execution across our group of broadcast stations. A testament to the excellence of our local media properties, FISHER recently dominated the 2013 EDWARD R. MURROW AWARDS in the NORTHWEST region, bringing home 10 EDWARD R. MURROW awards, including the coveted Overall Excellence awards for KOMO-TV (ABC) and KOMO Newsradio in SEATTLE," said Pres./CEO COLLEEN B. BROWN. "At the same time, we coupled operational execution with financial excellence, delivering substantial year-over-year improvements in TV cash flow and adjusted EBITDA."