CFO: Fisher Not Selling In Seattle; Q1 Radio Revs Off 5.7%
May 9, 2008 at 4:09 PM (PT)
FISHER COMMUNICATIONS Acting CFO JOSEPH LOVEJOY says that the company has no plans to sell its SEATTLE radio cluster, News KOMO-A, Talk KVI-A, and Hot AC KPLZ (STAR 101.5), according to the SEATTLE POST-INTELLIGENCER's BILL VIRGIN.
Following up on the company's annual meeting, LOVEJOY added that the company does intend to sell five small-market stations it still owns, but that the present economic situation is "not the best time to be marketing properties."
Meanwhile, in its 10-Q filing TODAY with the SEC disclosing its previously announced first quarter earnings, FISHER revealed that its radio division revenues fell 5.7% year-to-year to $6.515 million, with income from operations falling from a gain of $273,000 to a loss of $330,000 for the quarter. The numbers released on APRIL 30 did not include a breakout of the radio numbers. The company blames a downturn in local and national advertising revenue for the drop. The numbers do not include revenue from the company's small market stations which have either been sold or are being held for sale.