Fisher Q2 Revenues Up, Radio Down 3%
July 31, 2008 at 6:56 AM (PT)
FISHER COMMUNICATIONS second quarter revenue rose 10% to $45.3 million, with net income up from $2.3 million to $6.37 million (26 cents/share to $7.29/share) (2007's quarter included $6 million in one-time charges).
The company's Radio segment reported revenues off 3% to $11.2 million, attributed to weakness in the SEATTLE market.
President/CEO COLLEEN B. BROWN said, "Despite the economic headwinds, we are pleased that FISHER continues to grow its revenues and increase its market share. We remain focused on executing on our strategy of improving operations and creating solid revenue growth. We are optimistic about the long-term outlook for our business, given the progress we are making in transforming FISHER's operations and its business model. Our management team has a strong track record of effectively managing our costs and creating ratings and revenue growth.
"We are focused on delivering sustainable operating improvement quarter-over-quarter and year-over-year in our key measures of success, which include: 1) exceeding market revenue growth and growing our market share; 2) achieving power ratios in excess of 1.0; 3) growing our audience share in key demographics; 4) improving BCF margins; 5) expanding our online audience; 6) diversifying our affiliate base and geographic footprint; 7) achieving accretive returns for acquired stations; and 8) increasing EBITDA, free cash flow and earnings per share.
"We continue to increase the amount and quality of the information we provide our investors as evidenced by the new format of our quarterly press release. We are now providing in-depth information on key revenue categories, broadcast cash flow metrics, ratings performance, and same-station results. We hope these improvements will allow current and prospective investors to better evaluate the progress we are making towards our goals and enable them to more readily compare our results with our peers.
"During the second quarter, we announced that we were exploring strategic options for our real estate assets, most notably FISHER PLAZA. We are currently evaluating the redeployment of cash proceeds from the sale of our SAFECO holdings as well as the proceeds from the possible sale of FISHER PLAZA. We do not anticipate finalizing our evaluation or communicating our strategy for the use of all potential cash proceeds until we reach a decision on the sale of FISHER PLAZA. We remain focused on taking actions which will drive FISHER's growth and enhance shareholder value."